Figurasin & Anor v Central Capital Ltd

Figurasin & Anor v Central Capital Ltd

The court held that 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 explanation caused the claimants not to read the subsequent documents, and the breach caused them to purchase the PPI and suffer loss. The subsequent provision of written information did not remedy the initial breach or break the chain of causation.

Parties
Claimant: Mr Abraham Figurasin; 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 Trial Judgment
Outcome
Appeal dismissed
Legal Topics
Mis Selling of Payment Protection Insurance (ppi), Insurance Conduct of Business Rules (icob), Damages for Breach of Statutory Duty
Consumer Protection Financial Services Law Mis Selling of Payment Protection Insurance (ppi) Insurance Conduct of Business Rules (icob) Damages for Breach of Statutory Duty

Case Brief

Summary, issues, holding and outcome

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Parties

Mr Abraham Figurasin

Claimant

Mrs Maricel Palo-Figurasin

Claimant

Central Capital Limited

Appellant/first Defendant

Paragon Personal Finance Limited

Second Defendant

Procedural Posture

Civil Appeal / Appeal From Trial Judgment

Legal Issues

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

Ratio Decidendi

The court held that 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 explanation caused the claimants not to read the subsequent documents, and the breach caused them to purchase the PPI and suffer loss. The subsequent provision of written information did not remedy the initial breach or break the chain of causation.

Court Disposition

Appeal dismissed

Orders

  • Judgment for the claimants upheld
  • Central Capital Limited to pay damages of £13,000 (inclusive of interest) to the claimants