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.