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 lenders that are payday publish, by 26 May 2017, information on their products or services on one or more cost contrast web site which can be authorised by the Financial Conduct Authority. Moreover it requires on the internet and high road payday loan providers to produce current clients with a directory of their price of borrowing.

(*) The treatment execution administrative timetable published below on 26 March 2015 is indicative and has now no statutory foundation. Any modification for the timetable will be published with this website.

Remedy implementation date	Action
22 December 2015	extended deadline that is statutory applying remedies, 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 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 published

Period 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 as a result of its research in to the payday financing market.

Draft purchase assessment

Notice of intention to help make 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 reduce cash advance costs (24.2.15)

Amendments to remedies that are proposed

19 December 2014: The CMA has posted a session paper on amendments towards the cost contrast website (PCW) as well as the declaration of borrowing treatments. The consultation 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 effect that is adverse competition (AEC) plus the ensuing consumer detriment it offers 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 reference

Notice of a request a variation associated with 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 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 treatments (PDF, 219 Kb) 11.6.14
Pr 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 invite commentary and help the Inquiry Group develop its reasoning on key areas. They ought to never be regarded as containing the Group’s views that are definitive. For more info see the CCs directions for Market Investigations (PDF, 675 Kb), draft for 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 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 remedies 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 to https://myinstallmentloans.net your provisional decision 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 Global 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 of this response that is multi-lateral with customer teams 29.9.14
Transcript regarding the response that is multi-lateral aided by the trade associations and their people 29.09.14
Wonga Group Limited 8.10.14

Responses to provisional findings and Notices of possible remedies / an obtain a variation of this terms of guide

Reactions the CMA has gotten from organisations to findings that are provisional the Notice of feasible treatments therefore the Notice of ask for a variation for the terms of guide.