The FCA has just issued Consultation Paper CP 19/28 headed ‘Motor Finance discretionary commission models and consumer credit commission disclosure’. The FCA’s review last year found widespread use of commission models that link brokers’ commission to the interest rate in the credit agreement and grant brokers wide discretion to set or adjust that rate (‘discretionary […]

Gough Square Chambers has retained its dominant position in the field of ‘Consumer Law’ in Chambers & Partners’ 2020 Directory. It remains the only set featured in Band 1 for this area. The Directory’s own review says, “The leader in its field,” Gough Square Chambers is the definitive consumer law set … the chambers continues to […]

HHJ Cooke, sitting as a High Court judge, has handed down judgment in Promontoria (Henrico) Ltd v Samra [2019] EWHC 2327 (Ch). Thomas Samuels represented the claimant debt purchaser. This was the consolidated trial of two claims for possession of commercial properties provided by the defendant, Mr Samra, as security for business overdraft facilities. Mr […]

In August’s Practical Law Regulated Lending Column, Ruth Bala considers the fairness of interest rate variation clauses following the FCA’s recent Guidance. The column may be read here.

In the July column, James Ross considers the meaning of credit in the context of recent case law The column can be read here: the meaning of “credit”

Court of Appeal Clarifies When a New Point May Be Taken on Appeal Summary On 25 July 2019 the Court of Appeal handed down judgment in Notting Hill Finance Limited v Sheikh [2019] EWCA Civ 1337 (judgment available here: Notting Hill v Sheikh). The case provided important guidance on the principles to be applied when […]

Suffolk County Council’s prosecution of rogue trader Mark Everett was recently concluded after a confiscation order was made against him under the Proceeds of Crime Act 2002. Mr Everett had previously pleaded guilty to a single charge of fraudulent trading, contrary to s.9 of the Fraud Act 2006 in the context of his trade as […]

Katie Hope was sentenced to 2 years’ imprisonment and Scott Wolfe to 4 years’ imprisonment for offences of fraudulent trading, forgery and money laundering. The Defendants, through their firm “International Distance College”, had duped over 900 people into paying for qualifications that did not exist. The Defendants had claimed that the courses they were offering […]

In the June column, Lee Finch considers recent developments relating to section 75 of the Consumer Credit Act 1974 (CCA), which raise a number of questions regarding the scope and application of connected lender liability especially in relation to modern payment methods. The column can be read here: section 75 developments and modern payment methods

On 7 June 2019, the FCA published Policy Statement 19/16 confirming that it is introducing reforms to the overdraft market with the aim of making overdrafts simpler, fairer and easier to manage. The reforms include: Stopping banks and building societies from charging higher prices for unarranged overdrafts than for arranged overdrafts. Banning fixed fees for […]