The Competition and Markets Authority has decided payday loans are more expensive due to a lack of competition in the sector.
ITV News Business Editor Joel Hills reports:
Competition and Markets Authority decides payday loans are more expensive than they should be due to a lack of competition between lenders.
CMA looking at creating independent price comparison website for payday loans and clearer disclosure of charges if loan not repaid on time.
More top news
Two Air France directors had the shirts ripped off their backs by angry employees after the company announced loss of 2900 jobs.
Ched Evans' rape conviction has been referred to the Court of Appeal by the Criminal Cases Review Commission has announced.
A coroner's document seen by ITV News calls on the holiday industry and government to act to prevent a repeat of two children's deaths.