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 and also 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 in addition to credit 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 associated with hearing that is multi-lateral customer bodies (PDF, 326 Kb) 07.2.14 Transcript associated with the multi-lateral hearing held with all the trade associations and their people 30.5.14 Wizzcash (PDF 142, Kb) 2.5.14 Wonga 27.5.14Responses to issues statementBCCA (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 information Scotland (PDF, 395 Kb) 26.9.13 Consumer Finance Association (PDF, 73 Kb) 26.9.13 customer 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 Debt 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) 4.10.13SubmissionsAlbemarle & 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) 20.8.13Invitation to discuss agencies invited to tender on research: Now closedInvitation 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 researching the market (PDF, 41 Kb) 7.8.13Issues statementAnnotated issues declaration (PDF, 176 Kb) 31.1.14 Problems declaration (PDF, 115 Kb) 14.8.13 news release: Payday financing research – problems declaration 14.8.13Terms of guideTerms of reference (PDF, 50 Kb) 27.6.13Market research guide groupCase openedPhase 1 Overview of workOn 6 March 2013, the OFT published an appointment document aiming its provisional choice to refer the payday financing market in the united kingdom towards the CC and started a general public consultation. The assessment document identified lots of features that the OFT suspected were – either independently or in combination – preventing, restricting or competition that is distorting forex trading. The consultation that is public on 1 might 2013. On 27 June 2013, the OFT announced its decision that is final to the marketplace for payday financing in the united kingdom into the Competition Commission (CC) for market research. Having considered reactions into the assessment, the OFT stayed for 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 found varying degrees of non-compliance with appropriate legislation and guidance by payday lenders. The OFT suspects that people organizations which spend more hours and energy in complying could be put at a disadvantage that is competitive those that spend less. Insufficient cost transparency – the OFT has identified techniques which can make it burdensome for customers to determine or compare the complete price of payday loans efficiently 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 costs. Cost insensitive clients – an important 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 will find obstacles to switching between payday loan providers or to alternate items or choices in 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 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. ActionThe OFT, in workout of their capabilities under Sections 131 of this Enterprise Act 2002 (the Act), referred the supply and of payday advances in the united kingdom towards the CC for research.
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 and also 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 in addition to credit […]