Quick Quid ordered to carry out “skilled persons review”

Pay-day loans company Quick Quid has become the subject of a review looking into whether or not it has enough UK staff to be authorised as a lender under tougher regulations introduced by the Financial Conduct Authority (FCA).

The so-called "skilled persons review" requires the American company to appoint an external assessment of its operations, and is generally done secretly.

Companies must demonstrate that their "mind and management" is in the UK, where they must also be registered.

Quick Quid, which used to be owned by Cash America until its split with Enova International last year, has submitted its application to become authorised in the UK and is quoted by the Sunday Telegraph as saying it "maintains an ongoing dialogue with the FCA".

The company has not revealed the number of people it employs in the UK, but a spokesperson said it is "confident that we satisfy the threshold conditions".

It is one of 17 skilled persons reviews commissioned by the FCA.