Payday lenders throw in the towel

Fifteen out of 50 payday lenders have thrown in the towel after being given a deadline by the trading watchdog to prove their business practices were up to scratch.

The Office of Fair Trading (OFT) said that 14 of the lenders have told it that they are leaving the payday market and another firm which failed to meet the deadline has said it is no longer operating as a lender.
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