Further Consumer Credit Debt Moratorium – Henderson Chambers

Posted April 28th, 2020 in consumer credit, coronavirus, debts, financial regulation, news by sally

‘Following last week’s moratorium imposed by the Financial Conduct Authority in relation to credit card debts, overdrafts and personal loans, the FCA is imposing a similar moratorium on hire-purchase (annoyingly referred to by the trendy term ‘rent-to-own’), high-cost short-term credit (payday loans), buy-nowpay-later deals (BNPL) and pawn agreements.’

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Henderson Chambers, 24th April 2020

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Three Month Moratorium on Consumer Credit Debts – Henderson Chambers

‘The Covid-19 crisis has led the Financial Conduct Authority to issue authoritative guidance to consumer credit lenders which will oblige them to grant a three month moratorium on debts and to reduce interest costs.’

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Henderson Chambers, 9th April 2020

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FCA: credit card firms must stop suspending all users in debt spiral – The Guardian

Posted February 4th, 2020 in consumer credit, debts, financial regulation, interest, news by sally

‘Britain’s financial watchdog has warned credit card firms against the blanket suspension of cards of consumers who are stuck in a debt spiral, telling them to reduce or waive interest and other charges instead.’

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The Guardian, 3rd February 2020

Source: www.theguardian.com

Gambling watchdog bans credit cards for online betting sites – The Guardian

Posted January 14th, 2020 in consumer credit, consumer protection, electronic commerce, gambling, news by sally

‘Gambling businesses are to be banned from allowing consumers in Great Britain to use credit cards to bet from 14 April, the Gambling Commission has announced.’

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The Guardian, 14th January 2020

Source: www.theguardian.com

Consumer Credit Act must be modernised urgently, says trade body – OUT-LAW.com

‘The next UK government must act urgently to bring consumer credit laws up to date, a trade body has said. The Finance and Leasing Association (FLA) said that lenders were prevented by the Consumer Credit Act (CCA) from stepping in to help customers in financial difficulty quickly enough, while requiring them to send “old fashioned and severely worded letters”.’

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OUT-LAW.com, 13th December 2019

Source: www.pinsentmasons.com

Merricks v MasterCard: Collective Actions Reinvigorated – Competition Bulletin from Blackstone Chambers

Posted April 17th, 2019 in class actions, competition, consumer credit, consumer protection, news by tracey

‘The Court of Appeal today gave its much-anticipated judgment in the application to bring collective proceedings against MasterCard: see Merricks v MasterCard Incorporated and others [2019] EWCA Civ 674. It is a major victory for the Applicant and will reinvigorate the collective proceedings regime, which has seen disappointingly few cases brought since its introduction in 2015.’

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Competition Bulletin from Blackstone Chambers, 16th April 2019

Source: competitionbulletin.com

Mastercard ruling: almost every UK adult could receive payout – The Guardian

Posted April 17th, 2019 in class actions, competition, consumer credit, consumer protection, news by tracey

‘Almost every adult in the UK could receive a payout of up to £300 from Mastercard after a court ruling paved the way for a £14bn class action lawsuit.’

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The Guardian, 16th April 2019

Source: www.theguardian.com

FCA to focus on affordability and culture in regulation of consumer credit – OUT-LAW.com

Posted March 27th, 2019 in banking, consumer credit, financial regulation, loans, news by sally

‘The UK’s Financial Conduct Authority (FCA) has set out its priorities for the future regulation of the consumer credit sector, including the impact of the Senior Managers and Certification Regime (SMCR).’

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OUT-LAW.com, 27th March 2019

Source: www.out-law.com

Price cap plan to clamp down on high rent-to-own fees – The Guardian

Posted November 22nd, 2018 in consumer credit, consumer protection, fees, financial regulation, interest, news by tracey

‘The City watchdog has proposed a price cap on rent-to-own companies in a clampdown on “excessive charges” expected to save 300,000 vulnerable customers up to £22.7m a year.’

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The Guardian, 22nd November 2018

Source: www.theguardian.com

Equifax fined by ICO over data breach that hit Britons – BBC News

Posted September 20th, 2018 in consumer credit, data protection, fines, news by tracey

‘Credit rating agency Equifax is to be fined £500,000 by the Information Commissioner’s Office (ICO) after it failed to protect the personal data of 15 million Britons.’

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BBC News, 20th September 2018

Source: www.bbc.co.uk

Crackdown on high-interest lending announced by FCA – BBC News

Posted May 31st, 2018 in consumer credit, financial regulation, loans, news by sally

‘The rent-to-own sector faces a price cap similar to limits on payday loans, but the financial regulator will not rush to impose the same restrictions on overdrafts.’

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BBC News, 31st May 2018

Source: www.bbc.co.uk

False promises and penury: still no sign of surrender in the credit hire war – Zenith PI

Posted May 17th, 2018 in appeals, consumer credit, insurance, news, rent by tracey

‘For those with an interest (perhaps in the broadest sense of the word) in credit hire litigation, the long-running war between credit hire organisations (‘CHOs’) and motor insurers continues with a judgment from Mr Justice Turner in the QBD.’

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Zenith PI, 15th May 2018

Source: zenithpi.wordpress.com

Call for stricter rules on doorstep loans – BBC News

Posted March 19th, 2018 in consumer credit, financial regulation, loans, news by sally

‘People who borrow money from doorstep lenders should get the same protection as those with payday loans, a charity has argued.’

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BBC News, 19th March 2018

Source: www.bbc.co.uk

Doorstep lender to return £169m to customers – BBC News

Posted February 27th, 2018 in consumer credit, financial regulation, fines, loans, misrepresentation, news by tracey

‘A division of troubled lender Provident Financial has been told to pay almost £169m in compensation to customers. The Financial Conduct Authority (FCA) said Provident’s Vanquis unit failed to properly disclose charges on one of its popular repayment plans.’

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BBC News, 27th February 2018

Source: www.bbc.co.uk

FCA flexes muscles with first ‘serious crime’ order – Law Society Gazette

Posted February 14th, 2018 in consumer credit, financial regulation, licensing, loans, news, sentencing by michael

“A money lender who ‘flouted the law’ to make more than £2 million from loan agreements despite being refused a credit licence has become the first person to be subjected to a serious crime order imposed by the Financial Conduct Authority (FCA).”

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Law Society Gazette, 14th February

Source: www.lawgazette.co.uk

Judge dismisses disclosure bids ahead of £126m credit hire trial – Law Society Gazette

Posted January 16th, 2018 in claims management, consumer credit, disclosure, documents, law firms, news, privilege by tracey

‘The High Court has refused both sides permission to inspect other parties’ documents ahead of a high profile £126m civil case over inflated credit hire charges.’

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Law Society Gazette, 16th January 2018

Source: www.lawgazette.co.uk

Tribunal unimpressed by Mastercard’s “wholly unreasonable” costs in Merricks case – Litigation Futures

Posted January 4th, 2018 in appeals, class actions, competition, consumer credit, costs, news, tribunals by sally

‘The costs incurred by Mastercard in defending an attempt to bring one of the largest class actions ever appear “wholly unreasonable and disproportionate”, the Competition Appeal Tribunal (CAT) has found.’

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Litigation Futures, 2nd January 2018

Source: www.litigationfutures.com

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