Watchdog makes US payday lender set up office in the UK

 
Tim Wallace
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AMERICAN payday loans group Cash America plans to set up a British office to keep the Financial Conduct Authority (FCA) happy, it emerged over the weekend.

The firm runs major UK brands including QuickQuid, but has no UK office for the group.

The move comes as the City watchdog has this month taken over the regulation of consumer finance.

Typically the FCA wants firms it regulates to have a UK base.

The watchdog then feels more able to build a relationship with the business, monitor its activities and visit to check up on records and business practices.

As a result Cash America is basing a handful of top executives in the UK to meet the FCA regularly.

“It is clear the FCA would prefer us to have an office in the UK that they could correspond with directly,” chief exec Daniel Feehan told investors, the Mail on Sunday reported.

The FCA and Cash America declined to comment.