- Ariste Holding (money Genie) 6.5.14
- Barclays Bank title loans il plc (PDF, 37 Kb) 7.2.14
- Money Converters British while the Consumer 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 together with 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 of this 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
- Citizens Advice (PDF, 50 Kb) 26.9.13
- Citizens information Scotland (PDF, 395 Kb) 26.9.13
- Consumer Finance Association (PDF, 73 Kb) 26.9.13
- Consumer Finance Association response that is supplementary
- 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 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
- 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 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 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
- Annotated issues 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
Terms of guide
- Terms of reference (PDF, 50 Kb) 27.6.13
Market research reference group
Overview of work
On 6 March 2013, the OFT published an appointment document setting out its provisional choice to mention the payday financing market in the united kingdom into the CC and started a consultation that is public. The assessment document identified lots of features that the OFT suspected were – either separately or perhaps in combination – preventing, restricting or distorting competition in the forex market. The consultation that is public on 1 might 2013.
On 27 June 2013, the OFT announced its decision that is final to industry for payday financing in britain towards the Competition Commission (CC) for an industry research. Having considered reactions into the assessment, the OFT stayed for the view that there have been reasonable grounds for suspecting that has for the 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 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 competitive drawback to those that spend less.
Insufficient price transparency – the OFT has identified methods which can make it problematic for customers to recognize or compare the cost that is full of loans efficiently in the point whenever loans are applied for. The OFT suspects why these techniques undermine cost competition by rendering customers all together less able to constraining rates.
Cost insensitive clients – a substantial percentage of payday borrowers have actually dismal credit records, restricted usage of other styles of credit and/or pushing needs. This could make sure they are less cost sensitive which, the OFT suspects, weakens cost competition between payday lenders.
Obstacles to switching – you can find barriers to switching between payday lenders or to alternate services and products or choices in the 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 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 as a result of the features identified above.
The OFT, in workout of the capabilities under Sections 131 associated with the Enterprise Act 2002 (the Act), referred the supply as well as pay day loans in britain towards the CC for research.