FCA Policy Statement: Mortgage Payment Shortfalls

21 December

The FCA has issued policy statement PS15/25 on home finance customers (i.e. customers with mortgages or home purchase plans) who are experiencing a payment shortfall. The statement includes details of minor Handbook changes to MCOB and feedback on CP16/16.  Link here.

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FCA Statement on PPI

21 December

In August 2016, the FCA published a consultation paper (CP16/20) on setting a deadline for consumers to make any further Payment Protection Insurance (“PPI”) complaints and proposed rules and guidance for dealing with such complaints in light of the Supreme Court decision in Plevin v Paragon Personal Finance Limited [2014] 1 W.L.R. 4222. The consultation […]

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CJEU ‘VFK’ case: whether Debt Rescheduling Free of Charge

21 December

The CJEU has issued its decision in Verein für Konsumenteninformation (C-127/15), on whether debt rescheduling is ‘free of charge’ where the debt collection agency’s fees are added to the account. Consumers had entered a debt rescheduling agreement with a debt collection agency which was acting on behalf of the lender. The Consumer Credit Directive 2008/48/EC does […]

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FCA Feedback Statement on Crowdfunding

19 December

The FCA has published a Feedback Statement (FS16/13) in relation to its post-implementation review of its crowdfunding rules. The FCA regulates both loan-based and investment-based crowdfunding platforms. The FCA published an interim review of the crowdfunding market in February 2015 and at that stage did not consider that the growth in the market warranted a […]

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CMA launches enforcement investigation into secondary ticket websites

19 December

Today the Competition and Markets Authority has launched an enforcement investigation into suspected breaches of consumer protection law in the online secondary tickets market. This action follows a CMA review of the four main websites earlier this year; whilst the review was focused on only a small number of businesses it revealed wider concerns about […]

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FCA Letter to Debt Management Firms

14 December

On the 8th December 2016 the FCA published a ‘Dear CEO’ letter to debt management firms identifying concerns in respect of annual reviews for debt management customers and reminding debt management firms of their responsibilities in respect of such reviews. These letters were triggered because the FCA had observed various problems in the market, including […]

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Advertising Ban for children’s media: HFSS food and drink

12 December

The Committee of Advertising Practice has announced a ban on the advertising of high fat, salt and sugar (“HFSS”) food and drink products in children’s media. The ban is due to come into effect on 1 July 2017 and follows a full public consultation. The rules will apply across all non-broadcast media including in print, cinema and, […]

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Pricing Practices Guide: Presentation

12 December

Members of chambers delivered a presentation on the recently published Pricing Practices Guide. After an initial overview, the presentation covers volume offers, ‘was/now’ pricing, price establishment, comparative advertising, subscriptions and the use of the word “free”. The presentation was given by Jonathan Kirk QC, Jonathan Goulding, Anna Medvinskaia and Daniel Brayley. The slides are now […]

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New Pricing Practices Guidance published today

07 December

After a lengthy consultation process, the Chartered Trading Standards Institute (‘CTSI’) has today published its ‘Guidance for Traders on Pricing Practices’ (‘the new Guidance’). The new Guidance replaces the Department for Business, Innovation and Skills (‘BIS’) Pricing Practices Guide (‘PPG’), which was published in November 2010. History The origins of the new Guidance date back […]

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Simon Popplewell given Consumer Rights lawyer of the year award

05 December

Simon Popplewell, of Gough Square Chambers, has been recognised as the 2016 Consumer Rights lawyer of the year by Lawyer Monthly magazine.

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