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UK Office of Fair Trading: OFT acts against leading payday lenders and proposes to refer the sector to Competition Commission

( March 6, 2013, 10:46 GMT | Official Statement) -- MLex Summary: The UK Office of Fair Trading found that 50 payday lenders, accounting for 90 percent of the market sector, failed to comply with lending standards and procedures such as affordability assessment, with their revenues heavily relying on those customers who fail to repay their original loan by deadline. Lenders will have to demonstrate full compliance within three months or risk losing their licence.The text of the statement follows....

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