Payday market investigation that is lending

The CMA investigated the lending that is payday and it has 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 site that will be authorised by the Financial Conduct Authority. Moreover it requires on the internet and street that is high loan providers to give current clients with a listing of their price of borrowing.

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

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 research to the lending market that is payday.

Draft order assessment

• Notice of intention which will make a 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 payday loan expenses (24.2.15)

Amendments to remedies that are proposed

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 assessment has closed.

Provisional choice on treatments

9 October 2014: The CMA has now published its provisional choice regarding the package of treatments needed to remedy the effect that is adverse competition (AEC) as well as the ensuing consumer detriment it offers provisionally discovered. It has additionally launched an appointment on an addendum to its provisional findings report, and published its consumer research with payday lending clients. The assessment has closed.

Variation associated with the terms of guide

• Notice of an ask for a variation associated with 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 prospective vendors: Now closed

• Invitation advance title loans online idaho to comment on agencies invited to tender for potential 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 having to pay 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 reviews and help the Inquiry Group develop its reasoning on key areas. They need to never be thought to be containing the Group’s definitive views. For more info see the CCs directions for Market Investigations (PDF, 675 Kb), draft for general general public assessment, in specific paragraphs 56 and 57.

Proof

Responses 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 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 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 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
• 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 associated with the multi-lateral reaction hearing with customer teams 29.9.14
• Transcript for the response that is multi-lateral aided by the trade associations and their people 29.09.14
• Wonga Group Limited 8.10.14

Reactions to findings that are provisional Notices of feasible treatments / a get yourself a variation regarding the terms of guide

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

Reactions to Annotated Issues 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 competitors between payday lenders and other credit providers working paper (PDF, 134Kb) 17.4.14
• CashEuroNetUK, response that is LLC 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 rates working paper (PDF, 55Kb) 17.4.14
• CashEuroNetUK, response that is LLC the costs with time presentation (PDF, 64 Kb) 17.4.14
• CashEuroNetUK, LLC response to the perform clients presentation (PDF, 108Kb) 17.4.14
• CashEuroNetUK, LLC response to the doing your research working paper (PDF, 87Kb) 17.4.14
• CashEuroNet, LLC response towards the profitability of payday financing businesses working paper (PDF, 101 Kb) 25.4.14
• CashEuroNetUK, LLC – reaction to working that is further granted because of your competition and areas Authority on10 April 2014 (PDF, 275 Kb) 25.4.14
• Consumer 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 a reaction to Competition in Product Innovation paper this is certainly working
• MYJAR a reaction to pay day loan services and products working paper 27.5.14
• MYJAR reaction to the Annotated problems Statement 27.5.14
• MYJAR a reaction to your competitors between payday lenders and other credit providers working paper 27.5.14
• 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 lending organizations paper that is workingPDF, 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