Payday market investigation that is lending

Payday market investigation that is lending

The CMA investigated the lending that is payday and it has posted its last purchase.

Treatments execution timetable

The Payday Lending Market research Order 2015 calls for online payday lenders to publish, by 26 May 2017, information on their products or services on one or more cost contrast internet site which will be authorised by the Financial Conduct Authority. Moreover it requires on the internet and street that is high loan providers to offer current clients with a directory 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 associated with 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 due date for applying remedial action
July to August 2015 Order comes into force
July to August 2015 Finalise and then 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 as a result of its research in to the lending market that is payday.

Draft purchase assessment

  • Notice of intention to produce 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)
  • News release: CMA finalises proposals to reduce cash advance expenses (24.2.15)

Amendments to remedies that are proposed

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