The Competition and Markets Authority has ruled the lack of competition in the payday loans sector:
- Could be responsible for adding £5-£10 to the average cost of a payday loan
- This is relative to a typical loan of £260 taken out for just over three weeks
- A typical customer (who takes out six loans a year) could save £30-£60 per year
- The gap between the cheapest and most expensive deals for a month-long £100 loan is more than £30
More top news
Britain's stance over taking in more refugees could hurt David Cameron's EU reform plans, a spokesman for Angela Merkel's alliance has said.
The inquest into the deaths of 11 people in the Shoreham air disaster is due to be opened and adjourned today.
Criminals are escaping arrest because police are delayed in getting to crime scenes in cars that do not have sirens, officers have warned.