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.
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.