Payday lending market investigation. Remedies execution timetable

Payday lending market investigation. Remedies execution timetable

The CMA investigated the lending that is payday and contains posted its last purchase.

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 contrast web site which will be authorised by the Financial Conduct Authority. Moreover it requires online and street that is high loan providers to offer existing clients with a directory of their price of borrowing.

(*) The treatment execution administrative timetable published below on 26 March 2015 is indicative and has now no statutory foundation. Any modification associated with the timetable will be posted with this website.

Remedy implementation date Action
22 December 2015 extended deadline that is statutory implementing remedies, if necessary 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 last report posted

Period 2

Date of recommendation: 27.6.13 Statutory due date: 26.6.15

Last purchase

13 August 2015: The CMA has posted its last purchase as a result of its research in to the payday financing market.

Draft purchase assessment

Final report

  • Last report (PDF, 4Mb) (24.2.15)
  • Appendices and Glossary (PDF, 9Mb) (24.2.15)
  • Pr release: CMA finalises proposals to lessen cash advance expenses (24.2.15)

Amendments to remedies that are proposed

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 closed.

Provisional choice on treatments

9 October 2014: The CMA has now published its provisional choice regarding the package of remedies necessary to remedy the undesirable impact on competition (AEC) and also the ensuing client detriment this has provisionally discovered. It has additionally launched a session on an addendum to its provisional findings report, and published payday lending customers to its customer research. The assessment has closed.

Variation associated with terms of guide

  • Notice of a ask for a variation for the terms of reference (PDF, 96 Kb) 11.6.14
  • Notice of a variation associated with terms of guide 22.7.14

Treatments research – invite to touch upon prospective vendors: Now closed

  • Invitation to comment on agencies invited to tender for prospective treatments general market trends 18.6.14

Provisional findings and remedies that are possible

  • 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 spending the cost for lack of competition 11.6.14
  • Provisional findings report and Appendices & Glossary 13.6.14

Analysis

Performing papers

Performing Papers are posted to ask feedback and help the Inquiry Group develop its reasoning on key areas. They ought 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 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 Provider 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 to your 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 Global Corp 15.1.15
  • Global Analytics 15.1.15
  • Islington Debt Coalition 15.1.15
  • Cash Advice Trust 15.1.15
  • Quiddi Hub Ltd 27.1.15
  • Torfaen CBC and people of the Torfaen Local Service 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 into the decision that is provisional treatments

  • 118 118 Money 7.11.14
  • Callcredit 7.11.14
  • CashEuroNetUK, LLC 24.11.14
  • Customer Finance Association 7.11.14
  • DFC Worldwide Corp 24.11.14
  • Google 7.11.14
  • Islington Debt Coalition 7.11.14
  • Cash Information 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
  • Worldwide 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 System Limited 8.10.14
  • Stop Go Networks 30.10.14
  • Teletrack British Ltd 29.9.14
  • Transcript of this response that is multi-lateral with customer teams 29.9.14
  • Transcript for the response that is multi-lateral with all the trade associations and their users 29.09.14
  • Wonga Group Limited 8.10.14

Responses to provisional findings and Notices of possible treatments / a have a variation for the terms of guide

Reactions the CMA has gotten from organisations to findings that are provisional the Notice of feasible treatments together with Notice of request a variation associated with the terms of guide.