Limits on the amounts payday lenders can charge customers - including a rule stating lenders cannot receive more in fees and interest on a loan than the amount borrowed - have been confirmed by the financial regulator.
The changes will mean someone taking out a loan for 30 days and repaying on time will not pay more than £24 in fees and charges per £100 borrowed, the Financial Conduct Authority (FCA) said. FCA chief...
Advisers can start the conversation
‘Unprecedented wave of disruption’
2019 Survey now open
'Asset Management Taskforce'
Refrains from widespread change