At the Liberal Democrats party conference this week, consumer affairs minister Jo Swinson promised: "Later this month tough new rules proposed for payday lenders will be published by the Financial Conduct Authority (FCA), which takes over responsibility for the industry from April.
"We have given it sweeping new powers to ban products, impose unlimited fines and order firms to pay money back to consumers."
The FCA refused to reveal what its plans are but is expected to publish details late next week of what regulatory pressures payday lenders can expect from next April.
It's clear there needs to be a crackdown on many of the dubious practices used by unscrupulous lenders. Draconian fines will help as well as forcing firms to repay money to consumers.
So I'll look forward to the FCA's announcement with interest and trust that Ms Swinson wasn't just blowing political hot air but will back up her apparent commitment.Reuse content