Payday lenders face tighter controls, but no cap on interest rates

Payday lenders told to clean up their act 150 pxThe 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 ...