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MP: Rules will call time on unscrupulous payday lenders

3 October 2013 Last updated at 11:28 BST

Business Minister Jo Swinson has said she welcomes "tough" new rules proposed by the Financial Conduct Authority (FCA) to protect people borrowing from Payday lenders.

The regulations include stopping lenders being able extend loans more than twice; limiting their access to borrowers' accounts and forcing them to place "risk warnings" on their adverts.

The Liberal Democrat MP told BBC News that more "robust" affordability assessments would mean "people are not offered more debt when what they need is debt advice".

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