The UK's payday lenders have been warned that tougher regulation is on its way, to protect consumers. The Financial Conduct Authority (FCA) has proposed that all borrowers should have an "affordability" check before being given a loan. Among other new rules, the FCA wants to put risk warnings on adverts and marketing material. The payday industry gave the plans a guarded welcome, saying irresponsible lenders would struggle to comply. Martin Wheatley, the FCA's chief executive, said: "Today I'm putting payday lenders on notice: tougher regulation is coming and I expect them all to make changes so that consumers get a fair outcome. The clock is ticking." The proposals mean that anyone taking out a loan would need to prove that they could afford to repay it. In a separate government survey, one in five customers said they were not even asked about their finances when they applied for a payday loan.

Pray: for all those who fall victims of unscrupulous loan sharks and that these moves by the FCA will bring an end to such usury. (Eze.18:17)

More: http://www.bbc.co.uk/news/business-24372134