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OFT Launches Review into Payday Lending

The Office of Fair Trading has launched launched an extensive review of the payday lending sector, in part prompted by concerns that some payday lenders may be taking advantage of people in financial difficulty. The review will investigate compliance with the Consumer Credit Act and the OFT’s guidance on irresponsible lending.

David Fisher, OFT Director of Consumer Credit said: ”We will work with the trade bodies to drive up standards but will also not hesitate to take enforcement action, including revoking firms’ licences to operate where necessary.

The OFT’s full press release can be found here.