Reactions to Annotated Problems Statement and Performing Papers

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Reactions to Annotated Problems Statement and Performing Papers

Reactions to Annotated Problems Statement and Performing Papers

  • 118 118 Cash (PDF, 322Kb) 17.4.14
  • CashEuroNetUK, LLC response to the annotated problems declaration (PDF, 2.2Mb) 17.4.14
  • CashEuroNetUK, response that is LLC your competitors 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, LLC response to 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 in the long run presentation (PDF, 64 Kb) 17.4.14
  • CashEuroNetUK, LLC response to 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 to your profitability of payday financing organizations working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – a reaction to working that is further granted 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 Global 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 that is working
  • MYJAR a reaction to cash advance items paper this is certainly working
  • MYJAR reaction to the Annotated problems Statement 27.5.14
  • MYJAR reaction to your competition between payday lenders and other credit providers paper that is working
  • Regulations Community of Scotland 6.5.14
  • The United Kingdom Cards Association (PDF, 4Mb) 17.4.14
  • Wonga Group Limited a 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 a reaction to the profitability of payday financing organizations working paper (PDF, 79 Kb) 25.4.14
  • 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 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 therefore 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 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 associated with the multi-lateral hearing with installment loans for bad credit customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript associated with multi-lateral hearing held with all the trade associations and their people 30.5.14
  • Wizzcash (PDF 142, Kb) 2.5.14
  • Wonga 27.5.14

Reactions to problems declaration

  • BCCA (PDF, 113 Kb) 26.9.13
  • Money Converters (UK) Limited (PDF, 64 Kb) 30.9.13
  • CashEuroNetUK, LLC 7.10.13
  • People Guidance (PDF, 50 Kb) 26.9.13
  • People Information Scotland (PDF, 395 Kb) 26.9.13
  • Consumer Finance Association (PDF, 73 Kb) 26.9.13
  • Consumer Finance Association response that is supplementary
  • Financial Obligation 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 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 Rating 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 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

Problems statement

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

Regards to guide

  • Terms of reference (PDF, 50 Kb) 27.6.13

Marketplace investigation guide team

Situation opened

Stage 1

Date of guide: 27 June 2013

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 into the CC and started a general public assessment. The assessment document identified lots of features that the OFT suspected were – either separately or in combination – preventing, restricting or distorting competition in the forex market. The general public assessment closed on 1 might 2013.

On 27 June 2013, the OFT announced its ultimate decision to refer the marketplace for payday financing in the united kingdom towards the Competition Commission (CC) for market research. Having considered reactions towards the assessment, the OFT stayed associated with view that there have been reasonable grounds for suspecting that has of this payday financing 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 degrees of non-compliance with relevant guidance and law by payday lenders. The OFT suspects that people organizations which spend more hours and energy in complying could be put at a disadvantage that is competitive those that invest less.

Insufficient price transparency – the OFT has identified methods which will make it burdensome for customers to determine 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 all together less with the capacity of constraining costs.

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

Obstacles to switching – you can find obstacles to switching between payday loan providers or to alternate services and products or choices during the point of rollover. The OFT suspects that these obstacles benefit incumbent loan providers preventing, limit or distort competition from feasible alternate lenders at 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 workout of its abilities under Sections 131 associated with the Enterprise Act 2002 (the Act), referred the supply and of payday advances in the united kingdom towards the CC for research.

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