- Ariste Holding (money Genie) 6.5.14
- Barclays Bank plc (PDF, 37 Kb) 7.2.14
- Cash Converters British together with 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 hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14
- Transcript regarding 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 information Scotland (PDF, 395 Kb) 26.9.13
- Consumer Finance Association (PDF, 73 Kb) 26.9.13
- customer Finance Association supplementary response 21.1.14
- Debt 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 Debt 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
- 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
- Annotated issues declaration (PDF, 176 Kb) 31.1.14
- Problems 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
Overview of work
On 6 March 2013, the OFT published an appointment document aiming its provisional choice to mention the payday financing market in the united kingdom towards the CC and exposed a consultation that is public. The assessment document identified lots of features that the OFT suspected were – either independently or perhaps in combination – preventing, restricting or competition that is distorting the forex market. The general public assessment closed on 1 might 2013.
On 27 June 2013, the OFT announced its ultimate decision to refer the marketplace for payday financing in the united kingdom towards the Competition Commission (CC) for market research. Having considered reactions to your assessment, the OFT stayed regarding the 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 because of 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 energy in complying could be put at a competitive drawback to those that spend less.
Insufficient price transparency – the OFT has identified techniques which will make it burdensome for customers to recognize or compare the cost that is full of loans effortlessly during the point whenever loans are applied for. The OFT suspects why these methods undermine cost competition by making customers in general less able to constraining costs.
Cost insensitive clients – a substantial percentage of payday borrowers have actually woeful credit records, restricted usage of other designs of credit and/or pushing needs. This could make sure they are 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 easy personal loans in alaska and products or choices in 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 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 as a result of the features identified above.
The OFT, in workout of their 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 research.