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Quarter of payday lenders could be driven out, says FCA

1 April 2014 Last updated at 09:15 BST

A quarter of payday lenders could be forced to leave the industry if they do not improve standards, Financial Conduct Authority (FCA) chief executive Martin Wheatley has said.

Speaking to the Today programme, Mr Wheatley added that the FCA is taking a "proportionate and balanced" approach to reform as it takes over regulation of credit providers and debt management firms from the Office of Fair Trading.

First broadcast on BBC Radio 4's Today programme on Tuesday 2 April 2014.