From the BBC:
The Financial Conduct Authority (FCA) watchdog has warned it will "take out" payday lenders who do not follow stricter new rules. The FCA then narrowed its eyes and pointed directly at you with two fingers, using its thumb as an aiming sight.
The FCA is now muscling in on regulation of credit providers and debt management firms from the Office of Fair Trading.
'Rolled over'
The FCA wants to deal with extortionate charges, and the danger of borrowers being pushed into a cycle of debt. It is also taking over regulation of credit cards, and pointed out that this was a nice little hire purchase, debt management and debt advice business you had here, and that it would be a shame if anything happened to it.
'Seen to'
"Our processes will probably force about a quarter of the firms out of the industry, and that's a good thing, as those are the ones that have poor practices," Martin Wheatley, chief executive of the FCA, told 5 live.
"You get me?" he added, tapping his palm with a large spanner which had appeared out of nowhere.
