Payday lenders are failing to live up to the "spirit or the letter" of codes they signed up to last year, ministers have said. The comments come ahead of a summit, bringing together payday lenders, regulators, charities and ministers. Consumer minister Jo Swinson, who hosts Monday's summit, said lenders must do "much more" to protect consumers. Payday firms offer short-term loans at high interest rates but are accused of leading people into more debt. The industry, worth £2bn, was referred to the Competition Commission by the Office of Fair Trading last Thursday. The lenders say they are already changing their practices, but will be overseen by a new regulator, the Financial Conduct Authority, from next April....Read more HERE