The CMA investigated the payday financing market and contains posted its last order.
Treatments execution timetable
The Payday Lending Market research Order 2015 calls for online payday lenders to publish, by 26 May 2017, information on their products or services on a minumum of one cost comparison web site which will be authorised by the Financial Conduct Authority. It requires on the internet and high road payday lenders to give current clients with a listing of their cost of borrowing.
(*) The treatment execution administrative timetable posted below on 26 March 2015 is indicative and contains no statutory foundation. Any modification for the timetable will be posted with this website.
| Remedy implementation date | Action |
|---|---|
| 22 December 2015 | extensive statutory deadline for applying treatments, if needed for unique reasons |
| 23 August 2015 | Statutory due date for applying remedial action |
| July to August 2015 | Order comes into force |
| July to August 2015 | Finalise while making purchase |
| April to May 2015 | Formal public assessment on draft purchase |
| March to April 2015 | casual consultation on draft purchase with key events |
| 24 February 2015 | Final report published |
Stage 2
Date of recommendation: 27.6.13 Statutory due unique installment loans date: 26.6.15
Final order
13 August 2015: The CMA has published its last purchase after its research to the payday financing market.
Draft purchase assessment
- Notice of intention which will make a purchase (1.5.15)
- Draft order (1.5.15)
- Draft explanatory note (1.5.15)
Last report
- Last report (PDF, 4Mb) (24.2.15)
- Appendices and Glossary (PDF, 9Mb) (24.2.15)
- Press release: CMA finalises proposals to lessen loan that is payday (24.2.15)
Amendments to proposed remedies assessment
19 2014: The CMA has published a consultation paper on amendments to the price comparison website (PCW) and the statement of borrowing remedies december. The assessment has now closed.
Provisional choice on treatments
9 October 2014: The CMA has now published its provisional choice from the package of treatments necessary to remedy the effect that is adverse competition (AEC) and also the ensuing client detriment it offers provisionally discovered. It has additionally launched a session on an addendum to its provisional findings report, and published its consumer research with payday lending clients. The assessment has closed.
Variation of this terms of guide
- Notice of a ask for a variation associated with the terms of reference (PDF, 96 Kb) 11.6.14
- Notice of the variation associated with terms of guide 22.7.14
Treatments research – invite to touch upon prospective manufacturers: Now closed
- Invitation to comment on agencies invited to tender for prospective treatments marketing research 18.6.14
Provisional findings and feasible treatments
- Notice of provisional findings (PDF, 105 Kb) 11.6.14
- Overview of provisional findings report (PDF, 150 Kb) 11.6.14
- Notice of feasible treatments (PDF, 219 Kb) 11.6.14
- Pr release: Payday borrowers having to pay the purchase price for not enough competition 11.6.14
- Provisional findings report and Appendices & Glossary 13.6.14
Analysis
Performing papers
Performing Papers are posted to ask remarks and help the Inquiry Group develop its reasoning on key areas. They need to never be regarded as containing the Group’s views that are definitive. For more info see the CCs directions for Market Investigations (PDF, 675 Kb), draft for general general public assessment, in specific paragraphs 56 and 57.
Proof
Reactions towards the draft purchase assessment
- Community Developing Finance Association 17.6.15
- Customer Finance Association 17.6.15
- Finance & Leasing Association 17.6.15
- Financial Ombudsman Service 17.6.15
- Islington Debt Coalition 17.6.15
- The typical Customer Council for Northern Ireland 17.6.15
- Wonga Group Limited 5.8.15
Reactions towards the proposed treatments consultation
- BGL Group Limited (comparethemarket.com) 23.2.15
- CashEuroNetUK, LLC 15.1.15
- Christians Against Poverty 15.1.15
- Customer Finance Association 15.1.15
- DFC Worldwide Corp 15.1.15
- Global Analytics 15.1.15
- Islington Debt Coalition 15.1.15
- Cash Information Trust 15.1.15
- Quiddi Hub Ltd 27.1.15
- Torfaen CBC and people in the Torfaen Local provider Board Welfare Reform venture Group 22.1.15
- Welsh Trading Standards 22.1.15
- Which? 15.1.15
- Wonga Group Limited 3.2.15
Reactions to your provisional choice on treatments
- 118 118 Cash 7.11.14
- Callcredit 7.11.14
- CashEuroNetUK, LLC 24.11.14
- Customer Finance Association 7.11.14
- DFC Worldwide Corp 24.11.14
- Bing 7.11.14
- Islington Debt Coalition 7.11.14
- Cash Guidance Trust 7.11.14
- Money.co.uk 7.11.14
- MoneySavingExpert.com Limited 7.11.14
- MoneySuperMarket.com 11.2.15
- MYJAR 7.11.14
- Quiddi Hub Ltd 4.12.14
- SGE Group 7.11.14
- Wonga Group Limited 18.12.14
Summaries of response hearings held with events
- 118 118 Cash 8.10.14
- Callcredit 3.10.14
- CashEuroNetUK, LLC 1.10.14
- D&D Marketing (T3 Leads) 30.10.14
- DFC Worldwide Corp 30.9.14
- Elevate Credit Overseas Limited (previously Think Finance UK) 3.10.14
- Equifax 1.10.14
- Experian 1.10.14
- Financial Conduct Authority 30.9.14
- Gagemax 3.10.14
- International Analytics 1.10.14
- Bing 30.9.14
- LendingMetrics 8.10.14
- Money.co.uk 30.9.14
- Cash Gap Group Ltd 9.10.14
- MoneySuperMarket.com 3.10.14
- Pingtree Ltd 24.10.14
- Provident Financial PLC 29.9.14
- Quiddi Hub Ltd 24.10.14
- SGE Group 15.10.14
- Ratio Network Limited 8.10.14
- Stop Go Networks 30.10.14
- Teletrack British Ltd 29.9.14
- Transcript for the multi-lateral reaction hearing with customer teams 29.9.14
- Transcript for the response that is multi-lateral because of the trade associations and their people 29.09.14
- Wonga Group Limited 8.10.14
Reactions to provisional findings and Notices of feasible treatments / a have a variation of this terms of guide
Reactions the CMA has gotten from organisations to findings that are provisional the Notice of feasible treatments while the Notice of obtain a variation associated with terms of guide.
