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, 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, 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 costs with time presentation (PDF, 64 Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the perform customers 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 – a reaction to working that is further granted by your competitors and Markets 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 cash advance services and products working paper 27.5.14
  • MYJAR reaction to the Annotated problems Statement 27.5.14
  • MYJAR a reaction to your competition between payday lenders and other credit providers working paper 27.5.14
  • What the law states Community of Scotland 6.5.14
  • The United Kingdom Cards Association (PDF, 4Mb) 17.4.14
  • Wonga Group Limited reaction to the performing Paper and presentations published 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 businesses working paper (PDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of their British payday company within the context associated with 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 parties

  • 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 while 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 associated with hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript regarding the hearing that is multi-lateral using the trade associations and their people 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 Guidance (PDF, 50 Kb) 26.9.13
  • People Guidance Scotland (PDF, 395 Kb) 26.9.13
  • Customer Finance Association (PDF, 73 Kb) 26.9.13
  • Consumer 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 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 marketing research 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 – dilemmas statement 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 an appointment document aiming its provisional choice to mention the payday lending market in the united kingdom towards the CC and exposed a consultation that is public. 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 concluding decision to refer the marketplace for payday financing in great britain into the Competition Commission (CC) for an industry research. Having considered reactions towards the assessment, the OFT stayed associated with the view that there have been reasonable grounds for suspecting that has of this payday financing market were preventing, limiting or competition that is distorting.

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 effort in complying could be put at a disadvantage that is competitive those which spend less.

Insufficient price transparency – the OFT has identified techniques which will make it problematic for consumers to recognize or compare bad credit installment loans the cost that is full of loans efficiently during the point whenever loans are removed. The OFT suspects why these techniques undermine cost competition by making customers in general less with the capacity of constraining costs.

Cost insensitive clients – an important percentage of payday borrowers have actually woeful credit records, restricted use of other types of credit and/or pushing needs. This might cause them to less price 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 options during the true point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and give a wide berth to, 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 entry and expansion exacerbate the avoidance, limitation or distortion of competition due to the features identified above.

Action

The OFT, in workout of the abilities under Sections 131 of this Enterprise Act 2002 (the Act), referred the supply as well as pay day loans in britain towards the CC for research.

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