The UK Comeptition and Markets Authority Thursday published its final order on the under-fire payday lending market to increase price competition between lenders and to provide further assistance to borrowers.
The CMA’s move to improve competition in the payday lending market follows proposals made by the Financial Conduct Authority in July to introduce a price cap on new payday loans from January 2014.
Back in October 2014, the Financial Conduct Authority said payday lenders should have to detail their products on price comparison websites in order to help borrowers make quick and accurate comparisons between loans.
In its final report Thursday, the CMA backed up the FCA and said payday lenders will be required to “provide customers with clear, objective and comparable information on all potential loan costs, in particular the total amount payable, and to allow customers to compare different loans by searching easily on the most relevant features such as loan amount and duration,” it said in a statement.
Full content: London South East
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI