Summaries of hearings held with parties

Summaries of hearings held with parties

  • Ariste Holding (money Genie) 6.5.14
  • Barclays Bank plc (PDF, 37 Kb) 7.2.14
  • Money Converters British in addition to 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 as well as 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 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 of this hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14
  • Transcript of this multi-lateral hearing held using 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
  • 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

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 researching the market 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
  • news release: Payday financing investigation – 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 started 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 decision that is final to the marketplace for payday lending in britain 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 financing market had been preventing, limiting or distorting competition.

The features identified by the OFT had been:

Variability in conformity – the OFT Compliance Review discovered varying quantities of non-compliance with relevant legislation and guidance by payday lenders. The OFT suspects that people companies which invest additional time and energy in complying could be 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 spot or compare the cost that is full of loans effortlessly during the point whenever loans are applied for. The OFT suspects why these techniques undermine cost competition by making customers all together less with the capacity of constraining rates.

Cost insensitive clients – a substantial percentage of payday borrowers have https://www.speedyloan.net/title-loans-hi actually dismal credit records, restricted use 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 and products or choices during the true 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 prevention, limitation or distortion of competition due to the features identified above.

Action

The OFT, in workout of their capabilities under Sections 131 of this Enterprise Act 2002 (the Act), referred the supply and of pay day loans in the united kingdom into the CC for research.

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