UK regulators told to crack down on predatory payday lenders

Britain’s consumer watchdog must get tough on unscrupulous short-term lenders that target the financially vulnerable and lend them money they can’t afford to repay, a British parliamentary committee said on Friday.

Britain’s Public Accounts Committee (PAC) said bad practices by some of these firms were costing already hard-pressed borrowers at least 450 million pounds (HK$5.3 billion) a year.

via Business feed http://www.scmp.com/business/banking-finance/article/1250430/uk-regulators-told-crack-down-predatory-payday-lenders