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
  Show all updates

  1. 11 February 2021

     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. 3 February 2017

     Guide for lenders added.

  3. 14 July 2016

     Obligation to Publish Date added.

  4. 13 August 2015

     First published.

Documents

Payday Lending Market Investigation Order 2015

PDF, 235 KB, 18 pages

Explanatory note

PDF, 265 KB, 16 pages

Summary of borrowing template

ODT, 11.4 KB

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Guide for lenders

PDF, 305 KB, 10 pages

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.