Summaries of hearings held with parties Holding that is ariste Genie) 6.5.14 Barclays Bank plc (PDF, 37 Kb) 7.2.14 Cash Converters British therefore 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 additionally 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 multi-lateral hearing with customer bodies (PDF, 326 Kb) 07.2.14 Transcript associated with multi-lateral hearing held using the trade associations and their users 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 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 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 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) 20.8.13Invitation 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 statement 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 a session document aiming its provisional choice to mention the payday financing market in the united kingdom into the CC and started a general public assessment. The assessment document identified lots of features that the OFT suspected were – either independently or perhaps in combination – preventing, restricting or distorting competition in forex trading. 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 financing in the united kingdom towards the Competition Commission (CC) for an industry research. Having considered reactions towards the assessment, the OFT stayed of this view that there have been reasonable grounds for suspecting that has for the payday financing market were preventing, limiting or distorting competition. The features identified because of 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 businesses 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 burdensome for customers to determine or compare the cost that is full of loans efficiently during the point whenever loans are applied for. The OFT suspects why these methods undermine cost competition by making customers all together less able to constraining rates. Cost insensitive clients – a substantial percentage of payday borrowers have actually woeful credit records, restricted usage of other types of credit and/or pushing needs. This might make sure they are less cost delicate which, the OFT suspects, weakens cost competition between payday lenders. Obstacles to switching – you will find barriers 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 avoid, 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 as a result of the features identified above. ActionThe OFT, in workout of their abilities under Sections 131 of this Enterprise Act 2002 (the Act), referred the supply as well as 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 Cash Converters British therefore the customer Finance Association (PDF, 140 Kb) 2.5.14 CashEuroNetUK, LLC (PDF, 150 KB) 6.5.14 DFC worldwide Corp

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