…improve the way it lends money and collects debts, or face fines or closures, says the BBC News today
The Office of Fair Trading (OFT), in an interim report, says most of the 50 big firms it has been inspecting do not operate fully by its rules.
The OFT says it is worried by reckless lending and aggressive debt collection.
It has now begun formal investigations into several payday lenders over aggressive debt collection practices.
The OFT will publish its full report in the new year, when it has ended an investigation which it started in February 2012.
All 240 payday lenders have been put on notice to improve.
Read the full article at http://www.bbc.co.uk/news/business-20406659
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