Call for stricter rules on doorstep loans – BBC News
‘People who borrow money from doorstep lenders should get the same protection as those with payday loans, a charity has argued.’
BBC News, 19th March 2018
Source: www.bbc.co.uk
Category: loans
Doorstep lender to return £169m to customers – BBC News
‘A division of troubled lender Provident Financial has been told to pay almost £169m in compensation to customers. The Financial Conduct Authority (FCA) said Provident’s Vanquis unit failed to properly disclose charges on one of its popular repayment plans.’
BBC News, 27th February 2018
Source: www.bbc.co.uk
FCA flexes muscles with first ‘serious crime’ order – Law Society Gazette
“A money lender who ‘flouted the law’ to make more than £2 million from loan agreements despite being refused a credit licence has become the first person to be subjected to a serious crime order imposed by the Financial Conduct Authority (FCA).”
Law Society Gazette, 14th February
Source: www.lawgazette.co.uk
Barclays Bank charged by Serious Fraud Office over Qatar loan – The Independent
‘The UK’s fraud watchdog has charged Barclays Bank over making a loan to Qatar back in 2008.’
The Independent, 12th February 2018
Source: www.independent.co.uk
Tiuta International Limited (in liquidation) v De Villiers Surveyor s Limited [2017] UKSC 77 – Hailsham Chambers
‘The decision in Tiuta continues the series of recent Supreme Court decisions that make for essential reading among professional liability practitioners.’
Hailsham Chambers, 29th November 2017
Source: www.hailshamchambers.com
Goods Mortgages Bill ready to write off unfair law on logbook loans – Law Commission
‘The Law Commission has today published a new draft Bill to put the brake on unfair rules on logbook loans and usher in a new era of better protection for consumers.’
Law Commission, 24th November 2017
Source: www.lawcom.gov.uk/
Struck-off solicitor wins right to sue for loans made before intervention – Legal Futures
‘A sole practitioner who was struck off six years ago has won the right to sue for loans he made before his East London firm was closed by the Solicitors Regulation Authority (SRA).’
Legal Futures, 19th October 2017
Source: www.legalfutures.co.uk
Swynson Ltd v Lowick Rose LLP: bending the law on damages to the point of breaking? – Hardwicke Chambers
‘In 2006, Swynson Ltd proposed to lend £15m to finance a management buy-out. It instructed Lowick Rose LLP (then called Hurst, Morrison Thomson (HMT)) to carry out due diligence on the target company. HMT did so negligently. But for its negligence, the loan would not have been made.’
Hardwicke Chambers, 28th July 2017
Source: www.hardwicke.co.uk
FCA keeps payday loan cap after review – OUT-LAW.com
‘The UK’s Financial Conduct Authority (FCA) is to maintain a cap set on the interest and fees charged on high-cost short-term loans after a review concluded it had benefited consumers.’
OUT-LAW.com, 31st July 2017
Source: www.out-law.com
Queen’s Speech confirms that unfair rules on logbook loans are being sent to the scrapheap – Law Commission
‘The Law Commission welcomes plans outlined in today’s Queen Speech to close a legal loophole which means buyers of second-hand vehicles are at risk of having them repossessed due to unfair logbook loans.’
Law Commission, 21st June 2017
Source: www.lawcom.gov.uk
New payday loan regulations come into force – BBC News
‘New payday loan regulations come into force on Friday, requiring all online lenders to advertise on at least one price comparison website.’
BBC News, 26th May 2017
Source: www.bbc.co.uk
Southwark LBC v Akhtar and Stel LLC – Arden Chambers
‘The Upper Tribunal has held that an estimated service charge that had not been demanded in accordance with a lease would not have been payable but for the lessee taking out a loan from the lessor to pay it and thereby waiving strict compliance with the terms of the lease; s.7, Interpretation Act 1978 does not apply to notices served under the Landlord and Tenant Act 1985 unless a lease provides that s.196 Law of Property Act 1925 is to apply to the service of notices’
Arden Chambers, 20th April 2017
Source: www.ardenchambers.com
High Court again overturns SDT ruling that cleared solicitor over Axiom fund borrowing – Legal Futures
‘The High Court has overturned a decision by the Solicitors Disciplinary Tribunal (SDT) to clear a solicitor who borrowed money from the controversial Axiom Legal Financing Fund of charges of misconduct – five months after a ruling that cleared two other solicitors who took an Axiom loan was also reversed.’
Legal Futures, 11th May 2017
Source: www.legalfutures.co.uk
City watchdogs could ban ‘irresponsible’ car loans in new investigation – Daily Telegraph
‘”Irresponsible” car loans will be probed by the City watchdog amid suggestion that drivers could soon be made to pass mortgage-style affordability tests before leasing new motors.’
Daily Telegraph, 18th April 2017
Source: www.telegraph.co.uk
Supreme Court clarifies distinction between ‘advice’ and ‘information’ negligence cases – OUT-LAW.com
‘A law firm that made a mistake when drafting a loan letter on its client’s instructions, and failing to draw critical information to his attention, was not liable to that client when the loan failed. The client would have made a loss on the loan in any event due to his commercial misjudgments, the UK’s highest court has ruled.
OUT-LAW.com, 29th March 2017
Source: www.out-law.com
Supreme Court hold law firm not liable for client’s commercial misjudgement – Legal Futures
‘The Supreme Court has upheld a ruling that a law firm which had been negligent in drawing up a loan facility agreement was not legally responsible for their client’s decision to actually make the loan.’
Legal Futures, 23rd March 2017
Source: www.legalfutures.co.uk
FCA seeks reforms in 2017 to some crowdfunding rules – OUT-LAW.com
‘The Financial Conduct Authority (FCA) will seek to address potential investor detriment by outlining proposed reforms to crowdfunding rules in the early part of 2017, the regulator has said.’
OUT-LAW.com, 9th December 2016
Source: www.out-law.com
FCA to crack down on crowdfunding – The Guardian
‘The City regulator has announced a crackdown on crowdfunding – the fast-growing sector that lets businesses and individuals raise money from online investors.’
The Guardian, 9th December 2016
Source: www.guardian.co.uk
Committal Applications in the Absence of the Defendent: Two Recent Cases, By Ashley Cukier – Littleton Chambers
‘Ashley Cukier considers two recent judgments of the High Court (Alfa Bank v Reznik [2016] EWHC B21 (Comm) and Taylor v Van Dutch Marine & Others [2016] EWHC 2201 (Ch)), which demonstrate the courts’ willingness, if the circumstances justify it, to hear committal applications in the absence of the defendant.’
Littleton Chambers, 6th October 2016
Source: www.littletonchambers.com
FCA to investigate banks’ high-cost credit including overdrafts – The Guardian
‘The City regulator is to launch an investigation into loans that charge high interest rates in a move that will also wade into the controversy over fees on overdrafts. The decision by the Financial Conduct Authority (FCA) to look at overdraft charges comes after the Competitition and Markets Authority stepped back from imposing a limit on these fees after a two-year investigation into high-street banking.’
The Guardian, 3rd November 2016
Source: www.guardian.co.uk
