Reactions to Annotated Issues Statement and Performing Papers

Reactions to Annotated Issues 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 clients and their loans presentation (PDF, 67Kb) 17.4.14
  • CashEuroNetUK, LLC response to the entry and expansion working paper (PDF, 285Kb) 17.4.14
  • CashEuroNetUK, LLC response to the payday lender rates working paper (PDF, 55Kb) 17.4.14
  • CashEuroNetUK, LLC response to the costs with time presentation (PDF, 64 Kb) 17.4.14
  • CashEuroNetUK, LLC response to the perform customers presentation (PDF, 108Kb) 17.4.14
  • CashEuroNetUK, LLC response to the looking around working paper (PDF, 87Kb) 17.4.14
  • CashEuroNet, LLC response to your profitability of payday financing businesses working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – a reaction to further working papers released by The 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 reaction to the performing Paper and presentations posted personalinstallmentloans.org/ on 10 09.5.14 april
  • MYJAR reaction to Competition in Product Innovation working paper 27.5.14
  • MYJAR reaction to pay day loan items working paper 27.5.14
  • MYJAR a reaction to the Annotated problems Statement 27.5.14
  • MYJAR a reaction to your competitors between payday lenders and other credit providers working paper 27.5.14
  • Regulations 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 working paper (PDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of its British payday company into 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
  • Cash Converters British plus 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 additionally 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 for the multi-lateral hearing with customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript associated with multi-lateral hearing held with all 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
  • Consumer 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 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 Systems 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 researching the market (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 – dilemmas declaration 14.8.13

Regards to guide

  • Terms of reference (PDF, 50 Kb) 27.6.13

Marketplace investigation guide team

Case opened

Period 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 towards the CC and launched a public assessment. The consultation document identified lots of features that the OFT suspected were – either separately or perhaps 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 to your assessment, the OFT stayed associated with the view that there have been reasonable grounds for suspecting that has of this payday lending market were 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 levels of non-compliance with appropriate guidance and law by payday lenders. The OFT suspects that people companies which spend more hours and energy in complying could be put at a competitive drawback to those that spend less.

Insufficient price transparency – the OFT has identified techniques which will make it problematic for customers to recognize or compare the cost that is full of 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 rates.

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 alternative items or choices during the point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and steer clear of, 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, limitation or distortion of competition as a result of the features identified above.

Action

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