LOAN sharks are to face tougher legislation from today after complaints poured in of companies bleeding customer’s bank accounts dry.

The loans industry — now worth £2.8 billion — has been under investigation by government financial watchdogs since thousands of people were forced to ask for help when struggling with payday loans companies such as Wonga. 

“Payday companies have become the new legitimised fund for financing yet they have no controls,” organiser Janie Mac from the Occupy Wonga campaign told the Star.

New rules include a ban on rolling over loans more than twice when people cannot afford to pay them back.

Previous investigations into the industry revealed loan sharks had allowed people to roll over debts more than a dozen times. 

Those struggling with repayment can be assured that payday companies will not be allowed to raid their bank accounts more than twice.

Lenders will also be made to incorporate “risk warnings” in their advertising spots, highlighting the consequences of repayment delays.

The move was welcomed by anti-debt campaigners, but many still want further regulation.

“Government needs to cap extortionate interest rates,” said Unite Community member Liane Groves.

“Warning signs are not going to stop somebody who is desperate.”

The Financial Conduct Authority (FCA) regulator will consider limiting overall costs of payday loans later this year.

Just last week Britain’s largest loan shark Wonga announced it would pay back £2.6 million in compensation after threatening 45,000 of its custumers with fake legal letters.