Payday market investigation that is lending. Treatments execution timetable

The CMA investigated the lending that is payday and has now 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 web site which will be authorised because of the Financial Conduct Authority. It requires online and street that is high loan providers to present current 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 of this timetable will be posted about this website.

Stage 2

Date of referral: 27.6.13 Statutory due date: 26.6.15

Last purchase

13 August 2015: The CMA has published its last purchase after its research to the lending market that is payday.

Draft purchase assessment

• Notice of intention to produce 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)
• News release: CMA finalises proposals to reduce loan that is payday (24.2.15)

Amendments to proposed treatments assessment

19 December 2014: The CMA has posted a session paper on amendments to your cost contrast website (PCW) plus the declaration of borrowing treatments. The consultation has closed.

Provisional choice on treatments

9 October 2014: The CMA has now published its provisional decision from the package of treatments necessary to remedy the effect that is adverse competition (AEC) additionally the ensuing consumer detriment it’s 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 an ask for a variation associated with the terms of reference (PDF, 96 Kb) 11.6.14
• Notice of a variation regarding the terms of guide 22.7.14

Treatments research – invite to touch upon possible 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
• 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 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 reviews and help the Inquiry Group develop its reasoning on key areas. They need to never be thought to be containing the Group’s views that are definitive. For more information see the CCs directions for Market Investigations (PDF, 675 Kb), draft for public assessment, in specific paragraphs 56 and 57.

Evidence

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 overall Consumer Council for Northern Ireland 17.6.15
• Wonga Group Limited 5.8.15

Reactions into the proposed loans installment 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 Global 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 provisional choice 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 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 Overseas Limited (formerly 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 Network 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 response that is multi-lateral because of 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 associated with the 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.