Source: https://www.fca.org.uk/news/press-releases/fca-confirms-price-cap-rules-payday-lenders https://www.fca.org.uk/news/press-releases/fca-confirms-pric...

Source: https://www.fca.org.uk/news/press-releases/fca-confirms-price-cap-rules-payday-lenders https://www.fca.org.uk/news/press-releases/fca-confirms-pric... From this post: Martin Wheatley, the FCA's chief executive officer, said: 'I am confident that the new rules strike the right balance for firms and consumers. If the price cap was any lower, then we risk not having a viable market, any higher and there would not be adequate protection for borrowers. 'For people who struggle to repay, we believe the new rules will put an end to spiralling payday debts. For most of the borrowers who do pay back their loans on time, the cap on fees and charges represents substantial protections.'