Payday market investigation that is lending. Treatments execution timetable

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Payday market investigation that is lending. Treatments execution timetable

The CMA investigated the lending that is payday and has now posted its last order.

Treatments execution timetable

The Payday Lending Market research Order 2015 requires online payday lenders to publish, by 26 May 2017, information on their products or services on a minumum of one cost contrast internet site that is authorised by the Financial Conduct Authority. Moreover it requires on the internet and high road payday loan providers to give you 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 basis that is statutory. Any modification of this 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 while making 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 lending market that is payday.

Draft order assessment

  • Notice of intention which will make a purchase (1.5.15)
  • Draft purchase (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 loan that is payday (24.2.15)

Amendments to proposed treatments assessment

19 December 2014: The CMA has posted a session paper on amendments towards the cost contrast website (PCW) while the declaration of borrowing treatments. The assessment has closed.

Provisional choice on treatments

9 October 2014: The CMA has today published its provisional choice from the package of treatments expected to remedy the effect that is adverse competition (AEC) in addition to ensuing client detriment this has 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 assessment has closed.

Variation for the terms of guide

  • Notice of an ask for a variation of this 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 prospective companies: Now closed

  • Invitation to comment on agencies invited to tender for prospective remedies marketing research 18.6.14

Provisional findings and feasible remedies

  • 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 invite remarks and help the Inquiry Group develop its reasoning on key areas. They need to never be thought to be containing the Group’s definitive views. For more information see the CCs directions for Market Investigations (PDF, 675 Kb), draft for general general public assessment, in specific paragraphs 56 and 57.

Proof

Reactions to your 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 Consumer Council for Northern Ireland 17.6.15
  • Wonga Group Limited 5.8.15

Responses into the proposed treatments consultation

  • BGL Group Limited (comparethemarket.com) 23.2.15
  • CashEuroNetUK, LLC 15.1.15
  • Christians Against Poverty 15.1.15
  • Consumer 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 Service Board Welfare Reform Project 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
  • installment loans for federal employees

  • 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
  • Worldwide 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 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 people 29.09.14
  • Wonga Group Limited 8.10.14

Responses to findings that are provisional Notices of possible remedies / 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 as well as the Notice of ask for a variation for the terms of guide.

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