Payday lenders and other providers of short-term credit will face much tougher regulation when a new watchdog starts work. The Financial Conduct Authority (FCA) will be able to impose unlimited fines on lenders that break the rules. The current maximum penalty that can be levied by the Office of Fair Trading is £50,000. The plans were unveiled as part of the Financial Services Bill that has been presented to Parliament. The Consumer Finance Association (CFA), which represents businesses offering short-term loans, has argued that the industry is already "highly regulated". Consumer protection Under the new watchdog, which is expected to start work next year, lenders will face more rigorous checks before they....Read more here--: BBC News - Lenders face tougher regulation