Payday lenders are facing an inquiry into the way they treat borrowers struggling to repay their loans. The Financial Conduct Authority (FCA) said the review will be one of its first actions when it takes over regulation of the consumer credit sector on 1 April. It has already outlined several other plans to toughen regulation in the high cost, short-term loans market. The payday loans industry said it was behind action to tackle poor practice. Particular attention will be paid to how sympathetic lenders are to customers who fall behind on their repayments, the FCA said.'Fast buck'

"These are often the people that struggle to make ends meet day to day, so we would expect them to be treated with sensitivity, yet some of the practices we have seen don't do this," said the regulator's chief executive, Martin Wheatley..............READ MORE HERE