Payday loan costs to be capped
Date published: 26 November 2013
Legislation is to be introduced to cap the cost of payday loans.
The cap will be formally established through amendments to the Banking Reform Bill which is currently going through Parliament.
The Financial Conduct Authority (FCA) has powers to protect consumers in financial services. This amendment will put a duty on the FCA to use those powers to impose a cap.
Payday lenders are already on notice following the announcement by the FCA of tough new rules they will have to meet next year.
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