FCA publishes rules on price comparisons of high cost short-term credit

31 May

The FCA has published policy statement PS16/15, which includes final rules for price comparison websites comparing high cost short term credit products. the new rules will come into force on 1st December 2016. The rules will be contained in a new section of CONC, section 2.5A, which will apply to firms which own or operate […]

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CA decision ‘Nelmes v NRAM’ on secret broker commission

27 May

The Court of Appeal handed down judgment yesterday in ‘Nelmes v NRAM plc’. The Court found that there was an ‘unfair relationship’ arising from a secret broker commission. A related undisclosed agreement under which the bank was to pay the borrower’s broker a procuration fee deprived the borrower of the disinterested advice of his broker. It […]

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New UCPD Guidance

26 May

The European Commission has issued new guidance on the Unfair Commercial Practices Directive. The guidance replaces the Commission’s guidance of 3 December 2009. The new guidance is not binding but is informative for businesses and practitioners alike. A copy of the guidance can be found here.

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CA hands down judgment in ‘SimplySure’

17 May

The Court of Appeal today handed down judgment allowing the appeal in Personal Touch Financial Services Ltd v SimplySure Ltd and Usay Business Ltd [2016] EWCA Civ 461. The appointed representative, which sold private medical insurance, had permitted advisors who were not authorised by its principal firm to complete the initial section of a fact-find. It followed […]

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FCA publishes Responsible Lending Review

17 May

The FCA has published a Thematic Review detailing its key findings on how firms are applying its responsible lending rules in MCOB chapter 11. These rules were introduced by the FCA in April 2014 and were designed to prevent a return to poor lending practices that prevailed in the run-up to the financial crisis. The rules […]

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CMA provisional decision on remedies

17 May

The Competition and Markets Authority has published its Provisional Decision on Remedies, proposing a remedy package to enhance competition in the markets for (a) personal current accounts and (b) retail banking services for SMEs. The proposed package includes protections for overdrawn customers and current account switching measures.

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Kumarasamy v Edwards in the Supreme Court

05 May

Julian Gun Cuninghame and Daniel Brayley (led by Philip Rainey QC of Tanfield Chambers) represented the landlord appellant in the Supreme Court today in Kumarasamy v Edwards. This case concerns the repairing obligations of an intermediate landlord towards an assured shorthold tenant in respect of the common parts of a building under section 11 of […]

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