Summaries of hearings held with parties Holding that is ariste Genie) 6.5.14
Barclays Bank plc (PDF, 37 Kb) 7.2.14
Money Converters British therefore 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 therefore the 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 Cash 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 associated with the hearing that is multi-lateral consumer bodies (PDF, 326 Kb) 07.2.14
Transcript associated with the multi-lateral hearing held using the trade associations and their people 30.5.14
Wizzcash (PDF 142, Kb) 2.5.14
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 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 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 general market trends 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 statement (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 guide group
Overview of work
On 6 March 2013, the OFT published a session document aiming its provisional choice to mention the payday financing market in britain towards the CC and started a public assessment. The assessment document identified lots of features that the OFT suspected were – either separately or in combination – preventing, restricting or distorting competition in the forex market. The general public assessment closed on 1 might 2013.
On 27 June 2013, the OFT announced its ultimate decision to refer industry for payday financing in britain towards the Competition Commission (CC) for market research. Having considered reactions https://speedyloan.net/personal-loans-ak towards the assessment, the OFT stayed associated with view that there have been reasonable grounds for suspecting that has for the payday financing market had been preventing, limiting 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 legislation and guidance by payday lenders. The OFT suspects that people organizations 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 burdensome for customers to recognize or compare the complete price of payday loans efficiently during the point whenever loans are applied for. The OFT suspects why these methods undermine cost competition by making customers in general less with the capacity of constraining costs.
Cost insensitive clients – a substantial percentage of payday borrowers have dismal credit records, restricted usage of other styles 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 can find obstacles to switching between payday loan providers or to alternate services 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 entry and expansion exacerbate the avoidance, limitation or distortion of competition due to the features identified above.
The OFT, in workout of the abilities under Sections 131 for the Enterprise Act 2002 (the Act), referred the supply and of pay day loans in the united kingdom towards the CC for research.