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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The OFT acts against payday lenders, but not for now

The press release says "OFT acts against payday lenders". This appears to be a slick way of saying they are doing nothing - at least not for now.

Officials found problems from top to bottom with this £2 billion pound sector, but won't do anything for at least three months.

If this seems a little lenient, let's not forget that the payday loan firms have already been warned to put their house in order (see the OFT warning in Nov 2012).

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