This action follows a long campaign by many across the House of Commons. The Financial Conduct Authority (FCA) has proposed that all borrowers should have an "affordability" check before being given a loan. There will also be risk warnings on adverts and marketing material. Martin Wheatley, the FCA's chief executive, said: "Today I'm putting payday lenders on notice: tougher regulation is coming and I expect them all to make changes so that consumers get a fair outcome. The clock is ticking." The proposals mean that anyone taking out a loan would need to prove that they could afford to repay it. This is a welcome step forward.
