Tougher scrutiny for payday lenders

Payday lenders will face tougher scrutiny under the new financial regulator, which will have beefed-up powers to behave proactively and impose unlimited fines on firms who breach the rules, the Government has confirmed.

Such companies will find it harder to enter the market and will also have to undergo more rigorous checks when the Financial Conduct Authority (FCA) takes control of overseeing the consumer credit market.