The High Court recently held that the doctrine of strict compliance does not automatically apply to on-demand guarantees. Greg Standing, partner and head of the retail and finance automotive sector group at Gowling WLG, takes a closer look at how this could impact the leasing industry
Greg Standing, partner at Gowling WLG, says that the Financial Conduct Authority (FCA) Handbook has enough similarities with EU law so as to limit disruption for brokers and lessors, but that divergence between UK and EU law is bound to happen.
Finance companies will find that as of 9 March 2015, it became more expensive to issue (and unsuccessfully defend) a claim with a value of £10,000 or more. Indeed, for a claim of £200,000, the increase in the issue fee from £1,515 to £10,000 represents an eye-watering 576% increase!
The Financial Conduct Authority (FCA), in collaboration with 15 major retail financial firms and five trade bodies, has undertaken a forward-looking thematic review of the way consumer complaints are handled. It has also sought input from the Financial Ombudsman Service, industry trade associations and consumer bodies
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A party seeking to extricate itself from a contract will look at every aspect of the contract to ascertain if there is a way of getting out without being in breach. Failure to comply with the formalities of execution of documents, including leasing agreements, may prove one such way out. However, this is less likely to be the case following the Court of Appeal decision in Williams and others v Redcard Ltd and others.