‘The largest loan-based crowdfunding platforms operating in the UK could be required to establish “an independent compliance function” and “independent risk and internal audit functions”, according to new rules proposed by the Financial Conduct Authority (FCA).’
OUT-LAW.com, 31st July 2018
Source: www.out-law.com
‘UK consumers are paying millions more than they expect for personal loans as the gap between advertised and actual interest rates on such borrowing grows.’
The Independent, 7th June 2018
Source: www.independent.co.uk
‘The rent-to-own sector faces a price cap similar to limits on payday loans, but the financial regulator will not rush to impose the same restrictions on overdrafts.’
BBC News, 31st May 2018
Source: www.bbc.co.uk
‘The Government has announced that it will not bring forward the Law Commission’s Goods Mortgages Bill. The Bill had been announced in last year’s Queen’s Speech and would have replaced the Victorian‑era Bills of Sale Acts – bringing greater protections to those who had taken out or who had unwittingly purchased cars with so-called “logbook loans”. But following additional consultation, the Government has said it will not bring forward reform in the area in the immediate future.’
Law Commission, 14th May 2018
Source: www.lawcom.gov.uk
‘Leave.EU has been fined £70,000 and its chief officer has been referred to the Metropolitan police after the Electoral Commission found it had breached multiple counts of electoral law during the referendum to leave the European Union.’
The Guardian, 11th May 2018
Source: www.theguardian.com
‘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
‘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
“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
‘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
‘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
‘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/
‘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
‘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
‘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
‘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 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
‘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
‘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
‘”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
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