The City roundup video: Price cap on payday lending firms; Vodafone wants to branch out into broadband

Video: Toby Green provides a run-down of the day's major news from the City

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The Independent Online

They’ve become a regular presence on High Streets up and down the country - payday lending firms offering quick, easy cash.

Well, they may not be there that much longer.

The Financial Conduct Authority - the City watchdog known as the FCA - today confirmed it will impose a price cap on the industry. From January, they will not be able to charge more than 0.8% a day on the amount borrowed by consumers, while default fees will be limited to £15.

Also announced today is the news that mobile phone giant Vodafone wants to take on the likes of Sky and BT by supplying customers in the UK both home broadband and TV. The company has seen revenues slide in Europe recently, and has decided to branch out - a decision which investors like, given shares in Vodafone are today nearly 6% higher, their strongest for six months.

And finally, the six banks allegedly involved in the rigging of the foreign exchange market are bracing themselves for a big day tomorrow. The FCA, as well as its Swiss and US counterparts, are finalising details of an investigation that has lasted 18 months, and there’s a high chance multi-million pounds of fines and penalties could be announced tomorrow.

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