It is only the United Kingdom creditor who is affected. If the supplier is a foreigner, the Act does not purport to regulate his conduct or impose liabilities upon him. The effect of the section is equivalent to the statutory implication of a term in the contract between a United Kingdom creditor and the debtor by which the former accepts joint and several liability with the supplier. In this case, the Office of Fair Trading accepts that section 75(1) applies only to agreements with a creditor carrying on business in the United Kingdom. But extra-territorial effect means seeking to regulate the conduct or affect the liabilities of people over whom the United Kingdom has no jurisdiction. The first is the presumption that legislation was not intended to have extra-territorial effect: see Ex P Blain, In re Sawers (1879) 12 Ch D 522. 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.Ĥ. There is nothing in the language of section 75(1) to exclude foreign transactions. 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.ģ. 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". I gratefully adopt his statement of the background and the issues in this appeal.Ģ. I have had the advantage of reading in draft the speech of my noble and learned friend Lord Mance, with which I agree. HOUSE OF LORDS OPINIONS OF THE LORDS OF APPEAL FOR JUDGMENT IN THE CAUSE Office of Fair Trading (Respondents) v Lloyds TSB Bank plc and others (Appellants) and others (Respondents) UKHL 48ġ. Office of Fair Trading (Respondents) v Lloyds TSB Bank plc and others (Appellants) and others (Respondents) Lloyds TSB Bank plc and others (Appellants) and others (Respondents)
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