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

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