The Scotsman cartoon: Payday loans

The Scotsman cartoon 04/10/13
The Scotsman cartoon 04/10/13
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A raft of measures have been unveiled in a bid to crackdown on the controversial payday loans sector.

The Financial Conduct Authority, which is to take over regulation of the sector from the Office of Fair Trading next year, said it is proposing a mandatory affordability check on borrowers and to limit the number of times a high-cost short-term credit loan can be rolled over to two among the list of sanctions with which members of the industry will have to comply.

Illustration by Iain Green