Stephen Neville

Stephen advises banks and other finance providers on issues arising from the FCA Handbook and the Consumer Credit Act 1974 (“CCA”), and on enforceability of terms.

Clients include:

Investment Banks/Private equity:

Lenders: Lloyds, Barclays, MBNA, HBOS, Tesco Bank, Handelsbanken, American Express, Sainsburys Bank, GE Money, Argos Financial Services, Optimum Credit, Bradford & Bingley, Mortgage Express, Redstone Mortgages, First Plus, Southern Pacific, Preferred Mortgages, RBS, Manchester Building Society, Societe Generale, Virgin Money, Amigo Loans, HSBC, Citigroup, the Co-op, Northern Rock Asset Management, Nationwide, Provident, Kensington Mortgages, ING, Lombard, Capital One, Capital Home Loans, Mortgages plc, Irish Life & Permanent, Ulster Bank, BNP Paribas, and Banco Bilbao.

Retailers/Suppliers: Apple, Dell, Tesco, La Redoute, Virgin Media, T-Mobile, Axa, Jordon, Marriott, Aviva, Moss Bros, Evans Cycles, Prudential, Brighthouse, Volkswagen, Land Rover, Mitsubishi.

Debtor Acquirers: Lowell, 1st Credit, Arrow Global, Marlin.

Representative organisations: Credit Services Association, Finance and Leasing Association.

He has been a key adviser on CCA/FCA compliance of target companies in preparation for some of the largest acquisitions of regulated portfolios and businesses over the last decade, and for a wide range of securitisations. His compliance reviews typically encompass all client facing documentation, policies and processes, and correspondence with the regulators.

Clients include: Goldman Sachs, Blackstone, Cinven, CVC Capital Partners, ICG, TPG Capital, Apax Partners, Patron Capital Partners, Teacher’s Private Capital

Recent examples are:

• a £12 billion portfolio of mortgages
• a credit card issuer with 5 million customers and £1.6 billion of receivables
• the UK’s largest guarantor lender.
• a second charge lender, with total lending of £1.5billion
• the UK’s largest judicial services/debt collection company
• the financial services arm of a retail group acquired for £1.4 billion.
• an acquirer/manager of £4billion non-performing FCA regulated bank debts
• a £4billion portfolio of consumer loans.
• a company with 14 million FCA regulated accounts in arrears.

He has drafted many hundreds of templates for loan and security documentation, covering a wide range of financial products, including fixed sum and running account loans, credit cards, first and second mortgages, guarantor and payday lending, timeshare, litigation finance, shared equity schemes, hire, conditional sale, employee share purchase, and deferred payment for goods or services.

Stephen has drafted standard terms and conditions, and web pages, for major retailers – including Apple, T-Mobile and Dell – and advises on disputes over contracts for the supply of goods or services.

Also, he has made representations, on behalf of clients, to Ofcom, the Advertising Standards Authority, and the Treasury.

Gough Square Live, Episode 36: Secret Commission – errors in valuation of rescission claims after Wood v Commercial First

Chambers & Partners ranks Gough Square as Number 1 for Consumer Law

November 3, 2023

• Owen v Black Horse (CA): scope of power to strike out at trial;
• Airbus Operations Ltd v Withey (Mercantile Court): claim for return of £1 million alleged secret commission;
• Brooks v Northern Rock plc: test case on the stating of the APR and rate of interest in loan agreements;
• Carey v HSBC Bank plc (QB): represented the OFT in the leading test case on enforceability of credit card debts;
• Travel Intelligence v Townsend (QB): business sale – interim injunction;
• Zaman v Zoha (CA): enforceability of charge transferred to partner on his discharge of a partnership debt;
• Nicolet v Halim (CA): discovery of new evidence after judgment in a property dispute;
• Shore Canarias v Scott (QB): efficacy of exclusion clauses in timeshare contracts;
• McMillan Williams v Range (CA): enforceability of claim for advance payments of commission;
• Altuntas v Safestore (QB): declarations of value in storage contracts;
• Sterling Credit v Rahman (QB): implied obligation to reduce rates of variable rate loan;
• Rahman v Sterling Credit (CA): leading case on time bar on extortionate credit bargain applications;
• Swindle v Harrison (CA): breach of fiduciary duty by solicitor when lending to client;

