Payday lenders could face a £10,000 authorisation fee from the Financial Conduct Authority (FCA) on top of other regulation costs, in a clear sign the regulator has singled the sector out as high risk. FCA policy adviser Anna Wallace gave a stark warning to the payday loan industry that it could face the one-off charge in addition to the cost of a credit licence and the annual cost of being regulated, when the FCA takes charge of consumer credit regulation from April next year. Her warning, delivered at this year’s Consumer Credit Trade Association (CCTA) conference in Nottingham, comes just a day after payday loan representatives faced a barrage of hostile questions on the business practices of the sector from MPs.....Read more here