Payday lending market investigation. Treatments execution timetable

Payday lending market investigation. Treatments execution timetable

The CMA investigated the payday financing market 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, details of their products or services on one or more cost contrast web site which will be authorised because of the Financial Conduct Authority. It requires online and street that is high loan providers to present current clients with a directory 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 regarding the timetable will be posted with this website.

Remedy implementation date Action
22 December 2015 extensive statutory deadline for applying treatments, if needed for unique reasons
23 August 2015 Statutory deadline for applying 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 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 order (1.5.15)
  • Draft order (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 an appointment paper on amendments towards the price 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 from the package of remedies necessary to remedy the negative influence on competition (AEC) as well as the ensuing client detriment this has provisionally discovered. It has additionally launched an appointment on an addendum to its provisional findings report, and published its client research with payday lending clients. The assessment has closed.

Variation associated with the terms of reference

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

Remedies research – invite to touch upon potential vendors: Now closed

  • Invitation to comment on agencies invited to tender for prospective 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 remedies (PDF, 219 Kb) 11.6.14
  • Pr release: Payday borrowers paying the cost 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 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 general public consultation, in specific paragraphs 56 and 57.

Proof

Reactions towards the draft purchase assessment

  • Community Development 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 into 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 installment loans direct lender.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 to your provisional choice on 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 Money 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
  • 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 15.10.14
  • Ratio System Limited 8.10.14
  • Stop Go Networks 30.10.14
  • Teletrack British Ltd 29.9.14
  • Transcript associated with response that is multi-lateral with customer teams 29.9.14
  • Transcript of this multi-lateral reaction hearing because of 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 have a variation for the terms of guide

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

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