OFT action pushes 14 payday lenders out of the market

In April the Office of Fair Trading (OFT) warned 50 payday lenders (90% of the market) to clean up their acts and imposed a 12-week deadline for them to fully comply with its requirements. In an update on its website, the organisation said 14 lenders had confirmed they were leaving the £2bn market. The OFT said three of the 14 lenders had already surrendered their licences and were, therefore, not required to provide it with an audit report ahead of teh  deadline. The remaining 11 continue to trade in other areas of business that require a credit licence and have been required to prov...