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The CMA investigated the lending that is payday and contains posted its last purchase.
Treatments execution 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 internet site that will be authorised because of the Financial Conduct Authority. In addition it requires online and street that is high loan providers to deliver 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 for the timetable shall 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 order |
| 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 after its investigation in to the payday financing market.
Draft purchase assessment
- Notice of intention to help make an 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)
- News release: CMA finalises proposals to lessen loan that is payday (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 regarding the package of treatments expected to remedy the effect that is adverse competition (AEC) in addition to ensuing client detriment this has 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 consultation has closed.
Variation regarding the 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 for the 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 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 remarks 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 information see the CCs tips for Market Investigations (PDF, 675 Kb), draft for general general general general public assessment, in specific 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 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 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 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
- Customer 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 parties
- 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 British Ltd 29.9.14
- Transcript regarding the response that is multi-lateral with consumer teams 29.9.14
- Transcript associated with response that is multi-lateral aided by 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 have a variation of this terms of guide
Reactions the CMA has gotten from organisations to provisional findings, the Notice of possible treatments as well as the Notice of request a variation of this terms of guide.
Reactions to Annotated Problems Statement and Performing Papers
- 118 118 Money (PDF, 322Kb) 17.4.14
- CashEuroNetUK, LLC response to the annotated problems declaration (PDF, 2.2Mb) 17.4.14
- CashEuroNetUK, LLC response to your competitors between payday lenders and other credit providers working paper (PDF, 134Kb) 17.4.14
- CashEuroNetUK, LLC response to the clients and their loans presentation (PDF, 67Kb) 17.4.14
- CashEuroNetUK, response that is LLC the entry and expansion working paper (PDF, 285Kb) 17.4.14
- CashEuroNetUK, response that is LLC the payday lender pricing working paper (PDF, 55Kb) 17.4.14
- CashEuroNetUK, LLC response to the values as time passes presentation (PDF, 64 Kb) 17.4.14
- CashEuroNetUK, response that is LLC the perform clients presentation (PDF, 108Kb) 17.4.14
- CashEuroNetUK, response that is LLC the doing your research working paper (PDF, 87Kb) 17.4.14
- CashEuroNet, LLC response towards the profitability of payday financing organizations working paper (PDF, 101 Kb) 25.4.14
- CashEuroNetUK, LLC - a reaction to further working papers released by your competition and areas Authority on10 April 2014 (PDF, 275 Kb) 25.4.14
- Customer Finance Association (PDF, 495Kb) 17.4.14
- DFC Worldwide Corp (PDF, 706Kb) 17.4.14
- DFC worldwide Corp reaction to the performing Paper and presentations posted on 10 09.5.14 april
- MYJAR a reaction to Competition in Product Innovation paper that is working
- MYJAR a reaction to cash advance services and products paper that is working
- MYJAR reaction to the Annotated problems Statement 27.5.14
- MYJAR reaction to your competition between payday lenders and other credit providers paper this is certainly working
- What the law states Community of Scotland 6.5.14
- The United Kingdom Cards Association (PDF, 4Mb) 17.4.14
- Wonga Group Limited reaction to the performing Paper and presentations posted on 10 April 9.5.14
- Wonga Group Limited (PDF, 1.6Mb) 17.4.14
- Wonga Group Limited’s reaction to the profitability of payday financing organizations working paper (PDF, 79 Kb) 25.4.14
- Wonga Group Limited, the profitability of the British payday business into the context associated with CMA’s market investigation – report by AlixPartners British LLP (PDF, 523 Kb) 25.4.14
CC-commissioned research
- TNS BMRB study report (PDF, 11.0 Mb) 31.1.14
- TNS BMRB tables (PDF, 10.2 Mb) 31.1.14
- TNS BMRB report that is technicalPDF, 810 Kb) 14.3.14