Payday lending market investigation. Treatments implementation timetable

Payday lending market investigation. Treatments implementation timetable

Payday lending market investigation. Treatments implementation timetable

The CMA investigated the lending that is payday and it has posted its final 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 a minumum of one price contrast web site which will be authorised because of the Financial Conduct Authority. Additionally requires online and street that is high lenders to offer current customers with a directory of their price of borrowing.

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

Remedy implementation date Action
22 December 2015 extended deadline that is statutory applying treatments, if needed for special 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 also 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 Final 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 final purchase after its research to the payday financing market.

Draft purchase assessment

  • Notice of intention to produce a purchase (1.5.15)
  • Draft purchase (1.5.15)
  • Draft explanatory note (1.5.15)

Last report

  • Final report (PDF, 4Mb) (24.2.15)
  • Appendices and Glossary (PDF, 9Mb) (24.2.15)
  • Press release: CMA finalises proposals to lessen loan that is payday (24.2.15)

Amendments to proposed treatments assessment

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 closed.

Provisional choice on treatments

9 October 2014: The CMA has now published its provisional decision in the package of treatments needed to remedy the effect that is adverse competition (AEC) plus the ensuing 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 associated with the terms of reference

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

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

  • Invitation to comment on agencies invited to tender for prospective treatments marketing research 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 spending 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 remarks 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 info see the CCs Guidelines for Market Investigations (PDF, 675 Kb), draft for general public assessment, in specific paragraphs 56 and 57.

Proof

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 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 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 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 provisional choice on treatments

  • 118 118 Cash 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 (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
  • Google 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 installment loans fast.14
  • Ratio System Limited 8.10.14
  • Stop Go Networks 30.10.14
  • Teletrack British Ltd 29.9.14
  • Transcript for the response that is multi-lateral with customer teams 29.9.14
  • Transcript associated with multi-lateral reaction hearing because of the trade associations and their users 29.09.14
  • Wonga Group Limited 8.10.14

Responses to provisional findings and Notices of feasible treatments / an get a variation associated with terms of guide

Reactions the CMA has gotten from organisations to provisional findings, the Notice of feasible remedies while the Notice of ask for a variation regarding the terms of guide.

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