Payday lending market investigation. Treatments 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 requires online payday lenders to publish, by 26 May 2017, information on their products on a minumum of one cost contrast web site which can be authorised because of the Financial Conduct Authority. Moreover it requires online and street that is high loan providers to give current clients with a listing of their cost of borrowing.

(*) The treatment execution administrative timetable published below on 26 March 2015 is indicative and it has no statutory foundation. Any modification regarding 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 and then make purchase
April to May 2015 Formal public consultation 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 published its final purchase as a result of its research to the lending market that is payday.

Draft purchase assessment

  • Notice of intention which will make a 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 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 from the package of remedies expected to remedy the effect that is adverse competition (AEC) and also the resulting client detriment this has provisionally found. It has additionally launched a session on an addendum to its provisional findings report, and published its consumer research with payday lending customers. The consultation has closed.

Variation associated with terms of guide

  • Notice of an ask for a variation regarding 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 discuss potential manufacturers: Now closed

  • Invitation to comment on agencies invited to tender for potential treatments researching the market 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 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 assist the Inquiry Group develop its reasoning on key areas. They need to never be thought to be containing the Group’s definitive views. For more information see the CCs Guidelines for Market Investigations (PDF, 675 Kb), draft for general general public assessment, in specific paragraphs 56 and 57.

Proof

Reactions into the draft purchase consultation

  • 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

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 Worldwide 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 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

Responses towards the decision that is provisional 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
  • Money Information Trust 7.11.14
  • Money.co.uk 7.11.14
  • MoneySavingExpert.com Limited 7.11.14
  • practical link

  • 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 UK Ltd 29.9.14
  • Transcript for the response that is multi-lateral with customer teams 29.9.14
  • Transcript of this multi-lateral reaction hearing with all the trade associations and their people 29.09.14
  • Wonga Group Limited 8.10.14

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

Reactions the CMA has received from organisations to provisional findings, the Notice of feasible treatments while the Notice of obtain a variation for the terms of guide.

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