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FCA warning for rogue payday loan firms

The Financial Conduct Authority (FCA) watchdog has warned it will "take out" payday lenders who do not follow stricter new rules.

The FCA is taking over regulation of credit providers and debt management firms from the Office of Fair Trading.

It wants to deal with extortionate charges, and the danger of borrowers being pushed into a cycle of debt.

Simon Gompertz reports.

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