- Ariste Holding (money Genie) 6.5.14
- Barclays Bank plc (PDF, 37 Kb) 7.2.14
- Money Converters British plus 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 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 regarding the hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14
- Transcript for the multi-lateral hearing held using the trade associations and their people 30.5.14
- Wizzcash (PDF 142, https://speedyloan.net/title-loans-id 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 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 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
- Annotated issues declaration (PDF, 176 Kb) 31.1.14
- Problems declaration (PDF, 115 Kb) 14.8.13
- pr release: Payday lending 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 britain towards the CC and launched a consultation that is public. The consultation document identified lots of features that the OFT suspected were – either separately or in combination – preventing, restricting or competition that is distorting the forex market. The consultation that is public on 1 might 2013.
On 27 June 2013, the OFT announced its concluding decision to refer the marketplace for payday financing in the united kingdom into the Competition Commission (CC) for an industry research. Having considered responses towards the assessment, the OFT stayed of this view that there have been reasonable grounds for suspecting that has for the payday financing 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 guidance and law by payday lenders. The OFT suspects that people businesses which spend additional time and energy in complying could be put at a competitive disadvantage to those that spend less.
Insufficient price transparency – the OFT has identified techniques which will make it problematic for customers to recognize or compare the cost that is full of loans efficiently during the point whenever loans are applied for. The OFT suspects that these techniques undermine cost competition by making customers all together less with the capacity of constraining costs.
Cost insensitive clients – a substantial percentage of payday borrowers have actually woeful 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 will find obstacles to switching between payday loan providers or to alternate items or choices during the true point of rollover. The OFT suspects why these obstacles benefit incumbent loan providers and give a wide berth to, restrict 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 due to the features identified above.
The OFT, in workout of its capabilities under Sections 131 of this Enterprise Act 2002 (the Act), referred the supply as well as pay day loans in britain into the CC for research.