The Office of Fair Trading has announced it is giving the leading 50 payday lenders, accounting for 90 per cent of the payday market, 12 weeks to change their business practices or risk losing their licences.
It comes after a year-long investigation which uncovered evidence of widespread irresponsible lending and failure to comply with the industry standards.
More top news
Here's my best go at explaining how George Osborne magicked away his tax credits headache.
A baby boy was found abandoned in a church's nativity manger with his umbilical cord still attached.
At least 30 people, mainly patients, were killed when US forces began firing at the facility "mistakenly" thinking it was a Taliban base.