Payday lending market investigation. Treatments execution timetable

Payday lending market investigation. 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 payday lenders to publish, by 26 May 2017, information on their products or services on one or more price contrast web site that is authorised by the Financial Conduct Authority. Additionally requires online and high road payday loan providers to deliver existing customers with a listing of their price of borrowing.

(*) The treatment implementation administrative timetable posted below on 26 March 2015 is indicative and it has no basis that is statutory. Any modification associated with the timetable shall be posted about this website.

Remedy implementation date Action
22 December 2015 extensive statutory deadline for implementing 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 work out 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 to create 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 lessen cash advance expenses (24.2.15)

Amendments to proposed treatments assessment

19 December 2014: The CMA has posted a session paper on amendments towards the cost contrast website (PCW) and also the declaration of borrowing treatments. The assessment has closed.

Provisional choice on treatments

9 October 2014: The CMA has now published its provisional choice in the package of treatments needed to remedy the undesirable impact on competition (AEC) plus the resulting 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 regarding the terms of guide

  • Notice of an ask for a variation for 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 companies: Now closed

  • Invitation to comment on agencies invited to tender for prospective treatments general market trends 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 ought to never be thought to be containing the Group’s views that are definitive. For more information see the CCs Guidelines 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 Developing Finance Association 17.6.15
  • Consumer Finance Association 17.6.15
  • Finance & Leasing Association 17.6.15
  • Financial Ombudsman Service 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 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 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 people in the Torfaen Local provider Board Welfare Reform Project Group 22.1.15
  • Welsh Trading Standards 22.1.15
  • Which? 15.1.15
  • Wonga Group Limited 3.2.15

Reactions to your decision that is provisional remedies

  • 118 118 Money 7.11.14
  • Callcredit 7.11.14
  • CashEuroNetUK, LLC 24.11.14
  • Consumer 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 (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 for the installment loans response that is multi-lateral with customer groups 29.9.14
  • Transcript associated with response that is multi-lateral utilizing 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 obtain a variation regarding the terms of guide

Reactions the CMA has gotten from organisations to provisional findings, the Notice of feasible treatments together with Notice of obtain a variation associated with the terms of guide.

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