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<p>The Government has fundamentally reformed regulation of the consumer credit market.
Responsibility for consumer credit regulation transferred from the Office of Fair
Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>In
the FCA’s consultation paper on the cap on the cost of payday loans, the FCA assesses
that its proposals will lead to a risk of contraction in both the online and high-street
markets. FCA modelling suggests that its cap proposals would mean at least one high
street firm would continue to offer payday loans and at least the three largest online
firms continuing in the market, although the FCA expects that more firms will be able
to adapt their businesses to operate under the price cap and remain in the market.</p><p>
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