CMA publishes template Summary of Borrowing for payday loan firms

Regulatory Updates | 11/02/21

The Competition and Markets Authority (CMA) has published a Summary of Borrowing template to be used in communications from payday loans firms to their customers to comply with their obligations under the Payday Lending Market Investigation Order 2015. The template is designed to help achieve consistency across both the information and format of information that payday lending customers receive, to make it easier for them to understand the products they use.