Payday loan refunds yet to be given to customers

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Chief executive Stuart Howard said the lender and the industry had changed

Millions of pounds of payday loans refunds are still to be handed back, a lender has said.

Dollar Financial UK, which owns The Money Shop, said that only 25% of the refunds agreed with the regulator in October had been paid back.

The remaining payout to people who were given loans they could not afford, which totals more than £7m, will not be completed until the end of June.

The lender said it had overhauled its operations during a tough year.