Public Law analysis: The Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) confers powers on the Payment Systems Regulator to issue general directions to operators of payment systems in the banking industry. The claimants, including two operators of payment systems, had agreed interchange fees which are payable when banks settle a card transaction involving a customer and a merchant. The Payment Systems Regulator issued a general direction under FS(BR)A 2013, s 54 setting a price cap on certain interchange fees which are incurred in some payment transactions. The claimants challenged the lawfulness of the price cap in judicial review, arguing that section 54 did not authorise it. The court dismissed the claim, concluding that the language and purpose of section 54 when understood in the context of the Act as a whole meant that the direction was lawful. Written by Denis Edwards, barrister, Temple Tax Chambers.

This Practice Note introduces the key existing, planned and historic price caps on domestic energy supply tariffs in Great Britain (GB). It includes detailed coverage of the government’s cap on standard variable tariffs and default tariffs implemented from 1 January 2019 under the Domestic Gas and Electricity (Tariff Cap) Act 2018 and the cap on charges to those with prepayment meters implemented by the Competition and Markets Authority (incorporated within the scope of the energy price cap, also known as the Default Tariff Cap, from 1 January 2021). The Practice Note cites statutory provisions and electricity and gas supplier standard licence conditions along with providing links to relevant consultations and guidance. What is the evolving position of price caps for electricity and gas suppliers in Great Britain? The following table is a high-level snapshot of the key price caps introduced on licensed GB electricity and gas suppliers in recent years, as the position has evolved. Each of these price caps, the background and history to their introduction, is covered

CASE HUB NOTE—appeal lodged before the CAT in 1380/1/12/21 ARCHIVED–this archived case hub reflects the position at the date of the decision of 4 November 2020; it is no longer maintained. See further: timeline, commentary, and related cases. Case facts Outline CMA Article 101 TFEU/Chapter I investigation into ComparetheMarket in relation to alleged use of retail wide most favoured nation (MFN) clauses in contracts with home insurance providers. Latest developments On 19 November 2020, the CMA issued its infringement decision finding that between December 2015 and December 2017 BGL (Holdings) Limited, BGL Group Limited, BISL Limited (BISL), and Compare The Market Limited (together, BGL) breached the Chapter I prohibition and Article 101 TFEU by imposing wide MFN clauses on providers of home insurance selling through its platform. The CMA imposed a fine of £17,910,062. Parties BGL (Holdings) Limited, BGL Group Limited, BISL Limited (BISL), and Compare The Market Limited (together BGL).BGL is a digital distributor of insurance and household financial services. It is organised in two divisions: price comparison and insurance, distribution and outsourcing.

A multiple used in valuations — market price divided by net earnings per share.

A price promotion can consist of free volume, money-off or additional or extra value. Examples include 3 for 2 offers, buy one get one free offers and 10% extra for the same price.

This Checklist deals with some of the key issues that practitioners should consider when reviewing price promotions. A price promotion could be, for example, free extra volume or money off promotions. In particular, it draws on requirements identified in the Competition and Market’s Authority guidance: Price transparency: CMA209 (Price Transparency Guidance). For more information, see Practice Note: Promotional marketing and price claims. The third column can be used to record observations or comments as the Checklist is worked through. Checklist Further information Notes (if any) Basic issues to consider for price and value promotions ☐ Is the promotion a genuine price reduction or increase in volume that applies for a specified period of time? Marketers and traders should hold relevant evidence as to whether the claim is genuine. ☐ Is the promotion clear and not misleading? Make sure to include all qualifications, restrictions or other limitations that may apply to the availability of the promotion. Link out to relevant terms and conditions for further detail but do not rely on such terms for any material pricing information

1 Price variation (events prior to delivery of goods or products) Confirmed Price Date • means [insert number] days before[ delivery of the [Products OR Goods] ]. 1.1 At any time prior to the Confirmed Price Date only, the Supplier may, by notice to the Customer, increase the Price of the [Products OR Goods] to reflect any one or more of the following: 1.1.1 any increase in cost beyond the Supplier’s reasonable control [insert details, eg ‘including the price of raw materials’, ‘including metals traded on the London Metal Exchange’ or details relating to energy costs and/or climate change

Introduction This Practice Note addresses frequently asked questions concerning pricing information, compulsory charges, price changes, pricing errors, payment surcharges and refunds in business-to-consumer contracts. The principal legal framework includes the Digital Markets, Competition and Consumers Act 2024 (DMCCA 2024), the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, SI 2013/3134 (CCR 2013), the Consumer Rights Act 2015 (CRA 2015) and the Consumer Rights (Payment Surcharges) Regulations 2012, SI 2012/3110 (Payment Surcharges Regulations 2012). The applicable rules depend on the nature of the contract, the sales channel, the reason for the refund and whether the consumer purchased goods, services or digital content. For further information, see Practice Notes: • Consumer protection from unfair trading under the Digital Markets, Competition and Consumers Act 2024 • Promotional marketing and price claims • Distance, doorstep and on-premises sales • Consumer remedies and redress • Consumer Rights Act 2015—unfair terms • Payment surcharges This Practice Note addresses the following frequently asked questions: • What pricing information must a trader give a consumer before the consumer enters into a contract? • Can

This Practice Note summarises the main issues arising in relation to price, payment terms and interest provisions in business to business contracts. It covers the distinction between deposits and part payments when making payments in advance, the time of payment, whether time is of the essence, methods of payment and whether to permit set-off. It also considers the consequences of late payments including interest, suspension and termination. See also Practice Notes: Price and payment in commercial contracts—FAQs and How to review a payment clause for a commercial transaction. Different rules apply to business to consumer contracts. These are not dealt with in this Practice Note. If you require further information, see Practice Notes: Consumer Rights Act 2015—summary and Consumer Rights Act 2015—unfair terms. The Commercial Payments Bill was introduced to Parliament in May 2026 and is likely to have a significant impact on contractual payment provisions, interest on late payments, invoice dispute mechanisms, increased reporting on payment practices and increased powers of the Small Business Commissioner. For more information, see below and News Analysis: Commercial

Information in relation to securities which would if made public be likely to have a significant effect on the price of the securities. Relevant to Rule 2.1(a) and Note 1 to Rules 4.1 and 4.2. In the FCA Handbook and under the UK Market Abuse Regulation, the phrase has been superseded by the term ‘inside information’.

The ratio of a company's share price to the earnings per share.

See P/E ratio.