Payday market investigation that is lending. Remedies execution timetable

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

Treatments execution timetable

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

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

Remedy implementation date Action
22 December 2015 extended deadline that is statutory applying remedies, if necessary for unique 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 also make 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 investigation in to the payday financing market.

Draft purchase consultation

  • Notice of intention in order to 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 reduce cash advance expenses (24.2.15)

Amendments to remedies that are proposed

19 December 2014: The CMA has posted an appointment paper on amendments to your price contrast website (PCW) plus the declaration of borrowing treatments. The assessment has closed.

Provisional decision on treatments

9 October 2014: The CMA has now published its provisional choice regarding the package of treatments necessary to remedy the negative impact on competition (AEC) plus the ensuing client detriment this has provisionally discovered. It has additionally launched a session on an addendum to its provisional findings report, and published its client research with payday lending customers. The assessment has closed.

Variation associated with terms of guide

  • Notice of an ask for a variation associated with the terms of reference (PDF, 96 Kb) 11.6.14
  • Notice of the variation of this terms of guide 22.7.14

Treatments research – invite to touch upon possible vendors: 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
  • Summary of provisional findings report (PDF, 150 Kb) 11.6.14
  • Notice of feasible remedies (PDF, 219 Kb) 11.6.14
  • Pr release: Payday borrowers having to pay the purchase price for not enough competition 11.6.14
  • Provisional findings report and Appendices & Glossary 13.6.14

Analysis

Working papers

Working Papers are posted to invite commentary and help the Inquiry Group develop its reasoning on key areas. They need to never be regarded as containing the 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 particular paragraphs 56 and 57.

Proof

Reactions 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 Worldwide Corp 15.1.15
  • Global Analytics https://personalinstallmentloans.org 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 venture Group 22.1.15
  • Welsh Trading Standards 22.1.15
  • Which? 15.1.15
  • Wonga Group Limited 3.2.15

Reactions to your provisional decision on 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
  • 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 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
  • Google 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 of this response that is multi-lateral with consumer teams 29.9.14
  • Transcript regarding the multi-lateral reaction hearing using 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 of this terms of guide

Reactions the CMA has gotten from organisations to findings that are provisional the Notice of feasible treatments therefore the Notice of obtain a variation regarding the terms of guide.