Reactions to Annotated Problems Statement and Performing Papers

  • 118 118 Cash (PDF, 322Kb) 17.4.14
  • CashEuroNetUK, LLC response to the annotated dilemmas statement (PDF, 2.2Mb) 17.4.14
  • CashEuroNetUK, response that is LLC your competition 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 http://personalinstallmentloans.org/ 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 values with time presentation (PDF, 64 Kb) 17.4.14
  • CashEuroNetUK, LLC response to the perform 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 organizations working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – reaction to further working papers released by your competition 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 a reaction to the performing Paper and presentations posted on 10 April 09.5.14
  • MYJAR a reaction to Competition in Product Innovation working paper 27.5.14
  • MYJAR a reaction to pay day loan items paper that is working
  • MYJAR a reaction to the Annotated problems Statement 27.5.14
  • MYJAR reaction to your competitors between payday lenders and other credit providers paper that is working
  • What the law states Community of Scotland 6.5.14
  • Great Britain Cards Association (PDF, 4Mb) 17.4.14
  • Wonga Group Limited a reaction to the performing Paper and presentations posted on 10 9.5.14 april
  • 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 its British payday company within the context regarding 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 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 UK plus 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 and also 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 multi-lateral hearing with customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript associated with 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 Information (PDF, 50 Kb) 26.9.13
  • People 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 Global 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 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 researching the market (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 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 reference: 27 June 2013

Overview of work

On 6 March 2013, the OFT published an appointment document aiming its provisional choice to refer the payday financing market in the united kingdom into the CC and exposed a general public assessment. The assessment document identified lots of features that the OFT suspected were – either independently or perhaps in combination – preventing, restricting or distorting competition in the forex market. The consultation that is public on 1 might 2013.

On 27 June 2013, the OFT announced its decision that is final to 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 the view that there have been reasonable grounds for suspecting that has of this payday financing market had been preventing, limiting or distorting competition.

The features identified by 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 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 problematic for customers to determine or compare the complete price of payday loans effortlessly during the point whenever loans are applied for. The OFT suspects why these methods undermine cost competition by making customers in general less able to constraining prices.

Cost insensitive clients – an important percentage of payday borrowers have actually dismal credit records, restricted usage of other designs of credit and/or pressing needs. This might cause them to less cost delicate 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 items or choices in the point of rollover. The OFT suspects that these obstacles benefit incumbent lenders and give a wide berth to, 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 prevention, limitation or distortion of competition as a result of the features identified above.

Action

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