OFT chief executive Clive Maxwell
Media playback is unsupported on your device

Payday loans: Widespread irresponsible lending - OFT

Payday loans companies have operated polices of "widespread irresponsible lending" the Office of Fair Trading (OFT) has found.

OFT chief executive Clive Maxwell told BBC News that the sector were failing to follow the required standards.

Firms will be given 12 weeks to improve their practices or risk losing their licences.

  • 06 Mar 2013
Go to next video: Payday lenders told to improve