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, LLC response to 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 pricing working paper (PDF, 55Kb) 17.4.14
• CashEuroNetUK, LLC response to the costs with time presentation (PDF, 64 Kb) 17.4.14
• CashEuroNetUK, LLC response online installment loans to 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 into the 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
• Consumer 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 paper this is certainly working
• MYJAR 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 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 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 a reaction to the profitability of payday financing organizations working paper (PDF, 79 Kb) 25.4.14
• Wonga Group Limited, the profitability of its British payday company when you look at 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 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 therefore the customer Finance Association (PDF, 140 Kb) 2.5.14
• CashEuroNetUK, LLC (PDF, 150 KB) 6.5.14
• DFC Global Corp 30.5.14
• Lloyds Banking Group (PDF, 43 Kb) 7.2.14
• Mr Lender as well as 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 for the multi-lateral hearing with 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 dilemmas declaration

• BCCA (PDF, 113 Kb) 26.9.13
• Cash Converters (UK) Limited (PDF, 64 Kb) 30.9.13
• CashEuroNetUK, LLC 7.10.13
• People Guidance (PDF, 50 Kb) 26.9.13
• People Information 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 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 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 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

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 opened

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 towards the CC and launched a consultation that is public. The consultation document identified a number 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 decision that is final to industry for payday financing in britain towards the Competition Commission (CC) for market research. Having considered reactions towards the assessment, the OFT stayed for 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 because of 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 businesses which invest more hours and energy in complying could be put at a competitive drawback to those which spend less.

Insufficient cost transparency – the OFT has identified techniques which can make it problematic for customers to determine or compare the cost that is full of loans efficiently in 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 woeful credit records, restricted use 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 alternate items or choices during the point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and give a wide berth to, restrict or distort competition from possible alternate lenders at the purpose 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 workout of its capabilities under Sections 131 of this Enterprise Act 2002 (the Act), referred the supply and of payday advances in the united kingdom into the CC for research.