OFT refers payday lending to Competition Commission

Trading watchdog the Office of Fair Trading made the announcement this morning.
Trading watchdog the Office of Fair Trading made the announcement this morning. Credit: Dominic Lipinski/PA Wire

The Office of Fair Trading has referred the payday lending industry to the Competition Commission because of concerns it has about "deep-rooted" problems with the way competition works.

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OFT action on payday loans

The Office of Fair Trading has referred the payday lending industry to the Competition Commission because of concerns it has about "deep-rooted" problems with the way competition works.