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FCA proposes payday loans rate cap

Plans for a cap on interest rates on payday loans from January 2015 are announced by UK regulator the Financial Conduct Authority.

More than 6,000 payday loan customers are to receive refunds, after errors made by the UK's biggest high street operator, the Money Shop.

Complaints about payday loans have more than doubled in the last two years, according to the Financial Ombudsman.

A rap song has been released by the Church of England in an effort to raise awareness about the possible dangers of payday lenders.

Consumer Finance Association chief executive Russell Hamblin Boone discusses claims that there is a lack of competition between payday lenders.

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