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
Ratings agency Moody's said victory for Brexit would "herald a prolonged period of uncertainty" for the UK.
Five people were taken to hospital after walking on coals at a Tony Robbins seminar called 'Unleash the Power Within'.
An emergency meeting will be held today to discuss the Scottish government's next steps following the UK's decision to leave the EU.