The Financial Conduct Authority's cap on the interest charges and fees set by payday lenders will ensure customers will never be hit with loan costs higher than the amount borrowed.
ITV News Business Editor Joel Hills has tweeted the FCA's key proposals:
FCA caps interest charges on payday loans and default fees. Overall cost of payday loan "will never exceed 100% of amount borrowed".
FCA says cost of borrowing a £100 payday loan for 30 days (repaid on time) will never exceed £24. It's currently £30.
FCA says default charges "cannot exceed £15". Wonga's was £30 but was recently lowered to £20.
More top news
Bubba the terrier-mix puppy was packed off to kick his drug habit after living with addict owners - but is well on the way to recovery.
Human remains from found at the crash site of EgyptAir flight MS804 point to an explosion on board the plane, an Egyptian official has said.
Birmingham Children's Services are to be taken over by a voluntary trust following years of failings.