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ARTICLE · 02 AUGUST 2016

Finance Litigation Briefing July 2016: Report And Review On The Latest Cases And Issues

Gowling WLG
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Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.

United KingdomLitigation, Mediation & Arbitration
Greg Standing
Greg Standing
Ian Weatherall
Ian Weatherall
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Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.

  • No duty on lender to advise of onerous clause
  • The court determines where the greatest harm lay
  • Same 'but for' test of causation but different outcome
  • Litigant in person given a second chance

No duty on lender to advise of onerous clause

The High Court has recently considered whether a lender owed a duty of care in contract or tort to advise a borrower of a potentially onerous clause in a loan agreement - and found that it did not.

In Finch v Lloyds TSB Bank PLC, the defendant and a company (B) entered into a 10 year fixed term loan for £11.6 million. The claimant (as assignee of B's cause of action) alleged the defendant had failed to advise B of onerous terms in the loan agreement and, in particular, that it would be liable for the costs associated with repaying the loan early - some £1.5 million. The claimant argued B could not

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