Clamp down on payday lenders

Britain's biggest payday lenders have been threatened with being put out of business after a damning report by the Office of Fair Trading uncovered evidence of "widespread irresponsible lending".

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OFT: Refer payday lenders to Competition Commission

The Office of Fair Trading has proposed referring the payday lending sector to the Competition Commission after it found evidence of "deep-rooted problems" in how lenders compete.

It follows the publication of a final report into the £2 billion payday lending sector.

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