New costs cap will lose payday lenders £420m a year

Payday lenders will lose £420m in revenue a year as a result of the rate and costs cap being brought in from January 2015, ITV News Business Editor Joel Hills has tweeted:

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FCA estimates that as a result of their cap payday lenders will lose £420m in revenue per year.

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Payday loans interest rates capped from January

The Financial Conduct Authority has announced plans to impose a price cap on payday lenders from January.