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'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.

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Payday loan rules 'a step forward'

The new rules for the payday loans industry "is a step forward" towards regulating "a disgrace of an industry", a Citizen's Advice Bureau chief has said.

Mike Dixon told Daybreak companies like Wonga lent to children, drunks and "people who have not got a snowball's chance in hell of paying back".

However, Mr Dixon wants to see "properly tough enforcement" so payday loan companies found breaking the new rules are prevented from lending again.

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