FCA: Payday lenders must step up or leave industry

Martin Wheatley, chair of new watchdog the Financial Conduct Authority (FCA), it was time for the payday loan industry to step-up to the legal framework they have proposed, or leave the industry.

Read: Payday lenders 'on notice' to clean up their act


'Tougher rules' for payday firms

Tougher controls on payday lenders have been unveiled by the City regulator today as it sets out plans to oversee the consumer credit market from next year.