Reactions to Annotated Problems Statement and Performing Papers

Reactions to Annotated Problems Statement and Performing Papers

  • 118 118 Money (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, 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, 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, response that is LLC the repeat 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 towards the profitability of payday financing businesses working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – a reaction to working that is further released 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 a reaction to the performing Paper and presentations posted on 10 09.5.14 april
  • MYJAR a reaction to Competition in Product Innovation working paper 27.5.14
  • MYJAR a reaction to cash advance services and products paper this is certainly working
  • installment loans no credit check

  • MYJAR a reaction to the Annotated problems Statement 27.5.14
  • MYJAR reaction to your competitors between payday lenders and other credit providers paper that is 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 Working 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 paper that is workingPDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of their UK payday business when you look at 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 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 UK 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 while 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 multi-lateral hearing with customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript for the hearing that is multi-lateral with all 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
  • Money 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 response that is supplementary
  • 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
  • Money 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 general market trends survey and agency 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 issues declaration (PDF, 176 Kb) 31.1.14
  • Dilemmas declaration (PDF, 115 Kb) 14.8.13
  • Pr release: Payday lending research – problems declaration 14.8.13

Regards to guide

  • Terms of reference (PDF, 50 Kb) 27.6.13

Marketplace investigation guide team

Situation exposed

Period 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 britain towards the CC and launched a consultation that is public. 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 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 the united kingdom towards the Competition Commission (CC) for an industry 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 were preventing, limiting or distorting competition.

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 additional time and effort in complying could be placed at a disadvantage that is competitive those which spend less.

Insufficient price transparency – the OFT has identified methods which will make it problematic for customers to recognize or compare the cost that is full of loans efficiently during the point whenever loans are applied for. The OFT suspects why these techniques undermine cost competition by rendering consumers in general less able to constraining costs.

Cost insensitive customers – a substantial percentage of payday borrowers have actually woeful 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 price competition between payday lenders.

Obstacles to switching – you will 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 prevention, 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 pay day loans in the united kingdom towards the CC for research.

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