Today we’re publishing our response to the Competition and Markets Authority’s provisional findings and possible remedies in its payday lending market investigation.
The CMA suggested five possible remedies that could improve outcomes for consumers by improving competition among payday lenders. We think all the remedies could improve consumers’ knowledge and understanding of available payday products, but at the moment it is difficult to say how effective any of them will be in practice.
We recommend that any remedy it decides upon is piloted before being fully implemented, with clearly-defined and measured intended outcomes, to make sure the benefit to the market and consumers outweighs the costs on industry.
To read our full response click here