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<p>The Government has been very clear that payday lenders should only make loans to those who can afford to pay them back. The Financial Conduct Authority (FCA) is taking over responsibility for consumer credit regulation in April 2014, and will require lenders to undertake tough affordability assessments.</p><p>The Government also strongly welcomes the FCA's proposals to require that all payday loan adverts carry a 'wealth warning' about the risks of taking out payday loans, and that adverts signpost to the Money Advice Service (MAS), which provides information to support consumers to make sound borrowing decisions and helps those in financial difficulty access debt advice and support.</p> |