The Financial Conduct Authority wants rollovers - or extensions - to happen no more than twice, and for lenders to place 'risk warnings' on adverts.
Critics hope plans for a clampdown on payday lenders will mean an end to firms giving out loans so frequently. The Financial Conduct Authority wants rollovers - or extensions - to happen no more than twice, and for lenders to place 'risk warnings' on adverts. Chris Mould is from the Trussel Trust which supports people in financial crisis.
He told Premier's News Hour he cautiously welcomes the new rules:
The Archbishop of Canterbury is said to be drawing up a "ten year plan" to drive out payday loan companies.
The Most Revd Justin Welby said:
"I warmly welcome the new rules proposed by the Financial Conduct Authority and I commend the attention given by them to helping to protect those most at risk from the dangers of an uncontrolled slide into unmanageable debt.
"I especially welcome the proposed constraints on the Continuous Payment Authority, and will be watching with interest to see if these will be enough to protect the most vulnerable in our society."
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