Reactions to Annotated Problems Statement and Performing Papers

  • 118 118 Cash (PDF, 322Kb) 17.4.14
  • CashEuroNetUK, LLC response to the annotated dilemmas declaration (PDF, 2.2Mb) 17.4.14
  • CashEuroNetUK, LLC response to your competition between payday lenders and other credit providers working paper (PDF, 134Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the shoppers and their loans presentation (PDF, 67Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the entry and expansion working paper (PDF, 285Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the payday lender rates working paper (PDF, 55Kb) 17.4.14
  • CashEuroNetUK, LLC response to the values as time passes presentation (PDF, 64 Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the repeat clients presentation (PDF, 108Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the looking around working paper (PDF, 87Kb) 17.4.14
  • CashEuroNet, LLC response into the profitability of payday financing businesses working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – reaction to working that is further granted because of your competition and areas Authority on10 April 2014 (PDF, 275 Kb) http://personalinstallmentloans.org 25.4.14
  • Customer Finance Association (PDF, 495Kb) 17.4.14
  • DFC Worldwide Corp (PDF, 706Kb) 17.4.14
  • DFC Global Corp reaction to the Working Paper and presentations posted on 10 April 09.5.14
  • MYJAR a reaction to Competition in Product Innovation working paper 27.5.14
  • MYJAR reaction to pay day loan services and products working paper 27.5.14
  • MYJAR a reaction to the Annotated problems Statement 27.5.14
  • MYJAR reaction to your competitors between payday lenders and other credit providers paper this is certainly working
  • What the law states Community of Scotland 6.5.14
  • Great Britain Cards Association (PDF, 4Mb) 17.4.14
  • Wonga Group Limited reaction to the performing Paper and presentations posted on 10 April 9.5.14
  • Wonga Group Limited (PDF, 1.6Mb) 17.4.14
  • Wonga Group Limited’s reaction to the profitability of payday financing businesses paper that is workingPDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of the British payday company into the context associated with CMA’s market investigation – report by AlixPartners UK LLP (PDF, 523 Kb) 25.4.14

CC-commissioned research

  • TNS BMRB study report (PDF, 11.0 Mb) 31.1.14
  • TNS BMRB tables (PDF, 10.2 Mb) 31.1.14
  • TNS BMRB technical report (PDF, 810 Kb) 14.3.14

Summaries of hearings held with events

  • Ariste Holding (Money Genie) 6.5.14
  • Barclays Bank plc (PDF, 37 Kb) 7.2.14
  • Money Converters British and also the customer Finance Association (PDF, 140 Kb) 2.5.14
  • CashEuroNetUK, LLC (PDF, 150 KB) 6.5.14
  • DFC Worldwide Corp 30.5.14
  • Lloyds Banking Group (PDF, 43 Kb) 7.2.14
  • Mr Lender and also the credit rating and Trade Association (PDF 143, Kb) 2.5.14
  • MYJAR (PDF, 119 KB) 6.6.14
  • Provident Financial plc (PDF, 45 Kb) 7.2.14
  • SRC Transatlantic Limited/ WageDayAdvance Limited 12.5.14
  • The Bucks Shop (139, PDF Kb) 02.5.14
  • The Financial Conduct Authority (PDF, 161 KB) 10.6.14
  • Think Finance (UK) Limited 30.5.14
  • Transcript regarding the hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript associated with the hearing that is multi-lateral using the trade associations and their users 30.5.14
  • Wizzcash (PDF 142, Kb) 2.5.14
  • Wonga 27.5.14

