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
The number of children having private tutoring has increased by more than a third in the last decade, according to a charity.
Girls should swap dolls for toys such as Lego and Meccano to get them more interested in science and engineering, top scientist claims.
A mother feared to have been planning to travel to Syria with her four children has been arrested after returning to the UK.