The CMA investigated the payday financing market 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 a minumum of one cost contrast web site that is authorised by the Financial Conduct Authority. Additionally requires on the internet and high road payday loan providers to present current clients with a listing of their price of borrowing.
(*) The remedy execution administrative timetable posted below on 26 March 2015 is indicative and has now no basis that is statutory. Any modification associated with the timetable shall be posted about this website.
|Remedy implementation date||Action|
|22 December 2015||extended deadline that is statutory 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 while making purchase|
|April to May 2015||Formal public assessment on draft purchase|
|March to April 2015||casual consultation on draft purchase with key parties|
|24 February 2015||last report posted|
Date of recommendation: 27.6.13 Statutory due date: 26.6.15
13 August 2015: The CMA has posted its last purchase as a result of its research to the payday financing market.
Draft purchase assessment
- Notice of intention to produce a purchase (1.5.15)
- Draft purchase (1.5.15)
- Draft explanatory note (1.5.15)
- 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 to your cost contrast website (PCW) while the declaration of borrowing treatments.