A new industry watchdog has been set up with the aim to raise standards in the payday lending sector and told lenders to “shape up or ship out”. The Short-Term Lending Compliance Board (SLCB) will be responsible for auditing payday lending firms and enforcing the Consumer Finance Association’s (CFA) code of practice. Chaired by Seymour Fortescue, former chief executive of the Banking Code Standards Board, the SLCB will identify any gaps and deficiencies in the code which could lead to consumer detriment and advocate changes in relation to new regulatory developments.....Read more here