The order imposes new obligations on online and high street payday lenders.
This order was made under the market investigations provisions of the Enterprise Act 2002.
- 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.