Who regulates the UK payday loan industry?

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The Financial Conduct Authority is responsible for the regulation and conduction of the financial services in the UK. The FCA serves as independent government body financed by fees from its members and regulates the companies providing financial services to customers. FCA sets the standards in the payday loan industry and watches closely for the execution and implementation of the laws.
Since 1st of April 2014 FCA has taken the responsibility to regulate the consumer credit industry.

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