Guidance

Payday Lending Market Investigation Order 2015

The order imposes new obligations on online and high street payday lenders.

From:
Competition and Markets Authority
Published
13 August 2015
Last updated
11 February 2021 — See all updates

Documents

Payday Lending Market Investigation Order 2015

PDF, 235 KB, 18 pages

View online

Explanatory note

PDF, 265 KB, 16 pages

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Summary of borrowing template

ODT, 11.4 KB

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Guide for lenders

PDF, 305 KB, 10 pages

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Details

This order was made under the market investigations provisions of the Enterprise Act 2002.

It requires:

  • online payday lenders to publish, by 26 May 2017, details of their products on at least one price comparison website which is authorised by the Financial Conduct Authority
  • online and high street payday lenders to provide existing customers with a summary of their cost of borrowing

The Competition and Markets Authority’s (CMA) payday lending market investigation found that a lack of price competition between lenders led to higher costs for borrowers. This order is part of a package of remedies designed to tackle these problems.

Published 13 August 2015
Last updated 11 February 2021 + show all updates

  1. Summary of Borrowing uploaded. The template is designed to help achieve consistency across both the information and format of information that payday lending customers receive, to make it easier for them to understand the products they use.

  2. Guide for lenders added.

  3. Obligation to Publish Date added.

  4. First published.

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