The Competition and Markets Authority (CMA) has updated the Payday Lending Market Investigation Order 2015 (the Order) to set the ‘Obligation to Publish Date’ to be the 26 May 2017. The Order now requires online payday lenders to publish details of their products on at least one price comparison website authorised by the FCA by 26 May 2017.
The CMA has also published a notice of intention to conduct qualitative research as part of its retail banking market investigation.
The retail banking market investigation covers both personal current accounts for individuals and banking for small and medium-sized enterprises including business current accounts and loans. The qualitative research would support the development of two possible remedies after the final report: a) service quality measures and b) maximum monthly charge (MMC) for overdrafts.
For the purposes of the research on MMC’s the CMA is currently seeking suggestions on what standardised term and definition could be used to explain the MMC and any existing research that could help inform the term and definition to use.
The CMA is seeking responses to the notice by 12 noon on Monday 1 August 2016.