Payday lenders face squeeze

Payday lenders are set to face a crackdown on their advertising rights, the government announced this morning. The lenders will be restricted to a certain amount of adverts per hour and required to display their interest rates in a particular way, the Treasury said. And the sector could face further red tape when the Financial Conduct Authority (FCA) takes over as its regulator in 2014. FCA regulations will be decided in regulation launched today.