The Office of Fair Trading (OFT) has opened formal investigations into the practices of three payday lenders. It follows a recently concluded compliance review which warned 90% of the market to clean up its act. The three lenders under investigation cannot be named for legal reasons. Separately, three payday lenders have also had their licences revoked and another two have surrendered their licences since publication of the OFT’s review of the sector in March. In a statement, the OFT said it has now written to all of the 50 payday lenders that were inspected during the compliance review....Read more here