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.
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The announcement is part of a £500 million cost-cutting drive which will take place over three years.
A chilly north for the glens of northern Scotland and the Highlands but otherwise a frost free and generally mild night.
The former US president has suggested some of those who voted for Brexit may only now be realising the impact of their decision