• ‘First-rate; he is always the first person firms turn to. He has an in-depth knowledge of relevant laws and regulations, is superb at identifying solutions and is extremely pragmatic and provides commercially orientated advice. Very approachable and a pleasure to deal with.’  … Legal 500 Directory, London Bar – Banking and Finance 2023
• “Stephen is obviously very sharp and has a deep knowledge/understanding of consumer credit. He has worked in the industry for many years and has worked through the big changes over the years such as the Consumer Credit Act 2006 and transfer of responsibility for FCA in 2014.’ Legal 500 Directory, London Bar – Financial Services 2023
• “He is very approachable, quick and penetrating intellectually, agile and flexible as well as client focussed. His understanding of consumer credit law as well as ability to make it work practically is second to none” Legal 500 Directory, London Bar – Banking and Finance 2022
• “Stephen Neville is able to draw upon 25 years of experience in the field of consumer lending to advise on  the regulatory aspects of large scale consumer finance transactions. His client base includes a large number of high profile banks, financial institutions, private equity firms and debt collection companies. Works very hard and is very thorough. Possesses an in-depth very comprehensive knowledge base.” Chambers and Partners Bar Directory 2022
• “He is responsive, practical in his approach and also technically very accurate” Chambers and Partners Bar Directory 2021
• “Very responsive, extensive expertise in the area and very good at helping to understand risk levels” Legal 500 Directory, London Bar – Financial Services Regulation 2020
• “Exceptionally knowledgeable” Legal 500 Directory, London Bar – Banking and Finance 2020
• “He is extremely responsive, highly adaptive, very thorough in his explanations and obviously has tremendous expertise in consumer lending. Stephen goes out of his way to be available and is proactive in following up. He’s also a nice chap and a real pleasure to deal with” Chambers and Partners Bar Directory 2020
• “Able to draw on over 25 years of experience in the field of consumer lending to advise on the regulatory aspects of large-scale consumer finance transactions. His client base includes a large number of high-profile banks, financial institutions, private equity firms and debt collection companies. Knows the game inside out and can very quickly give you an industry and regulator view. He quickly understands the client’s objectives and applies the law in a very practical and commercial way.” Chambers and Partners 2019
• “He has a brain the size of Mars and is still extremely approachable and personable.”
• “One of the most user-friendly barristers in this area.”
• “He has a thorough knowledge of consumer credit law, the market and commercial drivers.”
• “He produces excellent technical work and has a dogged determination to get to the bottom of potential issues.”
• “Has an encyclopaedic knowledge of the demanding field of consumer credit law” Legal 500 (Banking and Finance; Financial Services) 2015-2018
• “Stephen is extremely knowledgeable in this area” “Very responsive, engaged and easy to work with” “His content was of exceptional quality” “he gives clear, pragmatic and commercial advice” “Very knowledgeable, responds quickly and has a strong practical understanding of the consumer finance market.”
• “He has a history of advising on many of the largest portfolio and business sales in the consumer lending sector. A good man for the bigger ticket matters” Chambers and Partners 2015 -2018
• “Other members of the Bar say of Stephen Neville that “if you see his pleadings, you know you have to take him seriously”
• “An advocate whose advice is clear throughout a case”.
• “Won the favour of solicitors for his user-friendliness, collaborative style, quick turn-around times.”
•  “Clients commend him for his “very clear and commercially focused explanations of technically complicated legislation.”
• “Offers advice that is always enhanced by his eye for the commercial issues.”
• “A consumer credit and financial services specialist” “ ..at the forefront of consumer credit”
• “Known for his great skill in drafting agreements”
•  “He regularly drafts agreements, conducts reviews and advises on securitisations, acquisitions and new products for finance, insurance and private equity clients”.
• “…Incredibly able” …. “Applauded for his technical excellence” …”Stephen Neville is not only “extremely commercially astute” but also “personable, highly intelligent and a pleasure to work with”. Chambers and Partners Directories 2006 -2014

Contributor to the loose-leaf Encyclopedia of Financial Services Law (Sweet & Maxwell).

Co-author of “The Law of Consumer Credit and Hire” (OUP), and the “Atkins Court Forms” volume on “Consumer Credit” published in 2008.

He studied law at St. John’s College, Cambridge from 1979 to 1982, winning the McMahon Law Scholarship whilst there for being one of the best of his year. He then travelled widely in Asia and Latin America before being called to the Bar in 1986.

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