Responding to the Office of Fair Trading’s final report following its review of the payday lending sector, the Consumer Finance Association said:
This is the end of a year long review and we will take time to review the issues that have been raised.
We recognise there are concerns about the industry however these reports are a snapshot in time and work is already underway.
Since the industry was investigated last year we have introduced a series of safeguards to ensure that our members are dealing with customers responsibly.
From credit checking all new applications, to limiting loan rollovers and providing help for those who get into financial difficulty, we have raised standards all the way through the loan process.
We go far beyond the legal requirements but if the Government wants us to do more, we will consider its proposals.
More top news
Five Britons have died after the car they were in plunged more than 80 feet from a bridge into a canal.
The Church of England has defended sending "prayers" on Twitter to The God Delusion author Richard Dawkins following his recent stroke.
Barack Obama and his wife Michelle have exchanged Valentine's Day messages on the The Ellen DeGeneres Show.