2015 saw the enactment of the Consumer Rights Act (the
"Act"), a piece of legislation which, in 142 pages,
replaced the Sale of Goods Act 1979, Unfair Terms in Consumer
Contracts Regulations 1999 and the Supply of Goods and Services Act
1982, as well as amending other existing legislation, with the aim
of simplifying and strengthening consumer rights. Of particular
interest to financial lines insurers, however, is Schedule 8:
Private Actions in Competition Law, which introduced changes to the
Competition Act 1998 ("CA98").
While the introduction of the Act has not resulted in a deluge
of claims against financial institutions, those that have been
brought are potentially significant. We focus on two major cases:
Walter Hugh Merricks CBE v MasterCard Incorporated and Others
(1266/7/7/16) and Michael O'Higgins FX Class Representative
Limited v Barclays Bank PLC and Others (1329/7/7/19).
