Judgments - Office of Fair Trading (Respondents) v. Lloyds TSB Bank plc and others

[Amethyst]

http://www.bailii.org/cgi-bin/markup...method=boolean

1. Section 75(1) of the Consumer Credit Act 1974 makes a creditor under a debtor-creditor-supplier agreement jointly and severally liable with the supplier in respect of any misrepresentation or breach of contract by the latter in relation to a "transaction financed by the agreement". The question is whether a "transaction" within the meaning of the Act includes a transaction which takes place and is performed abroad and is governed by a foreign law.
2. There is nothing in the language of section 75(1) to exclude foreign transactions. But the appellant credit card issuers, who are "creditors" for the purposes of section 75(1), submit that, for two main reasons, such a limitation should be implied
   
   
   etc