Market dynamics in the counterfactual: more competitive, not just cheaper – Competition Bulletin from Blackstone Chambers

Posted December 6th, 2017 in competition, consumer credit, damages, fees, news by sally

‘The judgment of Phillips J in Sainsbury’s v Visa [2017] EWHC 3047 (Comm) demonstrates the importance to claimants in competition damages cases of identifying a counterfactual which not only involves lower prices but also involves higher levels of competition.’

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Competition Bulletin from Blackstone Chambers, 5th December 2017

Source: competitionbulletin.com

David Partington discusses: Time Share Mis Selling – An Introduction to Alternative Strategies – Park Square Barristers

Posted October 20th, 2017 in consumer credit, contracts, limitations, misrepresentation, news by sally

‘The standard, if unimaginative, attack on a timeshare contract is an action in breach of contract and claiming or claiming and damages under section 2(1) of the Misrepresentation Act 1967. This is a perfectly logical and valid start, but as I have written before, and will write again, the classic action in misrepresentation is a very cumbersome and formalistic cause of action. It is a construction rooted in Victorian values, and the axiom caveat emptor (buyer beware) is part of its legal DNA. No doubt it worked very well where gentlemen in stove pipe hats were buying and selling new parts for their latest foundry; it also works well when you have purchased a company after a comprehensive due diligence process and there are written representation and accounts to pore over. It is much more difficult to deploy in the modern world where “consumers” (not a concept with which the Victorians would have been comfortable) are being subject to what may loosely but accurately be called “high pressure selling techniques” which employ a mixture of half-truths and psychological exploitation.’

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Park Square Barristers, 18th October 2017

Source: www.parksquarebarristers.co.uk

Competition Appeal Tribunal decision to refuse biggest-ever class action “not susceptible to appeal” – Litigation Futures

Posted October 5th, 2017 in appeals, class actions, competition, consumer credit, news, tribunals by tracey

‘The Competition Appeal Tribunal (CAT) has refused solicitor Walter Merricks permission to appeal its decision to deny him a collective proceedings order (CPO) that would allow him bring a £14bn action against Mastercard on behalf of 46m people.’

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Litigation Futures, 4th October 2017

Source: www.litigationfutures.com

Appeal to proceed in £14bn landmark Mastercard action – Law Society’s Gazette

Posted August 15th, 2017 in appeals, class actions, competition, consumer credit, news, tribunals by sally

‘A record-breaking £14bn collective action against Mastercard is set to rumble on after the former ombudsman who brought the case on behalf of 46 million consumers seeks to appeal last month’s Competition Appeal Tribunal ruling.’

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Law Society's Gazette, 14th August 2017

Source: www.lawgazette.co.uk

FCA to extend regulatory regime to 47,000 firms – The Guardian

Posted July 27th, 2017 in banking, consultations, consumer credit, news by tracey

‘A regulatory regime intended to crack down on the behaviour of bank bosses is to be extended to 47,000 firms including dentists, gyms and tool hire companies that offer credit to customers.’

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The Guardian, 27th July 2017

Source: www.theguardian.com

£14bn group action kicked out of court – Law Society’s Gazette

‘A record-breaking collective claim against MasterCard was thrown out by the Competition Appeal Tribunal today in a major blow to the growth of funded class actions in the UK. The case, brought by former financial services ombudsman Walter Merricks on behalf of 46 million consumers who were alleged to be victims of excess ‘interchange fees’ charged by card companies, claimed £14bn in damages. It was the largest sum claimed in English legal history.’

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Law Society's Gazette, 21st July 2017

Source: www.lawgazette.co.uk

Rule committee warns lawyers they risk “a solution being imposed” on credit hire cases – Litigation Futures

Posted July 6th, 2017 in civil procedure rules, consultations, consumer credit, insurance, news by sally

‘The Civil Procedure Rule Committee (CPRC) has warned lawyers involved in the “highly contentious area” of credit hire litigation that if they fail to agree a new model order for directions, they risk “a solution being imposed”.’

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Litigation Futures, 6th July 2017

Source: www.litigationfutures.com

Defendant Secures non-party Costs order against Credit Hire Organisation – Park Square Barristers

‘In this Judgment handed down last week, the Court considered the potential for credit hire companies, who were not parties to the litigation, to be the subject of costs orders. The Appellant car hire company was the subject of such a non-party costs order at first instance and appealed to the High Court. The decision is one which anyone involved in credit hire should be aware of.

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Park Square Barristers, 29th June 2017

Source: www.parksquarebarristers.co.uk

Rise of the car hire cowboy: Ombudsman sees 73pc increase in driver grievances – Daily Telegraph

Posted June 13th, 2017 in complaints, consumer credit, financial regulation, news, ombudsmen, reports by sally

‘Car hire purchase deals are now among most complained about policies in Britain, Ombudsman figures show.’

