Reactions to Annotated Problems Statement and Performing Papers

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Reactions to Annotated Problems Statement and Performing Papers
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  • 118 118 Cash (PDF, 322Kb) 17.4.14
  • CashEuroNetUK, response that is LLC the annotated problems statement (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 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, LLC response to the payday lender rates working paper (PDF, 55Kb) 17.4.14
  • CashEuroNetUK, LLC response to the costs as time passes 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 financing organizations working paper (PDF, 101 Kb) 25.4.14
  • CashEuroNetUK, LLC – a reaction to further working papers released by your competitors 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 published on 10 09.5.14 april
  • MYJAR response 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 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
  • 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 published 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 its UK payday company within 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 survey 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 as well as 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 plus 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 of this multi-lateral hearing with customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript regarding the hearing that is multi-lateral with all the trade associations and their users 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 Information (PDF, 50 Kb) 26.9.13
  • People Guidance 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
  • 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 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 appointment of general market trends agency and survey 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
  • Problems declaration (PDF, 115 Kb) 14.8.13
  • News release: Payday financing research – problems declaration 14.8.13

Regards to guide

  • Terms of reference (PDF, 50 Kb) 27.6.13

Marketplace investigation guide group

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 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 consultation that is public on 1 might 2013.

On 27 June 2013, the OFT announced its decision that is final to the marketplace for payday financing in britain into the Competition Commission (CC) for market research. 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 distorting competition.

The features identified because of the OFT were:

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 companies which spend additional time and energy in complying could be put at a competitive drawback to those that invest less.

Insufficient price transparency – the OFT has identified techniques which can make it problematic for consumers to determine 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 cost competition by making customers all together less able to constraining prices.

Cost insensitive clients – a substantial proportion of payday borrowers have woeful credit records, restricted use of other types 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.

Barriers 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 avoid, limit or distort competition from feasible lenders that are alternative the idea 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 their abilities under Sections 131 of this Enterprise Act 2002 (the Act), referred the supply and of payday advances in britain into the CC for research.

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