……..Then a few years ago, people like you and Stella Creasy campaigned hard for a cap on short term credit. The UK Parliament then passed a law that allowed the FCA to place a cap on the cost of credit.
This wasn’t workable for us, so we closed the business and stopped lending. 16 people out of work and our Barnsley office closed.
Then it became apparent that we could trade from Prague, using EU (EEA to be exact) rules and continue lending at whatever rates we wanted. Basically we are back Payday lending from Prague, at full rates that are above the cap. We totally bypassed your rules on Short Term Credit.
Let’s summarise this.
1) You spend years publicly trying to campaign for a cause.
2) Tens of thousands of Parliamentary hours were used in debate
3) You get your law passed
4) We shut down 16 jobs in Barnsley,
5) We move to Prague, open up a new office, employ Czech staff, pay Czech taxes and continue to trade exactly as we did before with customers in the UK.
6) You then campaign for us to bypass your own laws by staying in the EU……
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