Payday market investigation that is lending

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 lenders that are payday publish, by 26 May 2017, information on their products or services on one or more cost contrast internet site which 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 directory of their price of borrowing.

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

Remedy implementation date Action
22 December 2015 extensive statutory deadline for applying treatments, if needed for unique reasons
23 August 2015 Statutory due date for implementing 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 to the payday financing market.

Draft purchase assessment

  • Notice of intention to create 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 lessen cash advance costs (24.2.15)

Amendments to remedies that are proposed

19 2014: The CMA has published a consultation paper on amendments to the price comparison website (PCW) and the statement of borrowing remedies december. The assessment has now closed.

Provisional choice on treatments

9 October 2014: The CMA has now published its provisional choice in the package of treatments expected to remedy the effect that is adverse competition (AEC) additionally the resulting consumer detriment this has provisionally discovered. It has additionally launched a session on an addendum to its provisional findings report, and published its consumer research with payday lending clients. The assessment has closed.

Variation regarding the terms of guide

  • Notice of an ask for a variation associated with terms of reference (PDF, 96 Kb) 11.6.14
  • Notice of the variation for the terms of guide 22.7.14

Treatments research – invite to touch upon possible vendors: Now closed

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
  • Pr 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 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 public assessment, in specific paragraphs 56 and 57.

Proof

Reactions to your draft order 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 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 Information 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
  • Google 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
  • 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 multi-lateral reaction hearing with customer teams 29.9.14
  • Transcript of this response that is multi-lateral because of the trade associations and their users 29.09.14
  • Wonga Group Limited 8.10.14

Reactions to findings that are provisional Notices of possible treatments / a have a variation for the terms of guide

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

Reactions to Annotated Problems Statement and Performing Papers

  • 118 118 Cash (PDF, 322Kb) 17.4.14
  • CashEuroNetUK, LLC response to the annotated problems declaration (PDF, 2.2Mb) 17.4.14
  • CashEuroNetUK, LLC response to 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, LLC response to the entry and expansion working paper (PDF, 285Kb) 17.4.14
  • CashEuroNetUK, LLC response to 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, response that is LLC 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 to your profitability of payday financing businesses working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – reaction to working that is further released because of your competitors 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 reaction to the performing Paper and presentations posted on 10 April 09.5.14
  • MYJAR a reaction to Competition in Product Innovation working paper 27.5.14
  • MYJAR reaction to pay day loan services and products paper this is certainly working
  • MYJAR a reaction to the Annotated problems Statement 27.5.14
  • MYJAR reaction to your competition between payday lenders and other credit providers paper this is certainly working
  • What the law states 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 a reaction to the profitability of payday financing organizations working paper (PDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of the British payday company into the context of this 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

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