大象传媒

Boss of payday lender Peachy.co.uk tells Richard Bacon he isn't "ashamed" of the service his company provides and that he welcomes limits on the interest rates firms like his can charge. Plans for a cap on the amount that payday lenders can charge their customers have been announced by the City regulator.

Payday loan rates should be capped at 0.8% a day of the amount borrowed, said the Financial Conduct Authority (FCA).

And in total, no one will have to pay back more than twice what they borrowed.

The payday industry said the changes - due in January 2015 - would mean more people turning to loan sharks.

There will also be a cap on default charges, which is likely to be set at 拢15.

This clip is originally from Richard Bacon on Tuesday 15 July 2014.