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UK Consumer credit—timeline

UK Consumer credit—timeline This timeline shows key developments relating to the UK's consumer credit regime. For earlier developments, see: Consumer credit—timeline (2011–2023) [Archived]. 2025 Date Source Document Description 2 April 2025 FCA FCA written submissions [2024] EWCA Civ 1282 The Financial Conduct Authority (FCA) has published its written submissions to the Supreme Court in the appeal of the Court of Appeal decision in Johnson v FirstRand Bank Ltd (London Branch) (trading as Motonovo Finance) and other cases [2024] EWCA Civ 1282to which the FCA was granted permission to intervene. In its submissions, the FCA stated that the sweeping approach of the Court of Appeal in (effectively) treating motor dealer brokers as owing fiduciary duties to consumers in the generality of cases goes ‘too far’. The three-day hearing is set to conclude on Thursday 3 April.See News Analyses: Billions on the line as justices weigh motor finance appeal, Motor finance ruling was ‘egregious error’, lenders say, and FCA pleads for quick motor finance decision from top court....

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How to appoint a sales and marketing agent

How to appoint a sales and marketing agent This Practice Note is a ‘how to’ guide on appointing a sales and marketing agent. It includes a summary of what agency is, an explanation of alternative routes to market, factors to consider before selecting a sales and marketing agent, and practical guidance on negotiating an agency agreement. It considers the appointment of a sales and marketing agent where the agent promotes the sale of the principal’s products and makes representations about the characteristic properties of the products, as well as acting as sales agent with the authority to conclude binding contracts on behalf of the principal. What is agency? Agency is a relationship under which a principal appoints an agent to act under their direction and on their behalf for specified purposes. In essence, the principal grants authority to the agent to perform certain acts or make certain decisions for which the principal is generally considered liable. Such authority may be express, implied, apparent or ostensible. For more information, see Practice...

Purpose clauses in facility agreements and Quistclose trusts

Purpose clauses in facility agreements and Quistclose trusts This Practice Note considers what a purpose clause in a facility agreement is. It also explains what Quistclose trusts are, how they arise and why they are relevant to purpose clauses in facility agreements. Where appropriate, this Practice Note highlights relevant provisions in: • Precedent: Facility agreement (term loan): single company borrower—bilateral—with or without security or a guarantee • the Loan Market Association (LMA) investment grade multicurrency term facility agreement with/without observation shift (the LMA investment grade facility agreement), and • the LMA senior multicurrency term and revolving facilities agreement for leveraged acquisition finance transactions with/without observation shift (LMA leveraged facility agreement) The other LMA standard form facility agreements, eg the LMA Senior Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions, also contain sample purpose clauses. LMA documents are available to LMA members on the LMA website. What is a purpose clause? Most facility agreements contain a clause specifying the purpose(s) for which...

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Unapproved share option agreement—standalone deed for employee

Unapproved share option agreement—standalone deed for employee This AGREEMENT is made on [insert date of execution of the share option agreement] Parties 1 [insert name of company whose shares are being granted under option] (registered number [insert registered number of company]) whose registered office is at [insert registered address of company] (the Company);[and] 2 [insert name of option holder] of [insert address of option holder] (the Option Holder) [and] 3 [[insert name of grantor (if different from company)] of [insert address of grantor] (the Grantor)] Background (A) [The Company has agreed to grant to the Option Holder as at the date of this Agreement an Option to acquire Shares on the terms set out in this Agreement. OR The Company and the Grantor intend that, as at the date of this Agreement, the Option Holder be granted an Option to acquire Shares on the terms set out in this Agreement.] (B) [The Company will satisfy the exercise of the Option by transferring or procuring the...

Will—unmarried, divorced, separated with children, no partner

Will—unmarried, divorced, separated with children, no partner STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. 1 Revocation I [full name of testator] of [address of testator] revoke all former testamentary dispositions made by me[ to the extent that and so far only as they affect my property of every...

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Can a company registered in Germany be a corporate trustee of a charitable incorporated organisation (CIO)?

Can a company registered in Germany be a corporate trustee of a charitable incorporated organisation (CIO)? For information on charitable incorporated organisations (CIOs), see Practice Note: Charitable incorporated organisations. This includes links to all the relevant guidance issued by the Charity Commission (CC) on setting up and running a CIO. See, for example, the guidance in FAQs about charitable incorporated organisations (CIOs) and/or Trustees of a CIO and Can a CIO have a corporate trustee? which have information about who may and may not be a trustee of a CIO. Aside from a shortlist of prohibited persons, a notable point in the guidance is that there may also be additional conditions specified in the constitution of a CIO which, for instance, require trustees to have knowledge of the local area in which the charity works or of the issues relevant to the people that the CIO serves. If further clarity on the CC guidance is required, it is suggested that the CC is contacted directly. It...

Are the officers of a co-operative or community benefit society (registered society) subject to the same duties as the directors of a limited company?

Are the officers of a co-operative or community benefit society (registered society) subject to the same duties as the directors of a limited company? A co-operative society or community benefit society (previously known as industrial and provident societies) (a registered society, or alternatively, a society) is a body corporate with limited liability that can be used by organisations to conduct a business either as a co-operative or for the benefit of a community. As noted in Practice Note: Co-operative and community benefit societies, a registered society is managed by its officers. The Co-operative and Community Benefit Societies Act 2014 (CCBSA 2014) does not use the term ‘directors’ but ‘officers’, although many societies do still use the title of ‘director’ for their officers. There are a number of requirements relating to the society's officers, including the requirement to maintain a register of officers and the requirement for security to be given by officers who receive or are in charge of money. CCBSA 2014 does not include detailed...

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Commercial weekly highlights—8 May 2025

This week's edition of Commercial weekly highlights includes: commentary on the Court of Appeal's decision in Hipgnosis v Manilow which held that jurisdiction of the English Courts is determined at the date of issue of proceedings, analysis of the conflict between online trader recommendation platforms’ duty to prevent fake reviews and their contractual duties to businesses featured on their platforms, and news that the Office for Product Safety and Standards has published guidance on the Furniture and Furnishings (Fire) (Safety) (Amendment) Regulations 2025, which comes into effect on 30 October 2025.

Expect complex ruling from UK justices in car dealer case

Law360, London: On 2 April 2025, The UK Supreme Court heard arguments in the joined test cases of Johnson v FirstRand Bank Ltd, Wrench v FirstRand Bank Ltd and Hopcraft v Close Brothers Ltd.