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FCA reforms to force payday lenders 'out of business'

Reforms to the payday loans industry will "force a quarter of firms" out of business, the head of the Financial Conduct Authority has said.

Martin Wheatley told BBC Radio 4's Today programme the FCA is putting in place a "more stringent affordability criteria" for lenders, which will force companies with "poor practices" to leave the industry.

First broadcast on BBC Radio 4's Today programme on Wednesday 12 March.

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