The Government is being urged to cut hidden credit and debit card costs which are said to be “strangling” UK retailers, following a European court ruling against MasterCard today.

Outlook Wonga.com likes to claim that it is a "responsible lender" which is largely based on the fact that it shamelessly boasts about its usurious interest rates and charges.

Payday lender Wonga.com has been criticised by the trading watchdog for using aggressive and misleading debt collection methods.

Change comes as the Office of Fair Trading is considering legal action against travel firms that refuse to scrap debit-card charges.

The City watchdog may investigate Culture Secretary Jeremy Hunt and his adviser over whether the secret briefing of News Corp during the company's £8bn bid for BSkyB amounted to "market abuse".

Businesses offering credit services must not mislead customers into believing they are a charity or government body by using names such as "helpline" or "debtline", the trading watchdog said today.

A record fine imposed on British Airways for colluding with rival Virgin Atlantic on fuel surcharges was today cut by more than half to £58.5 million.

Dodgy debt advice firms are still targeting vulnerable people. But the OFT has warned them to stop.

Discount website Groupon must ensure its deals are “accurate, honest and transparent”, after the trading watchdog uncovered “widespread” breaches of consumer protection rules.

Payday loan firm Yes Loans has had its licence revoked after using "deceitful and oppressive business practices", the trading watchdog said today.

Britain's payday lenders are to be investigated by the consumer watchdog amid fears they are preying on those in financial trouble.

Banks were yesterday warned that they could face a fresh investigation from competition watchdogs amid increasing concerns over the dominance of four big players.

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Viscount Rothermere, Daily Mail chairman, warned yesterday that fresh regulation stemming from the Leveson inquiry into the phone-hacking scandal at the News of the World must not be allowed to "castrate" the newspaper industry by restricting freedom of speech.