A new crackdown from financial regulators could put a quarter of payday lenders out of business, the head of the Financial Conduct Authority has said.
Martin Wheatley told Radio 4's Today programme:
"I think our processes will force approximately a quarter of the firms out of the industry and that’s a good thing because those are the firms that have poor practices, and for the rest, we want them to improve.”
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It is set to remain unsettled into Saturday, becoming drier on Sunday.
The Independent has announced it is to cease publication and go online only from the end of March.