- Ariste Holding (money Genie) 6.5.14
- Barclays Bank plc (PDF, 37 Kb) 7.2.14
- Money Converters British and also 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 in addition to 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 regarding the hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14
- Transcript associated with the multi-lateral hearing held with all the trade associations and their users 30.5.14
- Wizzcash (PDF 142, Kb) 2.5.14
- Wonga 27.5.14
Responses to issues statement
- BCCA (PDF, 113 Kb) 26.9.13
- Cash Converters (UK) restricted (PDF, 64 Kb) 30.9.13
- CashEuroNetUK, LLC 7.10.13
- People Advice (PDF, 50 Kb) 26.9.13
- People guidance Scotland (PDF, 395 Kb) 26.9.13
- Consumer Finance Association (PDF, 73 Kb) 26.9.13
- customer Finance Association response that is supplementary
- Debt 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 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 discuss 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 marketing research 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
Issues statement
- Annotated issues declaration (PDF, 176 Kb) 31.1.14
- Dilemmas declaration (PDF, 115 Kb) 14.8.13
- pr release: Payday financing research – dilemmas declaration 14.8.13
Terms of guide
- Terms of reference (PDF, 50 Kb) 27.6.13
Market research guide group
Case opened
Phase 1
Overview of work
On 6 March 2013, the OFT published a session document aiming its provisional choice to mention the payday financing market in the united kingdom towards the CC and exposed a general public assessment. The assessment document identified a number of features that the OFT suspected were – either independently 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 concluding decision to refer the marketplace for payday financing in britain into the Competition Commission (CC) for an industry research. Having considered reactions to your 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 because of 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 people businesses which spend more hours and energy in complying are put at a disadvantage that is competitive those that spend less.
Insufficient price transparency – the OFT has identified methods which will make it problematic for customers to recognize or compare the complete price of payday 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 costs.
Cost insensitive clients – a substantial percentage of payday borrowers have actually woeful 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 will find obstacles to switching between payday loan providers or to alternate services and products 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 lenders that are alternative 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 due to the features identified above.
Action
The OFT, connecticut bad credit near me in workout of its capabilities under Sections 131 for the Enterprise Act 2002 (the Act), referred the supply as well as payday advances in britain towards the CC for investigation.