In one case cited in the Commons, a tourist was charged more than £450 for a seven-minute journey with their two children that took them little more than a mile.
But now TfL has proposed a cap on all rickshaw fares. Under the proposals, passengers will be charged a maximum base fare of £5, then £1 per minute for the first passenger, rising to £3 per minute for every additional passenger.
Riders will also need a licence for their vehicle at a cost of £100, and for themselves, at a proposed cost for £114. Both would last a year.
Both the new licensing regime and the maximum journey fares are due to come into force from October 30 this year.
TfL said the new fares will ensure pedicabs can still offer an income exceeding the London Living Wage and will be reviewed as the industry evolves.
In addition to their expensive rates, pedicabs have drawn criticism for creating traffic problems by parking in bus lanes or flouting one-way rules, while a lack of regulation has prompted concern that many lack basic safety features.
As well as banning external audio, new standards will require pedicabs to be road legal, fitted with a numberplate and regularly checked for safety and roadworthiness.
Pedicab operators will be required to have premises in London and carry out fire risk assessments and basic staff DBS checks.
Mayor of London Sir Sadiq Khan said: “After years of campaigning, I’m pleased that TfL will be regulating pedicabs across the capital to ensure they meet proper operational standards.
“Pedicabs should be a fun way to explore London – but too often people face rip-off fares, blaring music and unsafe behaviour.
“We’re bringing in these new rules so that both customers and drivers can benefit from an industry that is more safe, reliable and professional.
“This will play an important role in supporting our vital night-time economy and enabling more people to enjoy all that our great city has to offer as we continue building a safer, fairer, greener London for everyone.”