New draft Directive on the sale of digital content

11 December

The European Commission has published a new draft Directive on the sale of digital content, the Commission’s proposal together with the text of the draft Directive can be found here.

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FCA consultation paper on PPI complaints

07 December

The Financial Conduct Authority (“FCA”) has issued consultation paper CP15/39 on proposed rules and guidance for firms dealing with payment protection insurance (“PPI”) complaints under DISP (the Dispute Resolution section of the FCA Handbook) and/or complaints submitted to the Financial Ombudsman Service (“FOS”). The paper sets out the FCA’s proposals for a deadline by which […]

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Court of Appeal case on statutory interest rate

19 November

On 15th October 2015, the Court of Appeal handed down its decision in Oyesanya v Mid-Yorkshire Hospital NHS Trust [2015] 5 Costs LR 911. The Court noted that CPR r12.6 provided an entitlement to interest up to the judgment rate on a default judgment. However, the convenience of using the Judgments Act 1838 rate of […]

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Permission to appeal ‘Plevin’ on quantum refused

18 November

Sir James Munby P has this morning refused the borrower permission to appeal the decision on relief in Plevin v Paragon Personal Finance Limited (Manchester county court, unrep, 2nd March 2015, HHJ Platts). Following the Supreme Court’s ruling that non-disclosure of PPI commission gave rise to an ‘unfair relationship’, the matter was remitted to the […]

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Swift v Ahmed: transactions defrauding creditors

18 November

The Hon. Mr Justice Norris, Vice-Chancellor of the County Palatine, handed down a reserved judgment on 17th November in Swift Advances Plc v Ahmed [2015] EWHC 3265 (Ch). Josephine Hayes appeared on behalf of the successful Applicant, Swift Advances Plc. This was an application made under section 423 of the Insolvency Act 1986 (transactions defrauding […]

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Supreme Court hands down judgment on penalties

04 November

This morning the Supreme Court handed down a landmark judgment in the conjoined appeals of Beavis and Cavendish. Jonathan Kirk QC and Thomas Samuels appeared on behalf of the respondent ParkingEye Ltd in the Beavis appeal. Both appeals concern the common law of penalties. The Court concluded that the dichotomy between a “penalty” and “genuine […]

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Extortionate credit bargain PPI decision

09 November

HHJ Keyser Q.C. has handed down a reserved judgment in ‘Brookman v Welcome Financial Services Ltd’, on the application of the ‘extortionate credit bargain’ provisions. He held that a PPI policy was not part of the “credit bargain” (as it was not represented to be compulsory, and therefore was not part of the total charge […]

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FCA Consultation paper on pre-2004 1st charge mortgages

07 November

The FCA has published consultation paper CP15/36 on the future regulatory treatment of CCA regulated 1st charge mortgages. Consultation paper available here. This consultation paper concerns 1st charge mortgages which were CCA regulated because they were entered pre- 31st October 2004 and fell below the relevant financial threshold (£25,000 for 1998-2004 mortgages). From 21st March […]

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FCA publishes credit card market interim report

04 November

The Financial Conduct Authority (“the FCA”) has published MS14/6.2, its ‘Credit Card Market Study’ interim report. According to the FCA’s interim findings, competition is working “fairly well” for consumers in most of the market. Card issuers compete strongly for custom on some features – not only for new consumers but also for ‘back book’ consumers […]

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FCA publishes consultation paper on High Cost Short Term Credit

29 October

The Financial Conduct Authority has published a consultation paper on its further proposals for the high-cost-short-term (“HCST”) credit market in response to recommendations made by the Competition and Markets Authority. The proposals cover various issues, including new rules for price comparison websites in respect of HCST credit products. The consultation paper can be found here. […]

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