Millions of pounds of payday loans refunds are still to be handed back, a lender has said.

Dollar Financial UK, which owns The Money Shop, said that only 25% of the refunds agreed with the regulator in October had been paid back.The remaining payout to people who were given loans they could not afford, which totals more than £7m, will not be completed until the end of June. The lender said it had overhauled its operations during a tough year. The Money Shop, part of a US-owned group, is launching a new revamped branch in Derby on Monday in the first part of a major facelift of premises across the UK. Following strict new regulations on the payday industry brought in by the Financial Conduct Authority (FCA), the volume of loans across all short-term lenders has plunged....Read more here