Reactions to dilemmas statement

  • BCCA (PDF, 113 Kb) 26.9.13
  • Cash Converters (UK) Limited (PDF, 64 Kb) 30.9.13
  • CashEuroNetUK, LLC 7.10.13
  • People Information (PDF, 50 Kb) 26.9.13
  • People Information Scotland (PDF, 395 Kb) 26.9.13
  • Customer Finance Association (PDF, 73 Kb) 26.9.13
  • Customer Finance Association supplementary response 21.1.14
  • Financial Obligation Information Foundation (PDF, 295 Kb) 26.9.13
  • DFC Worldwide Corp 4.10.13
  • Law Society of Scotland (PDF, 40 Kb) 30.9.13
  • Cash Guidance Trust (PDF, 66 Kb) 26.9.13
  • MYJAR (PDF, 97 Kb) 30.8.13
  • StepChange financial obligation Charity (PDF, 441 Kb) 3.10.13
  • Think Finance (UK) (PDF, 498 Kb) 26.9.13
  • Veritec Options LLC (PDF, 273 Kb) 3.10.13
  • Which? (PDF, 261 Kb) 26.9.13
  • Wonga Group Limited (PDF, 3.5 Mb) 4.10.13

Submissions

  • Albemarle & Bond (PDF, 33 Kb) 30.8.13
  • Amigo Loans Limited (PDF, 1.2Mb) 17.4.14
  • Credit Rating Trade Association (PDF, 28 Kb) 22.8.13
  • CashEuroNetUK, LLC (PDF, 329 KB) 27.8.13
  • DFC Global Corp 20.8.13
  • Equifax Ltd (PDF, 43 Kb) 20.8.13
  • LOAF (PDF, 117 Kb) 21.1.14
  • Mutual Clothing & Provide Co Ltd (PDF, 326 Kb) 20.8.13
  • Think Finance (UK) Ltd (PDF, 34 Kb) 20.8.13
  • Wonga Group Limited (PDF, 1.1 Mb) 20.8.13

Invitation to comment on agencies invited to tender on research: Now closed

  • Invitation to comment on draft study questionnaire (PDF, 223 Kb) 26.9.13
  • Invitation to comment on visit of general market trends survey and agency methodology (PDF, 43 Kb) 20.8.13
  • Invitation to comment on agencies invited to tender for marketing research (PDF, 41 Kb) 7.8.13

Dilemmas declaration

  • Annotated problems declaration (PDF, 176 Kb) 31.1.14
  • Problems declaration (PDF, 115 Kb) 14.8.13
  • Pr release: Payday financing research – problems declaration 14.8.13

Regards to guide

  • Terms of reference (PDF, 50 Kb) 27.6.13

Marketplace investigation guide team

Situation exposed

Stage 1

Date of guide: 27 2013 june

Overview of work

On 6 March 2013, the OFT published a session document aiming its provisional choice to refer the payday financing market in britain towards the CC and started a consultation that is public. The assessment document identified lots of features that the OFT suspected were – either independently or in combination – preventing, restricting or competition that is distorting forex trading. The consultation that is public on 1 might 2013.

On 27 June 2013, the OFT announced its decision that is final to the marketplace for payday financing in the united kingdom into the Competition Commission (CC) for an industry investigation. Having considered reactions to your assessment, the OFT stayed associated with view that there have been reasonable grounds for suspecting that has for the payday financing market had been preventing, restricting or distorting competition.

The features identified by the OFT had been:

Variability in conformity – the OFT Compliance Review discovered varying quantities of non-compliance with appropriate guidance and law by payday lenders. The OFT suspects that people businesses which spend additional time and energy in complying could be put at a disadvantage that is competitive those that spend less.

Insufficient price transparency – the OFT has identified methods which can make it burdensome for customers to recognize or compare the complete price of payday loans efficiently during the point whenever loans are applied for. The OFT suspects why these methods undermine cost competition by making customers in general less able to constraining costs.

Cost insensitive clients – an important percentage of payday borrowers have actually woeful credit records, restricted use of other designs of credit and/or pushing needs. This might make sure they are less cost delicate which, the OFT suspects, weakens cost competition between payday lenders.

Obstacles to switching – you will find obstacles to switching between payday loan providers or to alternate services and products or choices during the true point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and stop, limit or distort competition from feasible alternate lenders at the purpose of rollover.

Market concentration – the OFT suspects that high concentration and obstacles to expansion and entry exacerbate the avoidance, restriction or distortion of competition as a result of the features identified above.

Action

The OFT, in workout of its capabilities under Sections 131 associated with the Enterprise Act 2002 (the Act), referred the supply as well as payday advances in the united kingdom into the CC for research.