Reactions to Annotated Problems Statement and Performing Papers

Reactions to Annotated Problems Statement and Performing Papers

  • 118 118 Cash (PDF, 322Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the annotated problems 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, response that is LLC 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, 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 repeat clients presentation (PDF, 108Kb) 17.4.14
  • CashEuroNetUK, response that is LLC 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 working that is further granted by your competitors 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 April 09.5.14
  • MYJAR reaction to Competition in Product Innovation working paper 27.5.14
  • MYJAR a reaction to pay day loan services and products 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 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 9.5.14 april
  • 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 within the context for the CMA’s market investigation – report by AlixPartners UK 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 (Cash 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 and also 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) 10.6.14
  • Think Finance (UK) Limited 30.5.14
  • Transcript regarding the hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript associated with 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

Reactions 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
  • People Guidance 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 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 http://www.personalinstallmentloans.org/.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 survey questionnaire (PDF, 223 Kb) 26.9.13
  • Invitation to comment on visit of general market trends 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
  • Problems 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

Case opened

Stage 1

Date of guide: 27 2013 june

Overview of work

On 6 March 2013, the OFT published a session document aiming its provisional decision to mention the payday lending market in britain to the CC and started 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 distorting competition in forex trading. The general public assessment closed on 1 might 2013.

On 27 June 2013, the OFT announced its ultimate decision to refer the marketplace for payday financing in britain towards the Competition Commission (CC) for an industry research. Having considered reactions into the consultation, the OFT stayed associated with 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 found varying quantities of non-compliance with appropriate legislation and guidance by payday lenders. The OFT suspects that those businesses 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 techniques which can make it problematic for consumers to determine or compare the complete cost of payday loans effortlessly during the point when loans are applied for. The OFT suspects why these practices undermine cost competition by making customers all together less able to constraining rates.

Cost insensitive clients – an important percentage of payday borrowers have actually woeful credit records, restricted usage of other styles of credit and/or pushing needs. This could make sure they are less cost delicate which, the OFT suspects, weakens price competition between payday lenders.

Obstacles to switching – you can find barriers to switching between payday loan providers or to alternate 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 alternate lenders at 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 for the Enterprise Act 2002 (the Act), referred the supply and of payday advances in britain towards the CC for research.

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