Planned payday loans cap 'will see firms out of business'

Many payday loans companies will go out of business if a planned cap on the amount they can charge their customers is introduced, Martin Wheatley has said.

The Financial Conduct Authority (FCA) chief explains the measures being set out, which will see payday loan rates capped at 0.8% a day of the amount borrowed.

First broadcast on BBC Radio 4's Today programme on Monday 15 July.