Payday Lending Market Investigation Order 2015
- Competition and Markets Authority
- Part of:
- Markets and monopolies register of orders, undertakings and directions and Competition law
- 13 August 2015
- Last updated:
- 3 February 2017, see all updates
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.
Published: 13 August 2015
Updated: 3 February 2017
- Guide for lenders added.
- Obligation to Publish Date added.
- First published.