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A long held plan to change rules around high-interest loans was accelerated through Parliament yesterday, forming part of a Covid-19 Response bill that becomes law once it is granted Royal Assent.
Now, borrowers taking out high-cost loans can only be charged interest and fees up to and not beyond the amount initially borrowed.
The Retirement Commissioner Jane Wrightson says the law change is good news at a time many are facing financial difficulties, and will prevent people being 'saddled' with 'unmanageable' costs.
She speaks to Corin Dann.