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Payday lenders: 'We've already introduced code of practice'

The new financial watchdog, the Financial Conduct Authority is planning to force payday loan companies to display clear risk warnings on all adverts.

The new regulations will prevent lenders from trying to take money from customers' bank accounts, and loans which roll on with mounting interest will be limited.

Russell Hamblin-Boone is Chief Executive of the Consumer Finance Association, which represents many of the firms.

He told BBC Radio 5 live's Breakfast: "With our code, with what the FCA are proposing, we can raise the bar and make it much harder for irresponsible lenders."

  • 03 Oct 2013
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