Northern Rock avoids £258m compensation bill to UK taxpayers

Table of contents

• Original news
• What is the background to this case?
• What is the significance of this case?
• What were the issues the Court of Appeal was asked to address?
• What did the Court of Appeal rule?
• Issue one—contracting in
• Issue two—incorporation
• Issue three—agreement
• Issue four—estoppel
• Issue five—warranty

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Article summary

Financial Services analysis: The Court of Appeal has ruled that when a lender uses documentation compliant with the Consumer Credit Act 1974 (CCA 1974) for loans outside that Act’s scope, the lending is not regulated by CCA 1974. David Bowden, freelance independent consultant, comments on the implications of the judgment that dealt with misrepresentation, limitation and the future of secured lending.