Short-term lender receives FCA authorisation

Uncle Buck has been trading since 2004 and provides loans to clients who do not have access to mainstream credit.

Uncle Buck argues that High Cost Short Term Credit has an appropriate place as a short term financial product and is now investing in new products and technology ahead of a planned expansion.

The lender says it welcomes the increased regulation of the industry and believes the sector is now 'much healthier'.

Steve Murray, senior partner at Uncle Buck, said:

“This official authorisation of Uncle Buck and its management is a real feather in our cap and we hope it will further increase confidence in the business. Given the increased barriers to sector entry we consider ourselves well placed in a stabilising market to deliver short term financial products within a compliant framework. It’s been a long process and we can now fully focus on growing the business.

“In many ways the regulation has been good for the industry and has helped to improve its reputation as an alternative source of short-term finance to many people.”