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 site which will be authorised because of the Financial Conduct Authority. In addition it requires on the internet and street that is high loan providers to supply current clients with a directory of their price of borrowing.
(*) The treatment execution administrative timetable posted below on 26 March 2015 is indicative and has now no statutory foundation. Any modification of this timetable shall be posted with this website.
| Remedy implementation date | Action |
|---|---|
| 22 December 2015 | extended deadline that is statutory applying treatments, if necessary 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 while making 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 last purchase after its research 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)
- 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 an appointment paper on amendments towards the cost contrast website (PCW) and also the declaration of borrowing treatments. The assessment has closed.
Provisional choice on remedies
9 October 2014: The CMA has now published its provisional choice in the package of treatments needed to remedy the effect that is adverse 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 payday lending customers to its customer research. The assessment has closed.
Variation of this terms of guide
- Notice of a obtain a variation regarding the terms of reference (PDF, 96 Kb) 11.6.14
- Notice of a variation associated personal loans ar with terms of guide 22.7.14
Treatments research – invite to touch upon prospective manufacturers: 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
- 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
Performing papers
Performing Papers are posted to ask remarks and help the Inquiry Group develop its thinking on key areas. They need to never be thought to be containing the Group’s definitive views. For more information see the CCs directions for Market Investigations (PDF, 675 Kb), draft for general general general public assessment, in specific paragraphs 56 and 57.
Proof
Reactions to your 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 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 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 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 Advice 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
- 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 of this response that is multi-lateral with customer teams 29.9.14
- Transcript of this multi-lateral reaction hearing utilizing the trade associations and their users 29.09.14
- Wonga Group Limited 8.10.14
Reactions to findings that are provisional Notices of possible remedies / a have a variation associated with the terms of guide
Reactions the CMA has gotten from organisations to findings that are provisional the Notice of feasible treatments together with Notice of ask for a variation associated with the terms of guide.
Reactions to Annotated Problems Statement and Performing Papers
- 118 118 Cash (PDF, 322Kb) 17.4.14
- CashEuroNetUK, response that is LLC the annotated dilemmas declaration (PDF, 2.2Mb) 17.4.14
- CashEuroNetUK, response that is LLC your competition 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, LLC response to the entry and expansion working paper (PDF, 285Kb) 17.4.14
- CashEuroNetUK, response that is LLC the payday lender rates working paper (PDF, 55Kb) 17.4.14
- CashEuroNetUK, LLC response to the values as time passes presentation (PDF, 64 Kb) 17.4.14
- CashEuroNetUK, LLC response to 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 into the profitability of payday financing businesses working paper (PDF, 101 Kb) 25.4.14
- CashEuroNetUK, LLC – a reaction to working that is further released because of 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 a reaction to the performing Paper and presentations posted on 10 April 09.5.14
- MYJAR reaction to Competition in Product Innovation working paper 27.5.14
- MYJAR reaction to cash advance items paper that is working
- MYJAR reaction to the Annotated problems Statement 27.5.14
- MYJAR a reaction to your competition between payday lenders and other credit providers working paper 27.5.14
- Regulations Community of Scotland 6.5.14
- Great Britain Cards Association (PDF, 4Mb) 17.4.14
- Wonga Group Limited reaction to the performing Paper and presentations posted on 10 9.5.14 april
- Wonga Group Limited (PDF, 1.6Mb) 17.4.14
- Wonga Group Limited’s reaction to the profitability of payday financing businesses working paper (PDF, 79 Kb) 25.4.14
- Wonga Group Limited, the profitability of its British payday company within the context for the 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
