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.”
More top news
Cloudy skies for most as the Bank Holiday weekend begins - with brighter breaks through the south-east, the Midlands and East Anglia.
Six people have begun living in a dome in Hawaii to simulate what life would be like on Mars.
The 12th series of X Factor kicks off on ITV this Saturday but which previous winners went on to make it big?