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Daily Telegraph, 12th June 2017

Source: www.telegraph.co.uk

Payday loan complaints see sharp rise despite new rules – BBC News

‘Complaints about payday loans have risen sharply for the second consecutive year despite strict new regulations limiting interest charges.’

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BBC News, 13th June 2017

Source: www.bbc.co.uk

Debt fears grow as county court judgments soar by 35% – The Guardian

Posted May 16th, 2017 in consumer credit, county courts, debts, enforcement, news by sally

‘Nearly 300,000 debt judgments were filed against individuals in English and Welsh county courts in the first three months of 2017, the highest quarterly figure for more than 10 years.’

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The Guardian, 15th May 2017

Source: www.guardian.co.uk

Illegal counterfactuals: the Court of Appeal shuts the back door – Competition Bulletin from Blackstone Chambers

Posted May 2nd, 2017 in appeals, competition, consumer credit, news by sally

‘Suppose a defendant to a competition claim runs a defence that, in the counterfactual world in which no anticompetitive conduct occurred, pricing would have been no different; and that the claimant replies, “maybe so, but only because you were at the same time operating some independent anti-competitive scheme, which must also be purged from the counter-factual”. Can the claimant amend his claim to plead the independent anti-competitive scheme raised in his Reply as the basis for a new substantive claim even where it would ordinarily be time-barred?’

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Competition Bulletin from Blackstone Chambers, 28th April 2017

Source: www.competitionbulletin.com

City watchdogs could ban ‘irresponsible’ car loans in new investigation – Daily Telegraph

Posted April 19th, 2017 in banking, consumer credit, financial regulation, loans, news by tracey

‘”Irresponsible” car loans will be probed by the City watchdog amid suggestion that drivers could soon be made to pass mortgage-style affordability tests before leasing new motors.’

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Daily Telegraph, 18th April 2017

Source: www.telegraph.co.uk

FCA considers shake-up of credit card market to help consumers struggling with persistent credit card debt – OUT-LAW.com

Posted April 5th, 2017 in banking, consultations, consumer credit, debts, financial regulation, news by sally

‘Credit card companies could be required to take more active measures to help customers struggling with persistent debts, under plans outlined by the UK’s City regulator.’

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OUT-LAW.com, 4th April 2017

Source: www.out-law.com

Bailiff industry still problematic, say charities – The Guardian

Posted March 14th, 2017 in bailiffs, consumer credit, debts, enforcement, news by tracey

‘Bailiffs are continuing to intimidate vulnerable people in financial difficulty, despite a government crackdown on the issue, a group of charities has warned.’

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The Guardian, 14th March 2017

Source: www.guardian.co.uk

Payday loans complaints rise 22% despite FCA clampdown – The Guardian

Posted February 28th, 2017 in banking, complaints, consumer credit, financial regulation, insurance, news, statistics by tracey

‘Complaints to the financial ombudsman about payday loans have risen to almost 200 a week – and not all of those experiencing problems necessarily fit the image of low-income borrowers relying on short-term loans to get by.’

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The Guardian, 28th February 2017

Source: www.guardian.co.uk

Sharp rise in county court judgments against consumers – The Guardian

Posted February 7th, 2017 in consumer credit, county courts, debts, news by sally

‘The number of county court judgments (CCJs) registered against consumers has hit a record high, according to official figures that show that an increasing number of people will have problems getting a mortgage, credit card or bank account in the future.’

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The Guardian, 6th February 2017

Source: www.guardian.co.uk

Whistleblower wins 13-year campaign against HSBC – The Guardian

‘A lone whistleblower has won a 13-year “David and Goliath battle” against HSBC and Britain’s chief financial watchdog, resulting in a multimillion-pound compensation payout to thousands of people.’

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The Guardian, 20th January 2017

Source: www.guardian.co.uk

An intervention success story: Powell v Palani – Zenith PI

Posted November 24th, 2016 in consumer credit, costs, news, road traffic by tracey

‘It was only a matter of weeks ago that I encouraged readers to look to 2017 for any future changes to the credit hire landscape. Nevertheless, it appears I was too hasty. The case of William Powell v Babu Palani was heard on 5th September 2016 at Birmingham County Court before His Honour Judge McKenna.’

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Zenith PI, 22nd November 2016

Source: www.zenithpi.wordpress.com

Update ‘archaic’ laws to protect used car buyers, says Law Commission – The Guardian

Posted September 12th, 2016 in consumer credit, Law Commission, legislation, loans, news, repossession by sally

‘Anyone buying a secondhand car privately is in danger of having it repossessed without warning by finance companies under “archaic” Victorian legislation, the Law Commission has warned.’

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The Guardian, 12th September 2016

Source: www.guardian.co.uk