OFT has written to payday lenders about the outcome of its review (see FReD 8 March). The letter reminds lenders of the outcome of the review, OFT’s expectations and confirms it will take action against firms that do not meet its standards. OFT also announced the first revocation of licence for payday lending failures. It found MCO Capital Limited had failed to put in place adequate identity-checking processes and as a result made itself a target for fraudsters. Also it engaged in unfair business practices by demanding repayment from people who it was aware may not have taken out loans. (Source: OFT Writes to Payday Lenders and OFT Revokes Payday Lender Licence)