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Defeating the payday loan sharks
A new coalition 'clampdown' on these poverty-profiteers does nothing to curb their usury - but there are ways we can act, says RICHARD LYNCH

So much for cracking down on payday lenders.

Details of the long-awaited coalition crackdown on payday lenders who make huge profits by exploiting the poor were finally announced at the beginning of this month.

But the proposals from the Financial Conduct Authority (FCA) do not amount to what most people would consider a crackdown. They have even been welcomed by Wonga, the payday lender in chief.

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