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Part IIb Non-EU/Non-EEA Jurisdictions, 19 United Kingdom

Gerard McMeel

From: Unfair Terms in Banking and Financial Contracts

Edited By: Danny Busch, Matthias Lehmann

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 23 July 2024

Banker-customer contract — Capital markets — Investment business — UK Financial Conduct Authority (FCA) — UK Financial Services Authority (FSA)

This chapter tackles the implementation of the Unfair Terms Directive (UTD) in the United Kingdom (UK). The UTD remains as the basis for consumer contract legislation even after the UK’s departure from the European Union (EU). Moreover, the main policy behind the UK legislation on unfair contract terms is to provide safeguards against the abuse of the principle of freedom of contract. The chapter notes how the UTD re-shaped UK legislative measures, such as the Unfair Contract Terms Act 1977’s domestic focus and the Directive’s language for the unfairness test. It notes the hope of improved prospects on the use of unfair contract terms by financial institutions and customers obtaining redress despite the situation with Brexit.

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