Payday market investigation that is lending
The CMA investigated the payday financing market and has now posted its last purchase.
Treatments implementation 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 a minumum of one cost contrast internet site which will be authorised because of the Financial Conduct Authority. Moreover it requires on the internet and street that is high loan providers to produce current clients with a listing of their price of borrowing.
(*) The treatment execution administrative timetable posted below on 26 March 2015 is indicative and has now no statutory foundation. Any modification for the timetable will be posted with this website.
| Remedy implementation date | Action |
|---|---|
| 22 December 2015 | extended deadline that is statutory applying treatments, 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 also make order |
| 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 last purchase after its research to the payday financing market.
Draft purchase assessment
- Notice of intention to help make a 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 reduce loan that is payday (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 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 unfavorable influence on competition (AEC) while the ensuing client detriment it offers 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 consultation has closed.
Variation associated with terms of guide
- Notice of a request a variation regarding the terms of reference (PDF, 96 Kb) 11.6.14
- Notice of a variation associated with 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 potential treatments researching the market 18.6.14
Provisional findings and remedies that are possible
- Notice of provisional findings (PDF, 105 Kb) 11.6.14
- Summary 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 commentary and help the Inquiry Group develop its reasoning on key areas. They need to never be thought to be containing the Group’s views that are definitive. For more information see the CCs directions 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 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 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 Worldwide 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 into the 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 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 http://speedyloan.net/title-loans-id.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 the multi-lateral reaction hearing with customer teams 29.9.14
- Transcript associated with the response that is multi-lateral with all the trade associations and their people 29.09.14
- Wonga Group Limited 8.10.14
Reactions to provisional findings and Notices of possible treatments / a have a variation regarding the terms of guide
Reactions the CMA has gotten from organisations to findings that are provisional the Notice of feasible treatments together with Notice of ask for a variation for the terms of guide.
Reactions to Annotated Problems Statement and Performing Papers
- 118 118 Cash (PDF, 322Kb) 17.4.14
- CashEuroNetUK, response that is LLC the annotated dilemmas declaration (PDF, 2.2Mb) 17.4.14
- CashEuroNetUK, LLC response to your competition 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 values with time presentation (PDF, 64 Kb) 17.4.14
- CashEuroNetUK, LLC response to the perform customers 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 towards the profitability of payday financing organizations working paper (PDF, 101 Kb) 25.4.14
- CashEuroNetUK, LLC – a reaction to working that is further released by your competition and areas Authority on10 April 2014 (PDF, 275 Kb) 25.4.14
- Customer Finance Association (PDF, 495Kb) 17.4.14
- DFC Global Corp (PDF, 706Kb) 17.4.14
- DFC worldwide Corp reaction to the performing Paper and presentations published on 10 09.5.14 april
- MYJAR a reaction to Competition in Product Innovation working paper 27.5.14
- MYJAR a reaction to pay day loan services and products paper that is 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 that is 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 April 9.5.14
- Wonga Group Limited (PDF, 1.6Mb) 17.4.14
- Wonga Group Limited’s a reaction to the profitability of payday financing businesses paper that is workingPDF, 79 Kb) 25.4.14
- Wonga Group Limited, the profitability of their British payday company into the context for the 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