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General Forums => General Discussions => Topic started by: TimeshareTalk on May 14, 2019, 14:37:44

Title: Joanna Connolly was successful in a consumer credit claim appeal
Post by: TimeshareTalk on May 14, 2019, 14:37:44
On the 24th of April 2019, Joanna Connolly was successful in a consumer credit claim appeal. The Claimant debt purchaser admitted they were not authorised by the Financial Conduct Authority but said they could rely on because they had a valid servicing agreement in place with an affiliated 3rd party who was authorised by the Financial Conduct Authority. It was accepted by both parties that there was a valid servicing agreement in place.  The issue was could the Claimant debt purchaser rely on paragraph 55 of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001 to issue proceedings in the county court.

The Circuit Judge held as a general principle of law that the Claimant debt purchaser was not able to rely on the FCA authorisation of an affiliated 3rd party ( paragraph 55 of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001) for the purpose of bringing a claim. The agreement was unenforceable, and the order of the court below was set aside, and the Claim dismissed