Government announces price cap for payday loans

The government has announced that it will cap the cost of payday loans. The level of the cap will be decided by the new regulator, the Financial Conduct Authority (FCA).

The new cap will be included in the Banking Reform Bill, which is currently going through Parliament.

This marks a change in thinking on the part of the government as it had previously published research from the University of Bristol that argued against a general cap. The FCA also indicated in its consultation paper issued last month that it did not favour a general cap…

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