More mergers expected in lending market

DELOITTE is predicting that regulatory changes could lead to more consolidation in the consumer finance market.

Since last April the industry has been regulated by the Financial Conduct Authority (FCA), rather than the Office of Fair Trading.

Deloitte said the change had forced companies to take on more staff to comply with legislation on lending checks.

In addition to these cost pressures, the FCA has announced a cap on the cost of short term loans to rein in payday lenders.

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