Retour

Payday lending market investigation. Treatments execution timetable

Epargne solidaire | 15/09/2020

Payday lending market investigation. Treatments execution timetable

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 requires online lenders that are payday publish, by 26 May 2017, information on their products or services on a minumum of one cost contrast site which can be authorised by the Financial Conduct Authority. Additionally requires online and street that is high loan providers to present existing clients with a listing of their price of borrowing.

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

Remedy implementation date Action
22 December 2015 extensive statutory deadline for 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 consultation on draft purchase
March to April 2015 Informal consultation on draft purchase with key events
24 February 2015 last report published

Stage 2

Date of recommendation: 27.6.13 Statutory deadline: 26.6.15

Last purchase

13 August 2015: The CMA has posted its final purchase as a result of its research in to the payday financing market.

Draft purchase consultation

  • Notice of intention in order to make an order (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 lessen loan that is payday (24.2.15)

Amendments to remedies that are proposed

19 December 2014: The CMA has posted an appointment paper on amendments into 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 in the package of treatments necessary to remedy the effect that is adverse competition (AEC) as well as the resulting consumer 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 assessment has closed.

Variation associated with terms of guide

  • Notice of a request a variation for the terms of reference (PDF, 96 Kb) 11.6.14
  • Notice of a variation for the terms of guide 22.7.14

Treatments research – invite to touch upon prospective companies: Now closed

  • Invitation to comment on agencies invited to tender for prospective treatments researching the market 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
  • Pr release: Payday borrowers having to pay the cost for not enough competition 11.6.14
  • Provisional findings report and Appendices & Glossary 13.6.14

Analysis

Working papers

Performing Papers are posted to ask reviews and help the Inquiry Group develop its reasoning on key areas. They need to never be regarded as containing the Group’s definitive views. For more info see the CCs tips for Market Investigations (PDF, 675 Kb), draft for general general public assessment, in specific paragraphs 56 and 57.

Proof

Reactions towards the draft order 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 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
  • Consumer Finance Association 15.1.15
  • DFC Global 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 of 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 decision that is provisional treatments

  • 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
  • Money 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 parties

  • 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 for the multi-lateral reaction hearing with customer groups 29.9.14
  • Transcript of this response that is multi-lateral using the trade associations and their users 29.09.14
  • Wonga Group Limited 8.10.14

Responses to provisional findings and Notices of possible treatments / a trusted installment loans have a variation associated with the terms of guide

Reactions the CMA has gotten from organisations to provisional findings, the Notice of feasible treatments while the Notice of ask for a variation of this terms of guide.

Share on FacebookShare on Google+Share on LinkedInTweet about this on Twitter

Laisser un commentaire

Votre adresse de messagerie ne sera pas publiée. Les champs obligatoires sont indiqués avec *

Le temps imparti est dépassé. Merci de saisir de nouveau le CAPTCHA.

Nous utilisons sur ce site certains cookies strictement nécessaires au fonctionnement du site, d'autres cookies permettant d'améliorer votre expérience sur notre site, ou qui nous sont utiles pour vous proposer de la publicité ciblée adaptée à vos centres d'intérêts ainsi qu'à réaliser des statistiques. En poursuivant votre navigation sur ce site, vous acceptez l'utilisation de ces cookies. En savoir plus

Accepter