Reactions to Annotated Problems Statement and Performing Papers

118 118 Cash (PDF, 322Kb) 17.4.14
CashEuroNetUK, response that is LLC the annotated problems 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 pricing working paper (PDF, 55Kb) 17.4.14
CashEuroNetUK, LLC response to the values in the long run presentation (PDF, 64 Kb) 17.4.14
CashEuroNetUK, response that is LLC the repeat clients presentation (PDF, 108Kb) 17.4.14
CashEuroNetUK, LLC response to the doing your research working paper (PDF, 87Kb) 17.4.14
CashEuroNet, LLC response towards the profitability of payday financing organizations working paper (PDF, 101 Kb) 25.4.14
CashEuroNetUK, LLC – reaction to working that is further released by your competition and areas Authority on10 April 2014 (PDF, 275 Kb) 25.4.14
Customer Finance Association (PDF, 495Kb) 17.4.14
DFC Worldwide Corp (PDF, 706Kb) 17.4.14
DFC worldwide Corp a reaction to the performing Paper and presentations posted on 10 09.5.14 april
MYJAR a reaction to Competition in Product Innovation paper this is certainly working
MYJAR reaction to pay day loan services and products paper that is working
MYJAR a reaction to the Annotated problems Statement 27.5.14
MYJAR a reaction to your competition between payday lenders and other credit providers paper this is certainly working
What the law states Society 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 organizations working paper (PDF, 79 Kb) 25 trusted installment loans.4.14
Wonga Group Limited, the profitability of the British payday company within the context of this CMA’s market investigation – report by AlixPartners British 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 in addition to 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 in addition to 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 associated with multi-lateral hearing with customer bodies (PDF, 326 Kb) 07.2.14
Transcript for 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 declaration

BCCA (PDF, 113 Kb) 26.9.13
Money Converters (UK) Limited (PDF, 64 Kb) 30.9.13
CashEuroNetUK, LLC 7.10.13
People Information (PDF, 50 Kb) 26.9.13
People Guidance Scotland (PDF, 395 Kb) 26.9.13
Customer Finance Association (PDF, 73 Kb) 26.9.13
Customer Finance Association response that is supplementary
Debt Information Foundation (PDF, 295 Kb) 26.9.13
DFC Global Corp 4.10.13
Law Society of Scotland (PDF, 40 Kb) 30.9.13
Cash Information 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 Possibilities 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 Trade Association (PDF, 28 Kb) 22.8.13
CashEuroNetUK, LLC (PDF, 329 KB) 27.8.13
DFC Worldwide 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

Problems declaration

Annotated problems declaration (PDF, 176 Kb) 31.1.14
Dilemmas declaration (PDF, 115 Kb) 14.8.13
News release: Payday financing investigation – problems declaration 14.8.13

Terms of 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 an appointment document aiming its provisional choice to refer the payday lending market in the united kingdom into the CC and exposed a general public assessment. The assessment document identified lots of features that the OFT suspected were – either independently or perhaps in combination – preventing, restricting or competition that is distorting forex trading. The general public consultation closed on 1 May 2013.

On 27 June 2013, the OFT announced its decision that is final to industry for payday financing in the united kingdom towards the Competition Commission (CC) for market research. Having considered reactions towards the consultation, the OFT stayed of this view that there were reasonable grounds for suspecting that has for the payday lending market had been preventing, limiting or competition that is distorting.

The features identified because of 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 organizations which spend additional time and energy in complying could be put at a competitive drawback to those that spend less.

Insufficient price transparency – the OFT has identified methods which can make it problematic for consumers to recognize or compare the full price of payday loans effortlessly during the point whenever loans are applied for. The OFT suspects why these methods undermine cost competition by making customers all together less with the capacity of constraining costs.

Price insensitive clients – a substantial percentage of payday borrowers have actually woeful credit records, restricted use of other styles of credit and/or pushing needs. This could cause them to less cost delicate which, the OFT suspects, weakens cost competition between payday lenders.

Obstacles to switching – you will find barriers to switching between payday lenders or to alternate services and products or choices during the point of rollover. The OFT suspects why these obstacles benefit incumbent lenders and give a wide berth to, limit or distort competition from feasible lenders that are alternative the idea of rollover.

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

Action

The OFT, in exercise of their abilities under Sections 131 for the Enterprise Act 2002 (the Act), referred the supply as well as payday advances in britain towards the CC for research.