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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 competition between payday lenders and other credit providers working paper (PDF, 134Kb) 17.4.14
  • CashEuroNetUK, LLC response to the shoppers 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 rates working paper (PDF, 55Kb) 17.4.14
  • CashEuroNetUK, LLC response to the values with time presentation (PDF, 64 Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the perform clients presentation (PDF, 108Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the looking around working paper (PDF, 87Kb) 17.4.14
  • CashEuroNet, LLC response to your profitability of payday lending businesses working paper (PDF quickinstallmentloans.com online, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – 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 Global Corp (PDF, 706Kb) 17.4.14
  • DFC worldwide Corp reaction to the performing Paper and presentations posted on 10 09.5.14 april
  • MYJAR reaction to Competition in Product Innovation working paper 27.5.14
  • MYJAR a reaction to cash advance items working paper 27.5.14
  • MYJAR a 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
  • Great Britain Cards Association (PDF, 4Mb) 17.4.14
  • Wonga Group Limited a 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 a reaction to the profitability of payday financing organizations paper that is workingPDF, 79 Kb) 25.4.14
  • Wonga Group Limited, the profitability of its British payday company within the context regarding the CMA’s market investigation – report by AlixPartners UK 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 therefore 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 additionally the Consumer 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 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 of this 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

Responses 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 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 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 Systems 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
  • Problems declaration (PDF, 115 Kb) 14.8.13
  • News release: Payday financing research – dilemmas declaration 14.8.13

Regards to guide

  • Terms of reference (PDF, 50 Kb) 27.6.13

Marketplace investigation reference group

Situation opened

Period 1

Date of guide: 27 2013 june

Overview of work

On 6 March 2013, the OFT published an appointment document aiming its provisional decision to mention the payday financing 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 in combination – preventing, restricting or distorting competition in 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 towards the Competition Commission (CC) for an industry research. Having considered reactions towards the assessment, the OFT stayed of this view that there have been reasonable grounds for suspecting that has of this payday lending market had been 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 guidance and law by payday lenders. The OFT suspects that those businesses which invest more hours and energy in complying could be put at a competitive disadvantage to those that spend less.

Insufficient cost transparency – the OFT has identified techniques which can make it burdensome for customers to recognize or compare the full price of payday loans efficiently during the point whenever loans are applied for. The OFT suspects why these techniques undermine cost competition by making customers in general less with the capacity of constraining costs.

Cost insensitive clients – an important percentage of payday borrowers have actually dismal credit records, restricted usage of other styles of credit and/or pushing needs. This might cause them to 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 during the point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and steer clear of, limit 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 the abilities under Sections 131 for the Enterprise Act 2002 (the Act), referred the supply and of payday advances in britain towards the CC for research.

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