Regulators accused of not doing enough to curb pay day lenders

The Financial Conduct Authority has been accused of not doing enough to curb payday lenders after new rules were unveiled which did not include a ban on advertising or a cap on sky-high interest rates. Labour MP Stella Creasy, who has campaigned against payday loans, told BBC Radio 4's Today programme: 'If we don't act now to change this, I'm convinced this is going to be the next PPI scandal'.