The UK Competition and Markets Authority hands a provisional decision and proposes solutions to resolve competition concerns on the payday lending market

CMA sets out proposals to lower payday loan costs* The CMA has set out proposals to increase price competition between payday lenders and help borrowers get a better deal. These proposals have been developed in light of the Financial Conduct Authority’s (FCA) price cap proposals announced this July and will help ensure that the cap, which is intended to protect consumers from excessive charges, does not simply become a going rate charged by all lenders. They follow the Competition and Markets Authority’s (CMA) provisional findings into the market which were published in June (see note on research (PDF, 118KB, 2 pages) ) by the group of independent CMA panel members investigating this market. Key to the proposals announced today are measures to encourage the development of a high

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UK Competition Authority, The UK Competition and Markets Authority hands a provisional decision and proposes solutions to resolve competition concerns on the payday lending market, 9 October 2014, e-Competitions Bulletin October 2014, Art. N° 69368

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