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 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 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 into the profitability of payday financing businesses working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – a reaction to further working papers granted because of 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 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 working paper 27.5.14
  • MYJAR a reaction to cash advance items paper this is certainly working
  • 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
  • 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 lending businesses working paper (PDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of their British payday company when you look at the context for the 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
  • Money Converters British as well as 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 plus 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 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 for the hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript associated with hearing that is multi-lateral with the trade associations and their users 30.5.14
  • Wizzcash (PDF 142, Kb) 2.5.14
  • Wonga 27.5.14

Responses to problems statement

  • 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 Guidance Foundation (PDF, 295 Kb) 26.9.13
  • DFC Worldwide Corp 4.10.13
  • Law Society of Scotland (PDF, 40 Kb) 30.9.13
  • Money 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 https://quickinstallmentloans.com.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 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
  • Dilemmas 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 reference team

Situation exposed

Period 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 the united kingdom into the CC and launched a consultation that is public. The consultation document identified lots of features that the OFT suspected were – either independently or perhaps 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 mention industry for payday lending in britain into the Competition Commission (CC) for market research. Having considered reactions into the assessment, the OFT stayed for the view that there have been reasonable grounds for suspecting that has for the 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 guidance and law by payday lenders. The OFT suspects that people businesses 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 can make it burdensome for customers to determine or compare the complete price of payday loans efficiently during the point whenever loans are applied for. The OFT suspects why these methods undermine price competition by making consumers all together less able to constraining costs.

Cost insensitive clients – a substantial 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 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 in the true point of rollover. The OFT suspects why these obstacles benefit incumbent lenders and steer clear of, limit or distort competition from feasible lenders that are alternative the idea of rollover.

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

Action

The OFT, in exercise of their capabilities under Sections 131 associated with the Enterprise Act 2002 (the Act), referred the supply as well as pay day loans in britain into the CC for research.

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