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Following CMA action, payday lender Shelby Finance has written off loans and apologised to customers after not providing them with important information.
The CMA investigated the payday lending market and has published its final order.
A lack of price competition means that payday loan customers may be paying too much for their loans, according to provisional findings from the Competition and Markets Authority (CMA).
The CMA has set out proposals to increase price competition between payday lenders and help borrowers get a better deal.
Letter to Shelby Finance Limited about its non-compliance with Part 4 of the Payday Lending Market Investigation Order 2015, relating to the provision of summary of borrowing statements.
The CMA has published its final report on the payday lending market, including its decisions on measures to increase price competition between payday lenders and to help borrowers get a better deal.
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