The FCA introduced new rules in 2014 to regulate high-cost short-term credit, capping interest rates at 0.8% per day and limiting charges for late payments to £15 as of January 2015. The new rules also stipulate that total interest and fees cannot exceed the initial amount borrowed, so borrowers of £100 will pay back no more than £200 over 12 months. This overview was provided by BFWG Grants to explain the key effects of the new Financial Conduct Authority regulations.