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, information on their products or services on a minumum of one cost contrast internet site which will be authorised by the Financial Conduct Authority. It requires on the internet and street that is high loan providers to give current clients with a directory of their price of borrowing.

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

Remedy implementation date	Action
22 December 2015	extensive statutory deadline for applying treatments, if necessary for special 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 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 purchase assessment

• Notice of intention to help make a purchase (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 expenses (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 regarding the package of treatments necessary to remedy the undesirable impact on competition (AEC) plus the ensuing consumer 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 associated with terms of guide

• Notice of a ask for a variation associated with 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 discuss prospective companies: 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 regarded as containing the Group’s definitive views. For more info 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 into 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 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
• Money 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 remedies

• 118 118 Cash 7.11.14
• Callcredit 7.11.14
• CashEuroNetUK, LLC 24.11.14
• Customer Finance Association 7.11.14
• DFC Global 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 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 30.9.14
• 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 multi-lateral response hearing using the trade associations and their users 29.09.14
• Wonga Group Limited 8.10.14

Reactions to findings that are provisional Notices of possible remedies / a get yourself a variation regarding the terms of guide

Reactions the bad credit installment loans CMA has gotten from organisations to provisional findings, the Notice of possible treatments plus the Notice of obtain a variation associated with terms of guide.