At the time of , online payday loan providers need to have the information of the pay day loans posted on an FCA-authorised cash advance price comparison web site (aˆ?PCWaˆ?). Payday loan providers also needs to conspicuously exhibit independently web site one of the links to a minumum of one PCW which their particular pay day loans look.
The transaction was created beneath the marketplace research specifications on the Enterprise Act 2002 following the opposition and marketplace Authority’s (aˆ?CMAaˆ?) payday providing industry researching. The researching found that a lack of costs opposition between payday loan providers triggered higher charges for consumers that new specifications are included in the CMA’s attempt to address this customer detriment.
Troubles to follow the transaction can result in enforcement action through the CMA or civil steps from affected people.
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