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United Kingdom
fsma general prohibitionaccrual of cause of actionregulated credit
Bhattacharya v Oaksix Holdings Ltd
[2021] EWHC 1326 (Ch)
Key Principle
Where a regulated mortgage / credit agreement is unenforceable for breach of the general prohibition under the Financial Services and Markets Act 2000, the limitation period for a borrower's claim to recover money paid under sections 26/28 FSMA runs (for the principal sum) from the date the principal is repaid, not from the dates of earlier payments of fees or interest.
Area of Law
General
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