This morning (23 July 2015) the Court of Appeal handed down judgment in the case of NRAM v McAdam  EWCA Civ 751.
The Court of Appeal overturned the decision of the High Court and held that Northern Rock had not, by drafting unregulated agreements in a regulated form, contracted in to the regulated scheme in the Consumer Credit Act 1974. Further, the Court held that the borrowers did not benefit from a contractual term entitling them to the protections afforded in respect of regulated agreements.
A copy of the judgment can be viewed here: NRAM v McAdam
Further analysis will follow in due course.