“There will simply be four main payday loan providers running into the sector.”
It was the claim created by the Financial Conduct Authority (FCA) back in 2014, when I sat in a crowded seminar hall in the middle of other payday loan providers and agents. Using the FCA taking over through the Office of Fair Trading that 12 months, numerous industry players had been anticipating a shake-up as directors of pay day loan businesses and I also huddled into this space looking to get some understanding of the regulation that is pending. Needless to say, we laughed from the basic notion of a business with only four players. At this time, payday financing was a booming company with an industry valuation of ВЈ2 billion, over 3 million loans funded each year, around 200 loan providers, and much more than 200 agents, easily. The industry ended up being filled with playboys on yachts, worldwide millionaires, and soft regulation – how had been it likely to be changed therefore drastically? Fast ahead 5 years later on as well as the industry that is controversial changed considerably with more loan providers going into management. (więcej…)
