In March 2013 the OFT published a long-awaited update regarding the industry. It was very critical, giving the 50 leading lenders just 60 days to address the issues raised or risk losing their licences. In particular, it cited "a failure to work out whether people could afford the loans, aggressive debt collection practices, a failure to explain how repayments are collected, and a lack of sufficient forbearance for those who cannot afford the repayments." It referred the market to the Competition Commission for "deep-rooted problems in how payday loan companies compete"
