Reactions to Annotated Problems Statement and Performing Papers

  • 118 118 Cash (PDF, 322Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the annotated dilemmas declaration (PDF, 2.2Mb) 17.4.14
  • CashEuroNetUK, response that is LLC your competition between payday lenders and other credit providers working paper (PDF, 134Kb) 17.4.14
  • CashEuroNetUK, LLC response to the clients 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, LLC response to the payday lender pricing working paper (PDF, 55Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the costs as time passes presentation (PDF, 64 Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the perform 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 towards the profitability of payday financing organizations working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – reaction to further working papers released because of 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 April 09.5.14
  • MYJAR a reaction to Competition in Product Innovation working paper 27.5.14
  • MYJAR a reaction to cash advance items 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 that is working
  • What the law states Community of Scotland 6.5.14
  • Great Britain Cards Association (PDF, 4Mb) 17.4.14
  • Wonga Group Limited a reaction to the performing Paper and presentations posted on 10 9.5.14 april
  • Wonga Group Limited (PDF, 1.6Mb) 17.4.14
  • Wonga Group Limited’s reaction to the profitability of payday lending businesses paper that is workingPDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of their British payday company within the context associated with the CMA’s market investigation – report by AlixPartners British LLP (PDF, 523 Kb) 25.4.14

CC-commissioned research

  • TNS BMRB survey report (PDF, 11.0 Mb) 31.1.14
  • TNS BMRB tables (PDF, 10.2 Mb) 31.1.14
  • TNS BMRB report that is technicalPDF, 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 as well as the customer Finance Association (PDF, 140 Kb) 2.5.14
  • CashEuroNetUK, LLC (PDF, 150 KB) 6.5.14
  • DFC Global Corp 30.5.14
  • Lloyds Banking Group (PDF, 43 Kb) 7.2.14
  • Mr Lender together with 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 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
  • Citizens Information (PDF, 50 Kb) 26.9.13
  • Citizens Information Scotland (PDF, 395 Kb) 26.9.13
  • Customer Finance Association (PDF, 73 Kb) 26.9.13
  • Customer Finance Association response that is supplementary
  • Debt Guidance Foundation (PDF, 295 Kb) 26.9.13
  • DFC Worldwide 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 Debt Charity (PDF, 441 Kb) 3.10.13
  • installment loans for bad credit

  • 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 researching the market agency and study 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
  • 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 group

Case exposed

Stage 1

Date of guide: 27 June 2013

Summary of work

On 6 March 2013, the OFT published a session document aiming its provisional choice to mention the payday financing market in britain towards the CC and exposed a consultation that is public. The consultation 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 lending in the united kingdom towards the Competition Commission (CC) for an industry research. Having considered reactions into the assessment, the OFT stayed for the 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 were:

Variability in conformity – the OFT Compliance Review discovered varying quantities of non-compliance with appropriate legislation and guidance 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.

Lack of price transparency – the OFT has identified methods which will make it burdensome for customers to determine or compare the complete price of payday loans effortlessly in the point whenever loans are applied for. The OFT suspects why these methods undermine cost competition by making customers all together less able to constraining rates.

Cost insensitive customers – an important percentage of payday borrowers have actually dismal credit records, restricted usage of other styles of credit and/or pressing 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 lenders or to alternate items or choices in the true point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and stop, limit or distort competition from feasible lenders that are alternative the purpose of rollover.

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

Action

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

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