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.
Do you have a story for us?
Let us know by emailing news@rochdaleonline.co.uk
All contact will be treated in confidence.
Most Viewed News Stories
- 1Man killed in M62 crash after car hits bridge at junction 19
- 2The land has laid dormant for years, now £15m could help see it transformed
- 3Council leader's column: Rochdale Council's budget for 2025
- 4Abandoned shopping centre to be brought back to life as a banqueting hall
- 5Roadworks, temporary road closures and restrictions
To contact the Rochdale Online news desk, email news@rochdaleonline.co.uk or visit our news submission page.
To get the latest news on your desktop or mobile, follow Rochdale Online on Twitter and Facebook.
