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Expanding The Horizons of Fairness – Article by Malcolm Waters KC, Elizabeth Ovey and Mark Fell

This briefing note first considers:

  • the further general guidance on unfair terms issued by the FSA in January 2012 and its implications; and
  • the specific guidance issued by the FSA at the same time on switching terms (that is to say, terms which permit mortgagees to convert an interest-only mortgage into a repayment mortgage).

It then includes some questions and answers on unfair relationships (noting that permission to appeal to the Supreme Court has recently been given inHarrison v Black Horse) and concludes with a short discussion of the impact of the Financial Services Bill on the Financial Ombudsman Service. These developments illustrate the shifting and (generally) widening boundaries of fairness as a source of substantive legal obligations for providers of financial services. Please click here to download this briefing note.

Please click here to view Elizabeth Ovey’s profile.

Please click here to view Mark Fell’s profile.