On 4 June 2019, the FCA confirmed that it is introducing new rules for peer-to-peer platforms. The new rules are intended to protect consumers without stifling innovation in the sector. The new rules include: A limit on investments for retail customers new to the P2P sector of 10% of available assets; More explicit requirements to […]

In the May’s Practical Law Regulated Lending Column, Thomas Samuels considers the issues that may arise following the death of the borrower, or hirer, during the term of a regulated consumer credit, or hire, agreement in relation to section 86 of the Consumer Credit Act 1974 (CCA). The column can be read here.

The latest edition of Gough Square’s Trading Law Bulletin is the hundredth edition. Our Trading Law Bulletin is a free quarterly digest of relevant cases and developments in the area of consumer and regulatory law. It is available here and Chambers thanks Fred Philpott for summarising his knowledge of the latest developments over the years.

The High Court has refused the borrower permission to appeal in Scott v Commercial First Business Ltd (unrep, Southend county court, Recorder Marsden, 28th March 2018). Julian Gun Cuninghame acted for the borrower at trial. This was a broker secret commission case where the borrower had not herself paid any broker fee. The Recorder had […]

On 9 May 2019, His Honour Judge Bayliss QC sentenced two defendants, Saleem Arif and Kewal Banga, to 4 years 6 months and 2 years 11 months respectively for their part in a sophisticated fraud. Saleem Arif was found guilty of one count of fraudulent trading and one count of money laundering following a three […]

On 3 May 2019, Gough Square Chambers hosted a dinner at the Reform Club to celebrate Claire Andrews’ 13 years as Head of Chambers. Claire led Chambers with distinction during a period of significant change for both the profession and Chambers. Claire’s leadership will be missed but she will remain an active and integral member […]

Yesterday the Court Appeal handed down the latest judgment in an ongoing claim that seeks up to £14bn in damages and interest for UK consumers: Merricks v Mastercard Inc [2019] EWCA Civ 674. The claim relates to certain fees charged by MasterCard prior to July 2008 whenever a customer used their card to make a […]

Nugee J has handed down judgment in Greenlands Trading Ltd v Pontearso [2019] EWHC 278 (Ch), on appeal from the decision of HHJ Wulwik that a relationship between a lender and a borrower was not unfair under s 140A of the Consumer Credit Act 1974 . Points that arose were whether a default rate of […]

Having been convicted of the consumer protection offence of contravening professional diligence, Peter Carroll, a door-to-door fish salesman, was sentenced on 5 April 2019 by HHJ Crowson at Teesside Crown Court to 12 months’ immediate imprisonment and a 7 year Criminal Behaviour Order preventing him from all unsolicited doorstep selling. The commercial practices of Carroll […]

In April’s Practical Law lending column Ruth Bala considers the use of the ‘unfair relationship’ provisions to attack the level of interest rates and the need for the creditor to adduce expert evidence in light of two recent High Court decisions. Read the column here.