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Payday loan rates 'to be limited'

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The government is to change the law to allow restrictions to be imposed on the interest rates charged for so-called "payday loans".

 

Ministers are to amend the Financial Services Bill to give the planned Financial Conduct Authority the power to limit charges. The news follows concerns over annual interest rates of up to 4,000%. The government faced a possible House of Lords defeat on an amendment put down by a Labour peer over the issue. BBC political correspondent Norman Smith said it was being suggested that there should not be a blanket cap on interest rates but the Financial Conduct Authority (FCA) would be able to investigate different loan schemes and then set a limit on the amount of APR charged.

 

Link: http://www.bbc.co.uk/news/uk-politics-20531126


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