Payday lending market investigation. Treatments execution timetable

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Payday lending market investigation. Treatments execution timetable

The CMA investigated the payday financing market and it has posted its final purchase.

Remedies implementation 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 website which can be authorised because of the Financial Conduct Authority. It requires online and high road payday loan providers to give you current clients with a directory of their price of borrowing.

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

Remedy implementation date Action
22 December 2015 Extended statutory deadline for implementing treatments, if needed for special reasons
23 August 2015 Statutory due date for implementing remedial action
July to August 2015 Order comes into force
July to August 2015 Finalise and work out order
April to May 2015 Formal public assessment on draft purchase
March to April 2015 casual consultation on draft purchase with key parties
24 February 2015 Final report posted

Stage 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

  • Notice of intention to create a purchase (1.5.15)
  • Draft purchase (1.5.15)
  • Draft explanatory note (1.5.15)

Last report

  • Final report (PDF, 4Mb) (24.2.15)
  • Appendices and Glossary (PDF, 9Mb) (24.2.15)
  • Pr release: CMA finalises proposals to reduce loan that is payday (24.2.15)

Amendments to remedies that are proposed

19 2014: The CMA has published a consultation find more 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 today published its provisional choice in the package of treatments expected to remedy the negative influence on competition (AEC) and also the resulting consumer detriment this has 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 regarding the terms of guide

  • Notice of an ask for a variation for the terms of reference (PDF, 96 Kb) 11.6.14
  • Notice of a variation of this 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 feasible treatments (PDF, 219 Kb) 11.6.14
  • News release: Payday borrowers having to pay the cost for not enough competition 11.6.14
  • Provisional findings report and Appendices & Glossary 13.6.14

Analysis

Performing papers

Performing Papers are published to ask reviews and help the Inquiry Group develop its thinking on key areas. They need to never be thought to be containing the Group’s definitive views. For more information see the CCs directions for Market Investigations (PDF, 675 Kb), draft for general public assessment, in specific paragraphs 56 and 57.

Proof

Reactions 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 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 Guidance 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

Reactions to your decision that is provisional treatments

  • 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
  • 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 Money 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 (formerly 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 associated with multi-lateral reaction hearing with customer teams 29.9.14
  • Transcript of this response that is multi-lateral with all the trade associations and their users 29.09.14
  • Wonga Group Limited 8.10.14

Reactions to provisional findings and Notices of feasible remedies / an obtain a variation regarding the terms of guide

Reactions the CMA has gotten from organisations to provisional findings, the Notice of feasible remedies therefore the Notice of ask for a variation associated with terms of guide.

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