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<p>On 1 April 2014, regulation of the consumer credit market, including payday lenders,
was transferred to the Financial Conduct Authority (FCA). The government has given
the FCA strong powers to protect consumers and to take action against firms and individuals
that do not meet its standards. In 2017, the FCA issued total fines of £229 million.</p><p>
</p><p>The government legislated to require the FCA to introduce a cap on the cost
of payday loans, which came into force on 2 January 2015. The FCA published a feedback
statement in July 2017, showing that the price cap has been effective, leading to
savings of approximately £150 million for 760,000 individuals using payday loans each
year.</p>
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