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17 March 2023 / Fred Philpott
Issue: 8017 / Categories: Features , EU , Brexit , Commercial , Financial services litigation
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Consumer credit: no sunset in sight?

With the revocation of remaining EU legislation on the horizon, Fred Philpott highlights the challenges & opportunities for consumer credit law
  • The Retained EU Law (Revocation and Reform) Bill, if it becomes an Act, will repeal, revoke or reform most of the EU retained law. But this does not apply to UK consumer credit law, a significant part of which is derived from EU legislation.

The Retained EU law (Revocation and Reform) Bill has been described by Professor Michael Zander KC as one of the worst pieces of legislation he can remember in 60 years of following the law-making process (‘Taking back control over retained EU law (Pt 2)’, 172 NLJ 8007, p14).

In very basic outline, the Bill will revoke or reform all EU-derived legislation at the end of this year. This is subject to many exceptions and the ability of government to extend that provision until the tenth anniversary of the Brexit vote (ie June 2026).

Financial services, including consumer credit, are outside of these provisions because of the exception relating to the Financial

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Jurit LLP—Caroline Williams

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Private wealth and tax team welcomes cross-border specialist as consultant

Freeths—Michelle Kirkland Elias

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Flint Bishop—Deborah Niven

Flint Bishop—Deborah Niven

Firm appoints head of intellectual property to drive northern growth

NEWS
Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
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