- 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 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 multi-lateral hearing with customer bodies (PDF, 326 Kb) 07.2.14
- Transcript associated with 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 supplementary response 21.1.14
- 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
- Albemarle & Bond (PDF, 33 Kb) 30.8.13
- Amigo Loans Limited (PDF, 1.2Mb) 17.4.14
- Credit Trade Association (PDF, 28 Kb) 22.8.13
- CashEuroNetUK, LLC (PDF https://www.speedyloan.net/personal-loans-ak, 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 marketing research 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
- Dilemmas declaration (PDF, 115 Kb) 14.8.13
- pr release: Payday lending research – problems 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 a session document aiming its provisional choice to refer the payday financing market in the united kingdom into 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 ultimate decision to refer the marketplace for payday financing in britain into the Competition Commission (CC) for an industry research. Having considered reactions into the assessment, the OFT stayed regarding the view that there have been reasonable grounds for suspecting that has of this payday financing market had been preventing, limiting 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 legislation and guidance by payday lenders. The OFT suspects that people companies which spend more hours and energy in complying could be put at a disadvantage that is competitive those that spend less.
Insufficient price transparency – the OFT has identified techniques which will make it hard for customers to spot or compare the cost that is full of loans efficiently during the point whenever loans are removed. 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 dismal credit records, restricted use of other designs 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 will find obstacles to switching between payday loan providers or to alternate products or choices in the point of rollover. The OFT suspects why these barriers benefit incumbent loan providers and steer clear of, 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 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.