British regulators said on Tuesday that they planned to cap the fees and interest that so-called payday lenders can charge for short-term loans, the International New York Times reported. The Financial Conduct Authority, which began regulating consumer credit companies this year, is calling for a cap on interest and fees of no more than 0.8 percent per day on payday loans, beginning in January. Fixed default fees would be capped at 15 pounds, or about $26, and the overall cost of any loan would not be allowed to exceed the amount borrowed.

The London High Court is convening a meeting of creditors of Russia’s aluminum giant RUSAL to vote on a scheme of arrangement of restructuring the company’s $5.15 billion debt, RUSAL said in a statement on Friday. RUSAL, which is the world’s largest aluminum producer, has earlier applied to the London and Jersey courts for the first time in Russia’s corporate history for debt restructuring after failing to win unanimous support from its creditors, the ITAR-TASS News Agency reported. The date of holding the creditors’ meeting was not specified in the statement.

Visitors arriving at Edinburgh airport are greeted with a large Royal Bank of Scotland Group advert stating "This Is Home." The bank's management isn't sure for how long, The Wall Street Journal reported. In September, Scotland will vote whether to become independent from the rest of the U.K. after more than three centuries of union.

Royal Bank of Scotland hired real estate investment bank Eastdil Secured LLC to advise on the sale of Irish property loans, according to three people with knowledge of the matter, the Irish Times reported. Ulster Bank, a unit of Edinburgh-based RBS, is preparing to sell €800 million of commercial real estate loans, known as Project Achill, said the people, who asked not to be named as the sale isn’t yet public. RBS spokesman Erfan Hussain declined to comment, while officials at Eastdil in London didn’t return a call seeking comment.

Proposals to ensure that insolvent businesses continue to receive essential supplies from the IT and utility sectors to aid business recovery were announced in a consultation launched today by Business Minister Jo Swinson, Creditman.co.uk reported. The measures will stop these essential suppliers from seeking an unfair advantage over other creditors by increasing charges or payments of debts as a condition of continuing supply, thus benefiting both consumers and employees.

Dozens of banks are poised to enter the market in the wake of barriers to new entrants being lifted, according to regulators, The Telegraph reported. The Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) said five times as many businesses are currently applying for banking licences as were granted them last year.

The Bank of England has imposed limits on household borrowing for the first time since 1980 in a bid to stop a credit boom emerging amid surging house prices, the Irish Times reported. The restrictions on large loans imposed by the bank’s financial policy committee will not affect current lending, but it will seek to prevent lending from taking off as the UK economy recovers. The central bank expects house prices to rise a further 20 per cent.

Britain will allow more heavily regulated retail banks to offer business customers products such as options and trade finance, according to final legislative proposals. In the wake of the global financial crisis, the UK adopted proposals to separate the retail and investment arms of British banks and erect a “ringfence” around the retail bank so its essential operations continue even if the whole bank fails. If a bank does not respect the ring fence, regulators will have the power to break it up, the Financial Times reported.

Like its rivals in Britain, the Royal Bank of Scotland has been unable to escape criticism from shareholders over the amount of compensation that bankers are paid, the International New York Times DealBook blog reported. Earlier this year, United Kingdom Financial Investments, which oversees the British government’s 81 percent stake in the bank, forced R.B.S. to drop a proposal to pay bankers bonuses of up to two times their annual salaries.

The City’s dramatic revival means inner London is now the only part of the UK to have returned to pre-recession levels of job creation, The Independent reported. A TUC report to be published today reveals a two-speed recovery in Britain’s economy with the capital booming while other parts of the country continue to struggle. The TUC Touchstone pamphlet – Equitable Full Employment: A Jobs Recover for All –paints a picture of a static labour market with people clinging grimly on to the jobs they have outside the capital.