More than a third (38%) of UK payday lenders warned about their compliance standards have exited the market.
The number of payday lenders which have pulled out of the market has climbed to 19, out of 50 which were given 12 weeks by the Office of Fair Trading (OFT) to address areas of non-compliance. The OFT revealed that Cash Advances, which traded as Handycash and Wagestoday, is the fourth business to have surrendered its licence following the payday lending review and is therefore not required to submit an audit......Read more here