Payday lenders are not doing everything they can to make sure they lend responsibly, the Citizens Advice Bureau warned.
Russell Hamblin-Boone from the Consumer Finance Association, which represents payday lenders said he did not believe that it was the "activities of the larger lenders" he represented.
He said: "We've got standards in place which go over and beyond what our legal requirements are to make sure that we're lending to people responsibly, that we're lending to people who can pay back and that we're making sure we are treating people fairly."
More top news
After Roy Hodgson's resignation following England's humiliating exit from Euro 2016, who are the leading contenders to replace him?
The beleaguered Labour Party leader is clinging onto power in the face of as many as 150 MPs voting to remove him from the top job today.
Mr Osborne said he is "not the person to provide the unity my party needs".