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'Tougher rules' for payday firms

Tougher controls on payday lenders have been unveiled by the City regulator today as it sets out plans to oversee the consumer credit market from next year.

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Debt charity welcomes 'crucial' new payday loan rules

Debt charity StepChange have welcomed today's proposed new rules for payday lenders, saying they were a "crucial move towards a new era for consumer credit."

The rules, proposed by the Financial Conduct Authority, have been welcomed by Debt charity StepChange. Credit: Press Association

The charity have helped more than 30,000 people struggling with payday debt in the first half of this year, which is almost the number it dealt with across the whole of 2012. 7,000 of their clients this year are people who have five or more payday loans.

StepChange Debt Charity head of policy Peter Tutton said:

"The current regulatory regime has left consumers inadequately protected against poor practice from the payday lending industry."

"The FCA's proposals represent a crucial move towards a new era for consumer credit."

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