Re: TODAY at the House of Lords - OFT v Banks latest news
Amethyst got the main points of the day dealt with in her summaries.
Sumption for the banks was on all day. Like the first appeal the judges didn't interupt with questions as much as Smith did in the High Court.
The main legal points he was arguing were the interpretation of the EU Directive (including drafts!) by the UTCCR regulations and the definition of 'price' as stated in the regulations. He cherry picked quite a bit from the First National Bank and Easy Car judgments.
He also seemed to stray into giving non-legal arguments by accusing the OFT of ''attacking'' them on two fronts and trying to force price control on the banks. He made lots of references to the OFT PCA Market Study in which he criticised some of the OFT's findings.
The only real debate during his submission was on the cross subsidy where the banks eek their income from just 20% of their customer base. Although Sumtion was right to say this is not illegal
and cross subsidy exists in other markets the Law Lords did appear to express some doubt as to the morality of it. This is when one Law Lord suggested the banks are like ''Robin Hood in reverse.
Hopefully we should get to see the OFT reply tomorrow.
Amethyst got the main points of the day dealt with in her summaries.
Sumption for the banks was on all day. Like the first appeal the judges didn't interupt with questions as much as Smith did in the High Court.
The main legal points he was arguing were the interpretation of the EU Directive (including drafts!) by the UTCCR regulations and the definition of 'price' as stated in the regulations. He cherry picked quite a bit from the First National Bank and Easy Car judgments.
He also seemed to stray into giving non-legal arguments by accusing the OFT of ''attacking'' them on two fronts and trying to force price control on the banks. He made lots of references to the OFT PCA Market Study in which he criticised some of the OFT's findings.
The only real debate during his submission was on the cross subsidy where the banks eek their income from just 20% of their customer base. Although Sumtion was right to say this is not illegal
and cross subsidy exists in other markets the Law Lords did appear to express some doubt as to the morality of it. This is when one Law Lord suggested the banks are like ''Robin Hood in reverse.
Hopefully we should get to see the OFT reply tomorrow.
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