CoCos go pop – RPC Commercial Disputes Blog

Posted August 6th, 2014 in financial regulation, interest, loans, news by sally

‘In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives. Today, it has used – for the first time – one if its shiny new tools; the FCA has issued a Temporary Product Intervention Rule (TPIR).’

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RPC Commercial Disputes Blog, 5th August 2014

Source: www.rpc.co.uk

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Solicitor was ‘employee’ and not partner, High Court rules – Law Society’s Gazette

‘A solicitor has won a High Court battle to prove he was an employee and not a partner at a firm subject to legal action.’

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Law Society’s Gazette, 1st August 2014

Source: www.lawgazette.co.uk

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Wonga chased debt with fake lawyers, says FCA – BBC News

Posted June 25th, 2014 in compensation, debts, loans, news, unfair commercial practices by sally

‘Payday lender Wonga must pay £2.6m in compensation after sending letters from non-existent law firms to customers in arrears.’


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BBC News, 25th June 2014

Source: www.bbc.co.uk

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Last ditch attempt to thwart POCA in the consumer protection field – Six Pump Court

‘The Defendant was convicted of 8 counts of carrying on a consumer credit business without a licence (Section 39 Consumer Credit Act 1974 (“CCA”) ) (“illegal money lending”) and was sent to prison. Birmingham City Council whose team has vast experience in and has conduct of most prosecutions in this area of work applied under Proceeds of Crime Act 2002 (“POCA”) to confiscate the Defendant’s property and in particular a house he had purchased with the proceeds of his business. The case was not a “lifestyle” case.’

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Six Pump Court, 12th May 2014

Source: www.6pumpcourt.co.uk

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Watchdog to investigate private colleges’ potential misuse of millions – The Guardian

Posted May 23rd, 2014 in education, loans, news, select committees by sally

‘Margaret Hodge calls in audit office after Guardian reveals colleges offer access to loans for students who don’t attend.’

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The Guardian, 22nd May 2014

Source: www.guardian.co.uk

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University tuition fees and discretionary leave to remain – Hardwicke Chambers

‘Recent press coverage1 has highlighted a black hole in the government’s finances concerning student debt. A mis-calculation in the number of graduates who will earn enough to repay their loans has meant that, should the number pass the 48% mark (which appears likely – it is currently at 45%, having already been raised from an initial figure of 28%) the government would have been better off keeping to the £3,000 a year tuition fees regime. Little comfort to those students subject to the £9,000 a year rate of fees, but there is another group of people who view students with access to university loans on any terms as the lucky ones: those with discretionary leave to remain (“DLR”).’

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Hardwicke Chambers, 8th April 2014

Source: www.hardwicke.co.uk

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Oh Mr Ghopee – NearlyLegal

Posted April 23rd, 2014 in appeals, consumer credit, licensing, loans, news, striking out by sally

‘God, we are told, loves a trier. Perhaps fortunately, the Court of Appeal takes a less emollient approach with an unlawful money lender who has been repeatedly featured on this site.’

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NearlyLegal, 23rd April 2014

Source: www.nearlylegal.co.uk

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Wonga TV advert banned by advertising watchdog – BBC News

Posted April 9th, 2014 in advertising, complaints, loans, media, news by sally

‘A TV advert for payday loans firm Wonga has been banned after the advertising watchdog ruled it confused the public about the interest rates that applied.’


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BBC News, 9th April 2014

Source: www.bbc.co.uk

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Quarter of payday lenders may quit under tougher rules – BBC News

‘One quarter of payday lenders may pull out of the market under pressure from new regulations. The Financial Conduct Authority (FCA) is to investigate the way they treat borrowers struggling to repay loans. It has said the review will be one of its first actions when it takes over regulation of the consumer credit sector on 1 April.’

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BBC News. 12th March 2014

Source: www.bbc.co.uk

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‘Logbook lenders’ are flouting the law, say debt advisers – The Guardian

Posted February 17th, 2014 in debts, financial regulation, loans, news by sally

‘Innocent car buyers can lose their vehicles under ‘bills of sale’ rules dating back to the Victorian era.’

