Payday lending market investigation. Treatments implementation timetable

The CMA investigated the payday financing market and has now posted its last purchase.

Remedies execution timetable

The Payday Lending Market research Order 2015 calls for online lenders that are payday publish, by 26 May 2017, information on their products or services on one or more cost contrast internet site which will be authorised because of the Financial Conduct Authority. Additionally requires online and street that is high loan providers to deliver current clients with a directory of their price of borrowing.

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

Remedy implementation date Action
22 December 2015 extended deadline that is statutory 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 and work out 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 published

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 order assessment

  • Notice of intention to help make an purchase (1.5.15)
  • Draft purchase (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)
  • 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 decision on treatments

9 October 2014: The CMA has now published its provisional choice in the package of remedies expected to remedy the negative influence on competition (AEC) together with 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 regarding the terms of guide

  • Notice of an ask for a variation associated with 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 discuss possible manufacturers: Now closed

  • Invitation to comment on agencies invited to tender for prospective treatments general market trends 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 possible treatments (PDF, 219 Kb) 11.6.14
  • News release: Payday borrowers spending the cost for not enough competition 11.6.14
  • Provisional findings report and Appendices & Glossary 13.6.14

Analysis

Performing papers

Working Papers are posted to invite feedback and help the Inquiry Group develop its reasoning on key areas. They ought to never be regarded as containing the visit site Group’s views that are definitive. For more info see the CCs tips for Market Investigations (PDF, 675 Kb), draft for general public assessment, in specific paragraphs 56 and 57.

Proof

Responses to your 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 overall Customer Council for Northern Ireland 17.6.15
  • Wonga Group Limited 5.8.15

Responses into the proposed remedies 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 users of 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

Responses towards the decision that is provisional remedies

  • 118 118 Cash 7.11.14
  • Callcredit 7.11.14
  • CashEuroNetUK, LLC 24.11.14
  • Consumer Finance Association 7.11.14
  • DFC Worldwide Corp 24.11.14
  • Bing 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 Global 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 System Limited 8.10.14
  • Stop Go Networks 30.10.14
  • Teletrack British Ltd 29.9.14
  • Transcript regarding the multi-lateral reaction hearing with customer teams 29.9.14
  • Transcript associated with response that is multi-lateral because of the trade associations and their users 29.09.14
  • Wonga Group Limited 8.10.14

Reactions to provisional findings and Notices of feasible treatments / a get yourself a variation regarding the terms of guide

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

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