Figurasin & Anor v Central Capital Ltd [2014] EWCA Civ 504 (16 April 2014)

Figurasin & Anor v Central Capital Ltd [2014] EWCA Civ 504 (16 April 2014)

Central Capital Limited breached ICOB 2.2.3 R by failing to communicate the cost and nature of the PPI in a clear, fair and not misleading way during the telephone conversation. The misleading oral communication caused the claimants to purchase PPI, and the subsequent written documents did not remedy the breach because the claimants were entitled to rely on the initial oral explanation. The Recorder's findings on causation and breach were justified and not open to interference on appeal.

Citation
[2014] EWCA Civ 504
Parties
Respondent/claimant: Mr Abraham Figurasin; Respondent/claimant: Mrs Maricel Palo-Figurasin; Appellant/first Defendant: Central Capital Limited; Second Defendant: Paragon Personal Finance Limited
Jurisdiction
England and Wales
Judgment Date
16 April 2014
Procedural Posture
Civil Appeal / Appeal From County Court Judgment
Outcome
Appeal dismissed
Legal Topics
Mis Selling of Payment Protection Insurance (ppi), Breach of Insurance Conduct of Business Rules (icob), Damages for Misleading Financial Advice
Consumer Protection Financial Services Law Mis Selling of Payment Protection Insurance (ppi) Breach of Insurance Conduct of Business Rules (icob) Damages for Misleading Financial Advice

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Parties

Mr Abraham Figurasin

Respondent/claimant

Mrs Maricel Palo-Figurasin

Respondent/claimant

Central Capital Limited

Appellant/first Defendant

Paragon Personal Finance Limited

Second Defendant

Procedural Posture

Civil Appeal / Appeal From County Court Judgment

Legal Issues

  1. 1 Whether Central Capital Limited breached ICOB 2.2.3 R by failing to communicate information about PPI in a clear, fair and not misleading way
  2. 2 Whether the misleading communication caused the claimants to purchase PPI and suffer loss

Ratio Decidendi

Central Capital Limited breached ICOB 2.2.3 R by failing to communicate the cost and nature of the PPI in a clear, fair and not misleading way during the telephone conversation. The misleading oral communication caused the claimants to purchase PPI, and the subsequent written documents did not remedy the breach because the claimants were entitled to rely on the initial oral explanation. The Recorder's findings on causation and breach were justified and not open to interference on appeal.

Court Disposition

Appeal dismissed

Orders

  • Central Capital Limited to pay damages of £13,000 to the claimants for mis-selling PPI