We celebrated the start of summer in style a few weeks ago with a fashion show held in honour of the changing in the seasons. This was graciously put on with the help of our friends Simple Payday, a payday loans online company in London, and the Dusty Knuckle, an artisan bakery in London whose ethos is helping young bakers get their foot in the door.
All had a good time and I even sold a few pieces, so I should not complain in the slightest. I would like to thank Daniel for taking care of everyone and Fiona also for assisting when she was needed to, other than that things ran smoothly, largely thanks to Daniel I’ll reiterate.
For those that couldn’t make it be sure you join the email list and you will be notified, but for now you will have to contend with pictures of sold items. There was also.
Then my lovely fashion bubble popped and I had a very in-depth talk with James Jones from the Simple Payday store sponsoring the event quickly ensued the day’s activities and highlighted to me some very interesting facts about the 1-hour loans that they specialise in. Being a caring sharing type of person I thought I would share with you what he had to say with me about the industry as a whole.
From a business and customer perspective it seems a lot has changed in the last few years.
So he says…the payday industry was recently beset with a wave of changes as the new regulatory bodies changed positions.
What this meant is that whereas previously all loan lenders and brokers were governed by the now defunct OFT, this was under a similar license called a consumer credit license. They are now governed by the same license but with a different name and a new division/governing body of the UK’s financial products.
Are you keeping up…
This new grouping of the FCA overseeing all consumer credit activities was meant to tighten up the provision of payday loans and it did have a noticeable effect at the start of the FCA taking control, with multiple lenders including the largest lender Wonga.com either going bust or paying out millions because of erroneous loan handling protocols.
The industry of credit brokering or payday loan comparison websites continues also to be overseen by the new regulators and reports of a backlog in the office of those handling the conversion from interim permission to full permission should not be underplayed.
I don’t know why but I find all this fascinating and had to tell you guys about it.
James went on for some time about all this and did have this to say, It was always going to be a mountain to climb in order to get everyone singing to their tune, but lets just hope there is a method to the regulators madness of licensing and planning, and it isn’t all just a ploy to get there share of fee’s and license duties from all those operating within the industry. Which I never thought of before.
So the fashion show and the jewellery sales went well. I do hope that you all enjoyed yourselves and hopefully it won’t be too long until we have another one!