The Financial Conduct Authority (FCA) is proposing tough new rules for payday lenders following concern over the way some are operating.
However, the regulator has fallen short of capping the interest rate lenders will be able to charge, a decision which will frustrate many who have campaigned for the change.
FCA payday loan proposals
The proposals include:
Forcing payday lenders to put risk warnings, similar to those used for mortgages, on their adverts, highlighting ...