Reactions to Annotated Problems Statement and Performing Papers

• 118 118 Cash (PDF, 322Kb) 17.4.14
• CashEuroNetUK, LLC response to the annotated dilemmas 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, response that is LLC the shoppers 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, LLC response to the costs in the long run presentation (PDF, 64 Kb) 17.4.14
• CashEuroNetUK, LLC response to the perform customers presentation (PDF, 108Kb) 17.4.14
• CashEuroNetUK, LLC response to the looking around 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 working that is further granted 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 published on 10 09.5.14 april
• MYJAR a reaction to Competition in Product Innovation paper that is working
• MYJAR a reaction to pay day loan products working paper 27.5.14
• MYJAR reaction to the Annotated problems Statement 27.5.14
• MYJAR reaction to your competition between payday lenders and other credit providers paper that is working
• What the law proceed the site 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 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 paper that is workingPDF, 79 Kb) 25.4.14
• Wonga Group Limited, the profitability of their British payday business into 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 (Cash Genie) 6.5.14
• Barclays Bank plc (PDF, 37 Kb) 7.2.14
• Cash Converters British and also the Consumer 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 while 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 for the multi-lateral hearing with customer bodies (PDF, 326 Kb) 07.2.14
• Transcript for 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

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
• Citizens 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 response that is supplementary
• 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 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 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

Problems declaration

• Annotated problems declaration (PDF, 176 Kb) 31.1.14
• Dilemmas declaration (PDF, 115 Kb) 14.8.13
• Pr release: Payday financing research – problems 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 guide: 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 towards the CC and opened a consultation that is public. The assessment document identified lots of features that the OFT suspected were – either independently or in combination – preventing, restricting or competition that is distorting the forex market. The general public consultation closed 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 towards the Competition Commission (CC) for a market research. Having considered reactions into the assessment, the OFT remained of this view that there have been reasonable grounds for suspecting that has for the payday financing market were preventing, limiting or competition that is distorting.

The features identified by 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 businesses which spend more hours and effort in complying could be put at a competitive drawback to those that spend less.

Insufficient price transparency – the OFT has identified methods which will make it burdensome for consumers to spot or compare the complete price of payday loans efficiently during the point whenever loans are removed. The OFT suspects why these methods undermine cost competition by making customers in general less able to constraining costs.

Cost insensitive clients – a substantial percentage of payday borrowers have dismal credit records, restricted use of other styles of credit and/or pushing needs. This could make sure they are 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 true point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and give a wide berth to, limit or distort competition from feasible alternate lenders at the idea of rollover.

Market concentration – the OFT suspects that high concentration and obstacles to entry and expansion exacerbate the avoidance, limitation or distortion of competition as a result of 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 as well as pay day loans in the united kingdom towards the CC for research.