Reactions to Annotated Problems Statement and Performing Papers

Reactions to Annotated Problems Statement and Performing Papers

  • 118 118 Money (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 competitors between payday lenders and other credit providers working paper (PDF, 134Kb) 17.4.14
  • CashEuroNetUK, LLC response to 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 rates working paper (PDF, 55Kb) 17.4.14
  • CashEuroNetUK, LLC response to the costs 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 to your profitability of payday financing businesses working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – reaction to further working papers released because of your competitors and areas Authority on10 April 2014 (PDF, 275 Kb) 25.4.14
  • Customer Finance Association (PDF, 495Kb) 17.4.14
  • DFC Global Corp (PDF, 706Kb) 17.4.14
  • DFC worldwide Corp reaction to the performing Paper and presentations posted on 10 April 09.5.14
  • MYJAR reaction to Competition in Product Innovation paper that is working
  • MYJAR a reaction to pay day loan items working paper 27.5.14
  • MYJAR a reaction to the Annotated problems Statement 27.5.14
  • MYJAR 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 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 paper that is workingPDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of the British payday company into the context of this CMA’s market investigation – report by AlixPartners UK 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 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 together with 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 Cash 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 multi-lateral hearing held using the trade associations and their people 30.5.14
  • Wizzcash (PDF 142, Kb) 2.5.14
  • Wonga 27.5.14

Responses 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
  • Citizens Guidance Scotland (PDF, 395 Kb) 26.9.13
  • Customer Finance Association (PDF, 73 Kb) 26.9.13
  • Customer Finance Association response that is supplementary
  • 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 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 agency and survey 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 issues statement (PDF, 176 Kb) 31.1.14
  • Problems declaration (PDF, 115 Kb) 14.8.13
  • News 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

Situation opened

Period 1

Date of reference: 27 2013 june

Overview of work

On 6 March 2013, the OFT published an appointment document aiming its provisional decision to mention the payday financing market in britain into the CC and launched a general public assessment. The assessment 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 general public assessment closed on 1 might 2013.

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

The features identified because of the OFT had been:

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 companies which spend additional time installment loans definition and energy in complying could be put at a disadvantage that is competitive those that spend less.

Insufficient price transparency – the OFT has identified practices which can make it hard for customers to recognize or compare 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 all together less able to constraining costs.

Cost insensitive clients – an important percentage of payday borrowers have actually dismal credit records, restricted usage of other designs of credit and/or pushing needs. This could cause them to 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 in the true point of rollover. The OFT suspects why these barriers benefit incumbent loan providers and steer clear of, restrict or distort competition from feasible alternate lenders at the idea of rollover.

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

Action

The OFT, in workout of its capabilities under Sections 131 of this Enterprise Act 2002 (the Act), referred the supply and of pay day loans in britain to the CC for research.

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