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UK: CC’s probe knocks even more payday lenders out of the game

By  |  August 14, 2013

The UK’s Competition Commission, which is probing payday lenders after the case was referred to the watchdog by the Office of Fair Trading, said more payday lenders have left the industry altogether, citing 19 companies that have left the market and an additional company that said it was no longer lending. Reports say the news followed a statement by the Commission that three of the largest lenders – Wonga, Cash America and Dollar Financial Corp – control about 70 percent of the market, findings quoted by the OFT’s original investigation, though the OFT’s report did not name the companies. Of the 19 companies that have reportedly exited the market, 15 told the regulator that they wish to obtain a consumer credit license to continue trading in other areas. The CC reiterated its probe remains in its early stages and said it plans to release a complete report by the end of next year.

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