Tighter regulation of payday loans.Introduction of caps by the FCA
As a consequence of the FCAвЂ™s tighter legislation, numerous lenders needed to pay settlement to customers.
In June 2014 Wonga, the UKвЂ™s biggest provider of pay day loans, compensated a complete of ВЈ2.6 million in payment.
In 2014, 330,000 Wonga customers had their debts completely written off october. […]