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Reactions to Annotated Problems Statement and Working Papers

Reactions to Annotated Problems Statement and Working Papers

  • 118 118 Money (PDF, 322Kb) 17.4.14
  • CashEuroNetUK, LLC response to 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 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, response that is LLC the costs with time presentation (PDF, 64 Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the perform clients presentation (PDF, 108Kb) 17.4.14
  • CashEuroNetUK, LLC response to 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 – a reaction to further working papers released because of 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 a reaction to the Working Paper and presentations posted on 10 April 09.5.14
  • MYJAR reaction to Competition in Product Innovation paper this is certainly working
  • MYJAR a reaction to pay day loan services and products working paper 27.5.14
  • MYJAR a reaction to the Annotated Issues Statement 27.5.14
  • MYJAR reaction to your competitors between payday lenders and other credit providers paper this is certainly working
  • What the law states 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 reaction to the profitability of payday lending businesses working paper (PDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of the British payday company within the context for 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 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 additionally the credit 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) http://www.myinstallmentloans.net/ 10.6.14
  • Think Finance (UK) Limited 30.5.14
  • Transcript associated with 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 people 30.5.14
  • Wizzcash (PDF 142, Kb) 2.5.14
  • Wonga 27.5.14

Responses to issues 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
  • People Advice Scotland (PDF, 395 Kb) 26.9.13
  • Customer Finance Association (PDF, 73 Kb) 26.9.13
  • Customer Finance Association supplementary response 21.1.14
  • 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 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 Options 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 appointment 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

Issues statement

  • Annotated problems declaration (PDF, 176 Kb) 31.1.14
  • Dilemmas statement (PDF, 115 Kb) 14.8.13
  • Pr release: Payday financing investigation – dilemmas declaration 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 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 towards 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 competition that is distorting the forex market. The consultation that is public on 1 might 2013.

On 27 June 2013, the OFT announced its concluding decision to refer the marketplace for payday financing in the united kingdom into the Competition Commission (CC) for an industry 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 lending market had been preventing, restricting or competition that is distorting.

The features identified by the OFT had been:

Variability in conformity – the OFT Compliance Review found varying quantities of non-compliance with appropriate 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 competitive drawback to those that spend less.

Insufficient price transparency – the OFT has identified methods which can make it hard 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 techniques undermine cost competition by making customers in general less with the capacity of constraining rates.

Cost insensitive clients – an important percentage of payday borrowers have dismal credit records, restricted usage of other types of credit and/or pushing needs. This might cause them to 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 alternate services and products 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 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, restriction or distortion of competition as a result of the features identified above.

Action

The OFT, in workout of their abilities under Sections 131 associated with the Enterprise Act 2002 (the Act), referred the supply and of pay day loans in the united kingdom towards the CC for research.

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