Payday lending market investigation. Treatments execution timetable

Payday lending market investigation. Treatments execution timetable

The CMA investigated the lending that is payday and has now published its last purchase.

Treatments implementation timetable

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

(*) The treatment execution administrative timetable posted below on 26 March 2015 is indicative and has now no basis that is statutory. Any modification associated with the timetable shall be published with 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 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 to the payday financing market.

Draft purchase assessment

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

Final report

  • Last 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 December 2014: The CMA has posted a session paper on amendments towards the cost contrast website (PCW) while the declaration of borrowing treatments. 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 effect that is adverse competition (AEC) in addition to ensuing client detriment this has provisionally discovered. It has additionally launched an appointment on an addendum to its provisional findings report, and published its consumer research with payday lending clients. The assessment has closed.

Variation of this terms of guide

  • Notice of a ask for a variation of this 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 prospective companies: 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 having to pay the cost for lack of competition 11.6.14
  • Provisional findings report and Appendices & Glossary 13.6.14

Analysis

Performing papers

Performing Papers are published to ask responses and help 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 info see the CCs tips for Market Investigations (PDF, 675 Kb), draft for general 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 Consumer Council for Northern Ireland 17.6.15
  • Wonga Group Limited 5.8.15

Reactions towards the 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 Information Trust 15.1.15
  • Quiddi Hub Ltd 27.1.15
  • Torfaen CBC and people in 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 remedies

  • 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
  • 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 are student loans installment loans.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 for the multi-lateral reaction hearing using 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 / an get a variation associated with terms of guide

Reactions the CMA has gotten from organisations to provisional findings, the Notice of feasible treatments as well as the Notice of ask for a variation regarding the terms of guide.