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The Guardian, 16th February 2014

Source: www.guardian.co.uk

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Sixty victims of loan sharks in witness protection – The Guardian

Posted January 27th, 2014 in enforcement, interest, intimidation, loans, news, threatening behaviour, victims, witnesses by sally

‘Sixty victims of loan sharks are in witness protection, according to the country’s leading official tasked with breaking the cycle of fear, intimidation and violence trapping families who have borrowed money from illegal lenders.’

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The Guardian, 24th January 2014

Source: www.guardian.co.uk

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Law students should be prepared for fierce competition after graduating – The Guardian

Posted January 22nd, 2014 in legal education, loans, news, Northern Ireland, trainee solicitors by sally

‘When it comes to securing a training contract, it’s often not what you know but who you know that matters.’

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The Guardian, 21st January 2014

Source: www.guardian.co.uk

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Payday lenders’ default fees could break the law – The Independent

Posted January 13th, 2014 in consumer protection, debts, fees, loans, news by tracey

‘Many payday lenders could be breaking the law by charging excessive default fees to borrowers who miss repayments, according to Which? An investigation by the consumer group revealed that 10 of 17 leading payday lenders have default fees of £20 or more, and four charged £25 and above, with Wonga topping the table at £30.’

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The Independent, 13th January 2014

Source: www.independent.co.uk

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Man jailed for phishing scam that targeted UK students to steal £1.5m – The Guardian

Posted December 16th, 2013 in conspiracy, electronic mail, fraud, internet, loans, money laundering, news, sentencing, theft by sally

‘A man has been jailed for nearly four years for his part in a phishing scam that targeted UK students to steal in excess of £1.5m.’

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The Guardian, 14th December 2013

Source: www.guardian.co.uk

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Government to legislate to cap the cost of payday loans – OUT-LAW.com

‘The Government will introduce legislation to cap the cost of payday loans to borrowers, the Chancellor of the Exchequer has announced.’

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OUT-LAW.com, 27th November 2013

Source: www.out-law.com

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Payday loan costs cap unveiled by George Osborne – The Guardian

Posted November 25th, 2013 in debts, interest, loans, news by tracey

‘George Osborne said the cap on the overall cost of credit was the next logical step as the coalition sought to regulate what had been a wholly unregulated market.’

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The Guardian, 25th November 2013

Source: www.guardian.co.uk

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Loan shark father and son ordered to repay £300k+ in assets – Local Government Lawyer

Posted November 25th, 2013 in assets recovery, gambling, loans, money laundering, news, sentencing by tracey

‘A father and son convicted of illegal money lending have been ordered to pay back more than £300,000 in assets.’

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Local Government Lawyer, 25th November 2013

Source: www.localgovernmentlawyer.co.uk

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Manchester loan sharks jailed after preying on young mothers – BBC News

Posted September 25th, 2013 in debts, interest, intimidation, loans, money laundering, news by sally

“Three Manchester loan sharks who charged vulnerable people 100% interest and menaced them by mobile phone have been jailed.”

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BBC News, 24th September 2013

Source: www.bbc.co.uk

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Liquidators are not data controllers under the Data Protection Act 1998 – Technology Law Update

Posted September 2nd, 2013 in bankruptcy, data protection, liquidators, loans, mortgages, news by sally

“The High Court has found that liquidators under a voluntary liquidation are not data controllers for the purposes of the Data Protection Act 1998 (“DPA” or “Act”) and so are not personally responsible for compliance with the Act.”

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Technology Law Update, 2nd September 2013

Source: www.technology-law-blog.co.uk

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In re Southern Pacific Personal Loans Ltd; Oakley Smith and another v Information Commissioner – WLR Daily

Posted August 14th, 2013 in data protection, insolvency, law reports, loans, statutory interpretation by sally

In re Southern Pacific Personal Loans Ltd; Oakley Smith and another v Information Commissioner [2013] EWHC 2485 (Ch); [2013] WLR (D) 336

“Joint liquidators of a company were not data controllers within the meaning of section 1(1) of the Data Protection Act 1998 in respect of data processed by the company prior to its liquidation.”

WLR Daily, 8th August 2013

Source: www.iclr.co.uk

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