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, LLC response to the annotated problems declaration (PDF, 2.2Mb) 17.4.14
  • CashEuroNetUK, response that is LLC 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, response that is LLC the entry and expansion working paper (PDF, 285Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the payday lender rates working paper (PDF, 55Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the costs as time passes presentation (PDF, 64 Kb) 17.4.14
  • CashEuroNetUK, LLC response to 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 towards the profitability of payday financing businesses working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – a reaction to further working papers 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 Worldwide Corp (PDF, 706Kb) 17.4.14
  • DFC worldwide Corp 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 services and products working paper 27.5.14
  • MYJAR a reaction to the Annotated problems Statement 27.5.14
  • MYJAR reaction to your competition between payday lenders and other credit providers paper this is certainly working
  • What the law states Community of Scotland 6.5.14
  • Great Britain 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 businesses working paper (PDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of its British payday company into the context associated with 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 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) emergency bad credit installment loans 7.2.14
  • Money Converters UK together with 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 Cash 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 regarding the multi-lateral hearing held using the trade associations and their members 30.5.14
  • Wizzcash (PDF 142, Kb) 2.5.14
  • Wonga 27.5.14

Reactions to problems statement

  • 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 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 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 Debt 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 researching the market agency and study methodology (PDF, 43 Kb) 20.8.13
  • Invitation to comment on agencies invited to tender for marketing research (PDF, 41 Kb) 7.8.13

Dilemmas 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 reference team

Situation exposed

Stage 1

Date of guide: 27 2013 june

Overview of work

On 6 March 2013, the OFT published a session document aiming its provisional choice to mention the payday lending market in the united kingdom towards the CC and started a general public assessment. The consultation document identified lots of features that the OFT suspected were – either separately or perhaps in combination – preventing, restricting or competition that is distorting forex trading. The general public assessment closed on 1 might 2013.

On 27 June 2013, the OFT announced its concluding decision to mention the marketplace for payday financing in britain into the Competition Commission (CC) for market investigation. Having considered reactions towards the assessment, the OFT stayed of this view that there have been reasonable grounds for suspecting that has for the payday financing market had been preventing, restricting or competition that is distorting.

The features identified because of the OFT had been:

Variability in compliance – the OFT Compliance Review discovered varying degrees of non-compliance with appropriate guidance and law by payday lenders. The OFT suspects that people organizations which invest 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 will make it problematic for customers to spot or compare the cost that is full of loans effortlessly in the point whenever loans are applied for. The OFT suspects why these techniques undermine price competition by making customers in general less with the capacity of constraining costs.

Cost insensitive clients – an important percentage of payday borrowers have actually 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 can find obstacles to switching between payday loan providers or to alternate items or choices at the true point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and stop, 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 as a result of the features identified above.

Action

The OFT, in workout of its abilities under Sections 131 associated with the Enterprise Act 2002 (the Act), referred the supply as well as payday advances in britain towards the CC for research.

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