- 118 118 Cash (PDF, 322Kb) 17.4.14
- CashEuroNetUK, response that is LLC the annotated dilemmas 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, 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 with time presentation (PDF, 64 Kb) 17.4.14
- CashEuroNetUK, LLC response to the perform 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 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 The Competition and areas Authority on10 April 2014 (PDF, 275 Kb) 25.4.14
- Customer Finance Association 36 month installment loans (PDF, 495Kb) 17.4.14
- DFC Worldwide Corp (PDF, 706Kb) 17.4.14
- DFC worldwide Corp a reaction to the Working Paper and presentations posted on 10 09.5.14 april
- MYJAR a reaction to Competition in Product Innovation working paper 27.5.14
- MYJAR reaction to pay day loan items 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 working paper 27.5.14
- Regulations Community of Scotland 6.5.14
- The United Kingdom 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 reaction to the profitability of payday financing organizations working paper (PDF, 79 Kb) 25.4.14
- Wonga Group Limited, the profitability of the British payday company into the context for 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 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 while 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 as well as 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 for the hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14
- Transcript of this hearing that is multi-lateral using the trade associations and their users 30.5.14
- Wizzcash (PDF 142, Kb) 2.5.14
- Wonga 27.5.14
Reactions 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
- People Guidance (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 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 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 Global 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 agency and study 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
- Issues 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 group
Case exposed
Period 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 into the CC and exposed a public assessment. The assessment 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 consultation that is public on 1 might 2013.
On 27 June 2013, the OFT announced its ultimate decision to mention industry for payday financing in the united kingdom into the Competition Commission (CC) for an industry research. Having considered reactions into the assessment, the OFT stayed of this view that there have been reasonable grounds for suspecting that has of this payday financing market had been preventing, restricting or competition that is distorting.
The features identified by the OFT had been:
Variability in conformity – the OFT Compliance Review discovered varying quantities of non-compliance with appropriate guidance and law by payday lenders. The OFT suspects that people businesses which spend additional time and energy in complying are put at a competitive drawback to those that spend less.
Insufficient price transparency – the OFT has identified methods which can make it hard for customers to spot or compare the complete price of payday loans efficiently during the point whenever loans are removed. The OFT suspects why these techniques undermine cost competition by making customers in general less able to constraining costs.
Cost insensitive clients – an important percentage of payday borrowers have actually woeful credit records, restricted usage of other types of credit and/or pushing needs. This could cause them to less cost delicate which, the OFT suspects, weakens cost competition between payday lenders.
Obstacles to switching – you will find obstacles to switching between payday loan providers or to alternate services and products or choices during the 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 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 the 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 investigation.
