FCA publishes final guidance on mortgage payment shortfalls and automatic capitalisation

28 April

The FCA has published its finalised guidance “the fair treatment of mortgage customers in payment shortfalls: impact of automatic capitalisations” (FG17/4). The finalised guidance follows a consultation launched ion October 2016 (GC16/6). The FCA has found that a number of firms are automatically capitalising payment shortfalls despite the requirement in MCOB not to do so […]

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36 Group Tenants Join Gough Square

25 April

Gough Square Chambers is delighted to announce the arrival of four new tenants and two door tenants from the 36 Group’s consumer law team. Cameron Crowe, Alison Lambert, Richard Roberts and Michael Coley have joined as full tenants and significantly strengthen Gough Square’s consumer and regulatory specialism. Jonathan Kirk QC, who was formerly a silk at […]

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April’s PLC Column: Loans secured on land

25 April

In April’s Practical Law regulated lending column, Thomas Samuels considers whether loans secured by way of charge on land will fall within either the FCA’s consumer credit regime or its mortgage regime. The column can be read here.

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Brexit Conference

21 April

On 20 April 2017, Gough Square Chambers held a conference on the potential impact of Brexit on consumer law. The conference was chaired by Iain MacDonald who provided an introduction to the topic and some of the issues, especially in light of the recent Brexit-themed white papers. Claire Andrews then discussed potential implications for food […]

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The NAO issues report on vulnerable customers

13 April

The National Audit Office has issued a report on vulnerable customers within the regulated sectors of water, energy, telecommunications and financial services. The key findings are as follows: The number of vulnerable consumers is potentially high, and many conditions that may cause vulnerability are projected to increase. The impact on individuals of being in a […]

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Lords’ Recommendations on Financial Exclusion

03 April

The House of Lords select committee on financial exclusion has published a report (available here). Notably the committee has recommended amendment of the Financial Services and Markets Act 2000 (“FSMA”) to introduce a reasonable duty of care for financial service providers to exercise towards consumers (including promoting sound financial decision-making by customers and avoiding conflicts […]

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FCA proposes new rules for credit card firms

03 April

On 3 April 2017, the FCA proposed new rules intended to help customers who are in persistent credit card debt. The proposal follows the FCA’s recent study of the UK credit card market. Under the FCA’s definition, a customer is considered to be in persistent debt if they have paid more in interest and charges […]

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