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Payday loans to be capped

Payday loans costs will be capped under plans being announced by Chancellor George Osborne. Regulator the Financial Conduct Authority will set the level of the cap, which will cover fees charged on the loans as well as interest.

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Regulator to 'look at whole package' of payday fees

Chancellor George Osborne has said he wants the new regulator, the Financial Conduct Authority, to "look at the whole package" of charges for payday loans.

He said this would include considering a cap on arrangement fees and penalties as well as the interest rates, in order to put a "cap on the total cost of credit".

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