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Payday lending market investigation. Treatments execution timetable

Payday lending market investigation. Treatments execution timetable

The CMA investigated the payday financing market and has now posted its last purchase.

Treatments execution timetable

The Payday Lending Market Investigation Order 2015 requires online payday lenders to publish, by 26 May 2017, information on their products or services on one or more cost contrast web site that is authorised because of the Financial Conduct Authority. Moreover it requires on the internet and street that is high loan providers to give current clients with a directory of their price of borrowing.

(*) The treatment implementation administrative timetable posted below on 26 March 2015 is indicative and has now no statutory foundation. Any modification for the timetable shall be posted about this webpage.

Remedy implementation date Action
22 December 2015 extensive statutory deadline for implementing remedies, 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 and then make purchase
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 research in to the lending market that is payday.

Draft purchase assessment

  • Notice of intention which will make a 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 lessen loan that is payday (24.2.15)

Amendments to remedies that are proposed

19 December 2014: The CMA has posted a session paper on amendments into the 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 necessary to remedy the negative impact on competition (AEC) additionally the ensuing client detriment this has provisionally discovered. It has additionally launched an appointment on an addendum to its provisional findings report, and published payday lending customers to its customer research. The assessment has closed.

Variation for 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 associated with terms of guide 22.7.14

Treatments research – invite to touch upon prospective companies: Now closed

  • Invitation to comment on agencies invited to tender for prospective treatments general market trends 18.6.14

Provisional findings and feasible treatments

  • Notice of provisional findings (PDF, 105 Kb) 11.6.14
  • Overview emergency installment loans 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 commentary and assist the Inquiry Group develop its reasoning on key areas. They ought to never be regarded as containing the Group’s definitive views. For more info see the CCs tips 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 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 Consumer 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 people 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
  • 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 customer teams 29.9.14
  • Transcript associated with multi-lateral reaction hearing with all the trade associations and their people 29.09.14
  • Wonga Group Limited 8.10.14

Reactions to provisional findings and Notices of feasible treatments / an get a variation regarding the terms of guide

Reactions the CMA has gotten from organisations to findings that are provisional the Notice of feasible treatments additionally the Notice of ask for a variation of this terms of guide.