Chris Choi

Consumer Editor

Chris Choi is Consumer Editor for ITV News and covers a wide range of economic, industrial and social issues. He delivers some of the most powerful stories for ITV News by getting to the heart of consumer issues, holding businesses to account and interviewing ordinary people directly affected.

  1. Chris Choi

Payday lenders could slip away as watchdog bares teeth

Wonga has accepted it lent to people who could not afford repayments. Credit: PA

If Wonga had found breaches in its lending process and taken the initiative in putting things right, they would deserve praise.

The truth seems to be different - behind the great "payday payback" is the Financial Conduct Authority, a powerful watchdog.

The FCA has new powers to regulate the payday sector and what we are seeing today is just the start.

Insiders at the Authority tell me - and I think they are correct - that many lenders are likely to simply leave the market between now and January - either because they cannot or will not apply new rules on checking customers ability to repay.

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