UK: Payday lenders prep for CMA crackdown

The UK’s Competition and Markets Authority has said that the payday loan market is lacking competition and will therefore be investigated to help lower consumer costs.

The CMA announced Wednesday that customers pay too much for their payday loans because there is insufficient price competition in the market. The competition watchdog said it will look for ways to boost competition in an industry already under the CMA’s watch for lacking consumer protection laws.

Among possible fixes include an independent price comparison website, according to reports.

Full content: Reuters

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