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ARTICLE · 11 FEBRUARY 2014

Consumer Credit And Related Matters

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As always there have been a number of developments in the field of lending to consumers and micro-enterprises.

United KingdomConsumer Protection
Gwen Godfrey
Gwen Godfrey

As always there have been a number of developments in the field of lending to consumers and micro-enterprises.

  • A case was decided on a number of interesting issues under the Consumer Credit Act (Sutherland Professional Funding Limited v Bakewells (a firm) & others [2013] EWHC 2685 (QB)). It related to the provision by a finance company of loans to the clients of a solicitors' firm to pay for disbursements in personal injury claims.
  • Responsibility for consumer credit regulations is to be transferred from the OFT to the FCA on 1 April 2014, and the FCA is due to publish its final rules and guidance in February/March 2014.
  • Amongst other things the FCA's rules will deal with the regulation of "loan-based crowdfunding", also known as peer-to-peer lending. The FCA also made proposals to protect investors on investment-based crowdfunding platforms in its consultation paper CP13/13 published on 24 October 2013.

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