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    Payday lending market investigation. Treatments implementation timetable

    Payday lending market investigation. Treatments implementation 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 cost contrast web site which will be authorised by the Financial Conduct Authority. It requires on the internet and high road payday loan providers to deliver current clients with a directory of their price of borrowing.

    (*) The treatment execution administrative timetable published below on 26 March 2015 is indicative and it has no statutory foundation. Any modification associated with the timetable will be published about this website.

    Remedy implementation date Action
    22 December 2015 Extended 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 assessment on draft purchase
    March to April 2015 casual consultation on draft order 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 posted its final purchase after its research to the payday financing market.

    Draft purchase consultation

    • Notice of intention to help make an order (1.5.15)
    • Draft order (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 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 decision on treatments

    9 October 2014: The CMA has now published its provisional choice from the package of treatments needed to remedy the undesirable impact on competition (AEC) and also the resulting client detriment this has provisionally discovered. It has also launched an appointment on an addendum to its provisional findings report, and published its client research with payday lending clients. The assessment has now closed.

    Variation for the terms of guide

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

    Treatments research – invite to discuss prospective manufacturers: Now closed

    • Invitation to comment on agencies invited to tender for potential treatments marketing research 18.6.14

    Provisional findings and feasible remedies

    • Notice of provisional findings (PDF, 105 Kb) 11.6.14
    • Summary of provisional findings report (PDF, 150 Kb) 11.6.14
    • Notice of feasible treatments (PDF, 219 Kb) 11.6.14
    • News release: Payday borrowers spending the purchase price for not enough competition 11.6.14
    • Provisional findings report and Appendices & Glossary 13.6.14

    Analysis

    Working papers

    Performing Papers are posted to ask reviews and help the Inquiry Group develop its thinking on key areas. They need to never be thought to be containing the Group’s views that are definitive. 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 Development 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 installment loans no credit check.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 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
    • 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 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 regarding the multi-lateral response hearing with customer teams 29.9.14
    • Transcript associated with the response that is multi-lateral with all the trade associations and their users 29.09.14
    • Wonga Group Limited 8.10.14

    Reactions to findings that are provisional Notices of feasible treatments / an obtain a variation of this terms of guide

    Responses the CMA has gotten from organisations to provisional findings, the Notice of possible remedies therefore the Notice of request a variation for the terms of reference.

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