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
Nearly 500 identity frauds were reported every day in the first half of this year.
New position paper argues that it will be 'unnecessary' for the European Court to have direct jurisdiction in Britain after Brexit.
Demands for the government to deliver a fair deal on transport for the north of England will be made by political and business leaders.