Tuesday, 13 June 2017 15:58

Clarification about our return

We’ve just released a press statement about our return to lending. The main story for us is that we are returning to lending. Unfortunately many have picked up on the reasons for our return - the soon to be increase in the lending cap.

First of all we didn’t realise this was such a big secret, we knew from our source that is wasn’t public knowledge yet but as for some big state secret – no! It has been openly talked about by lenders for quite some time now.

We understand that the FCA have said that the article is “pure fiction”, that’s fair enough and it is their opinion. We don’t have an issue with them printing that. They are hardly going to confirm it 3 months ahead of schedule. We actually like the FCA, we have a good relationship with them. The staff are excellent. We have issues with Politicians giving them incoherent guidance but that is for another debate.

In our article we gave several reasons for why the cap was going to rise. Quick Loans is unclear if the FCA are referring to those reasons, the amount we are saying that the cap is going to rise by, or the fact that the cap is rising when they say the article is pure fiction.

The facts are that last week we applied for a return to lending, we advertised for a New Finance Director on this site, indeed.co.uk and many other job sites. These are all very factual things. If we are lying then we have invested a lot of money and a lot of our credibility in something so small.

We stand by our source, we stand by the fact that it is industry common knowledge that the cap is rising.

As for trying to convince people, no we are afraid that is low down on our concerns. It makes no difference to us if people believe us or not. Around September the FCA will make a statement and people can then make their own minds up about how accurate we were.

We don’t have a reputation of being wrong.