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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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).”

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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”.’

Full Story

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.

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full story

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?’

Full story

Competition Bulletin from Blackstone Chambers, 28th April 2017

Source: www.competitionbulletin.com