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    The Pariah of the finance johnnies.

    Payday loans: Rogue lenders face closure for 'preying on the vulnerable'

    The Financial Conduct Authority today launched tough new rules to stop payday lenders preying on

    vulnerable people and forcing hard-up folk into serious debt problems.

    Crucially, the City watchdog announced a crackdown on the number of times lenders can roll-over

    loans - one of the most profitable parts of their business and the main reason why many borrowers

    get into debt they can't afford to pay.

    There will also be a limit on the number of times lenders can raid borrowers' bank accounts.

    At the moment they can use continuous payment authorities to go back again and again into borrower's

    accounts, but that ability will be curtailed by a limit being set on the number of times CPAs can be used.

    Full story Independent.

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