Reactions to Annotated Problems Statement and Performing Papers

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Reactions to Annotated Problems Statement and Performing Papers

  • 118 118 Cash (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 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 pricing working paper (PDF, 55Kb) 17.4.14
  • CashEuroNetUK, LLC response to the values in the long run 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 – a reaction to working that is further 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 reaction to the performing Paper and presentations published on 10 09.5.14 april
  • MYJAR reaction to Competition in Product Innovation paper this is certainly working
  • MYJAR reaction to cash advance products paper this is certainly working
  • MYJAR reaction to the Annotated problems Statement 27.5.14
  • MYJAR a reaction to your competitors between payday lenders and other credit providers working paper 27.5.14
  • Regulations 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 working paper (PDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of its UK payday company into the context of this 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 British 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 in addition to 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 regarding the multi-lateral hearing with customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript associated with 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

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) 30.8.13
  • 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 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
  • Problems declaration see this here (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 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 choice 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 independently or perhaps in combination – preventing, restricting or competition that is distorting the forex market. The consultation that is public on 1 May 2013.

On 27 June 2013, the OFT announced its ultimate decision to refer the marketplace for payday financing in the united kingdom towards the Competition Commission (CC) for an industry research. Having considered reactions into the assessment, the OFT stayed for the view that there have been reasonable grounds for suspecting that features of this payday financing market had been preventing, limiting or distorting competition.

The features identified because of the OFT had been:

Variability in conformity – the OFT Compliance Review discovered varying degrees of non-compliance with appropriate legislation and guidance by payday lenders. The OFT suspects that people organizations which spend additional time and energy in complying are 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 recognize or compare the full price of payday loans effortlessly during the point when loans are applied for. The OFT suspects why these techniques undermine cost competition by rendering customers in general less with the capacity of constraining costs.

Cost insensitive clients – an important percentage of payday borrowers have woeful credit records, restricted use of other styles of credit and/or pushing needs. This might make sure they are 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 options during the true point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and avoid, 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 as a result of the features identified above.

Action

The OFT, in workout of its abilities under Sections 131 of this Enterprise Act 2002 (the Act), referred the supply and of payday advances in the united kingdom to the CC for research.

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