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

Treatments execution timetable

The Payday Lending Market Investigation Order 2015 calls for online lenders that are payday publish, by 26 May 2017, information on their products or services on a minumum of one cost contrast site which will be authorised by the Financial Conduct Authority. It requires on the internet and high road payday loan providers to supply current clients with a listing of their price of borrowing.

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

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 after its research in to the lending market that is payday.

Draft order assessment

• Notice of intention to create 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)
• News release: CMA finalises proposals to lessen loan that is payday (24.2.15)

Amendments to remedies that are proposed

19 December 2014: The CMA has posted a session paper on amendments to your cost contrast website (PCW) and also the declaration of borrowing treatments. The assessment has closed.

Provisional choice on treatments

9 October 2014: The CMA has now published its provisional choice regarding the package of treatments needed to remedy the cash installment loans online negative influence on competition (AEC) as well as the ensuing client detriment it offers 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 obtain a variation associated with 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 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
• Pr 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

Performing Papers are posted to ask commentary and help the Inquiry Group develop its reasoning on key areas. They need to never be thought to be containing the Group’s views that are definitive. For more information see the CCs tips for Market Investigations (PDF, 675 Kb), draft for general general public consultation, in particular paragraphs 56 and 57.

Proof

Responses 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 overall 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 Information Trust 15.1.15
• Quiddi Hub Ltd 27.1.15
• Torfaen CBC and people in the Torfaen Local provider Board Welfare Reform Project Group 22.1.15
• Welsh Trading Standards 22.1.15
• Which? 15.1.15
• Wonga Group Limited 3.2.15

Reactions towards 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 Global 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 Global 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 for the multi-lateral reaction hearing with customer teams 29.9.14
• Transcript regarding the multi-lateral reaction hearing because of the trade associations and their people 29.09.14
• Wonga Group Limited 8.10.14

Reactions to findings that are provisional Notices of possible remedies / a get yourself a variation regarding the terms of guide

Responses the CMA has gotten from organisations to findings that are provisional the Notice of feasible treatments plus the Notice of ask for a variation associated with the terms of reference.