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FCA publish consultation paper on the Insurance Distribution Directive
The FCA has published the first of two consultation papers setting out its proposals for transposing the Insurance Distribution Directive (IDD) into English law.
Read moreComplaints against insolvency practitioners hold steady
The insolvency service has published the latest figures for complaints against insolvency practitioners made to the Complaints Gateway during 2016. The statistics indicate that the Gateway has received a reasonably steady level of complaints since it was established in 2013 but promisingly for practitioners the Gateway does appear to be weeding out more complaints with the Gateway having rejected 29% of complaints in 2016, compared to 18% in the Gateway's first year.
Read moreWhose file is it anyway: What should a solicitor provide to a client when met with a request for "the file"?
The Law Society has published new guidance on what a solicitor should do when a client requests a copy of its file.
Read moreAltogether now – aggregation in solicitors' professional negligence claims
The Supreme Court in AIG Europe Limited v Woodman and others [2017] UKSC 18 provides welcome clarification of how you can aggregate claims against solicitors under the SRA's Minimum Terms and Conditions.
Read moreIn-specie pension contributions - what's the fuss all about?
SIPP and SSAS providers and members continue to be left in limbo over potential tax charges arising from in-specie contributions. HMRC has suspended tax relief on contributions whilst it investigates the position, leaving providers and members without tax relief and the risk of tax assessments back to 2009.
Read moreFOS backs down and agrees: award limit applies in avoidance cases
In R (on the application of Aviva Life & Pensions (UK) Limited) v Financial Ombudsman Service [2017]1 Aviva judicially reviewed a Financial Ombudsman Service decision that required them to reinstate a life insurance policy they had avoided for non-disclosure.
Read moreSolicitors duty to warn - when does it arise?
The Court of Appeal has recently dismissed an appeal against the decision of Michael Bowes QC sitting as a deputy judge in the Queen’s Bench Division in Balogun v Boyes Sutton & Perry [2017] EWCA Civ 75.
Read moreBDO report finds fraud at a 5-year high
There has been a cascade of negative headlines in recent months about increased incidences of fraud in the UK. Stretched police resources, combined with an array of opportunities for online exploitation of businesses and consumers, are perceived to have made it a good time to be a fraudster.
Read more"Fraud unravels all" – or does it?
The English Commercial Court has upheld the enforcement of a foreign arbitration award against a buyer of goods even though the seller submitted forged bills of lading under the letter of credit
Read moreRobo-Advice: not so black and white?
The Chairman of the FCA, John Griffith-Jones has provided an insight into the Regulator's concerns that the advent of technological developments has blurred the distinction between when customers are receiving advice or guidance.
Read moreThe importance of retainer letters
Court strikes out claim that an adviser owed a duty to point out a claim against a former adviser
Read moreThe long arm of the law: chasing the proceeds of (alleged) crime
The English Court has recently upheld a freezing order over the sale proceeds from shares alleged to be a Canadian company's bribes to a Chadian diplomat's wife in the US.
Read moreSecurity for costs – be reasonable!
A recent Judgment in Hong Kong on a security for costs application reinforces the wide discretion of the Court as to the form and quantum of security which should be accepted
Read moreBuyer’s solicitor beware!
Is it safe to act for a purchaser in a property transaction?
Read moreGeneral Liability update, January 2017
In this issue we consider how Insurers might secure the evidence needed to defend long-tail disease claims, with the collateral benefit of reducing the risk of more immediate prosecution by the Health and Safety Executive for non-compliance with Health and Safety Regulations.
Read moreAnnual Insurance Review 2017
Last year we identified the standout insurance law event of 2015 as the impending introduction of the Insurance Act 2015. Little did we anticipate the tumultuous events of 2016 that would shake up the global economic markets as a whole.
Read morePeer review: FCA signals tighter regulation for P2P lending platforms
The FCA has indicated its intention to apply more stringent regulation to the UK's booming peer-to-peer lending sector, amid concerns that increasingly sophisticated lending platforms are outgrowing the current regulatory regime.
Read moreWho is going to pay? FCA launches consultation on the funding of the FSCS
The FCA's consultation follows on from FAMR and focuses on how the FSCS should be funded going forward.
Read moreFCA identifies concerns with PI cover for general insurance intermediaries
The FCA has announced the results of a review into general insurance intermediaries' professional indemnity insurance. The FCA found sufficient breadth in the market, but also identified some significant concerns about the cover firms had purchased.
Read moreFCA consults about delaying disclosure of inside information
The FCA has issued a consultation on amendments it proposes to make to the Disclosure and Transparency Rules section of the FCA Handbook. The FCA proposes to make these amendments to make the FCA Handbook consistent with ESMA's guidelines on delay in the disclosure of inside information.
Read moreAdjudication costs not recoverable as costs of proceedings
The Technology & Construction Court ("TCC") has recently considered whether there are circumstances in which a party can recover adjudication costs; the position, ordinarily, being that the costs of adjudication are not recoverable from the other side.
Read more"Refine but not replace Solvency II" declares the ABI
In its response to the Select Committee inquiry into the impact of Solvency II (as reported by us in September), the Association of British Insurers (ABI) has called on the Government to refine and not replace Solvency II. The response also claims that the implementation of the new regulations is harming customers, distorting markets and potentially unnecessarily affecting UK firms' ability to compete in the EU and globally.
Read moreApproaches to supervising the conduct of intermediaries, IAIS paper
The International Association of Insurance Supervisors (IAIS) has published an application paper on approaches to supervising the conduct of intermediaries.
Read moreEnhanced annuity non-advised sales – not as bad as first feared?
The FCA's thematic review into non-advised enhanced annuity sales found no evidence of an industry wide or systemic failure to provide customers with information about enhanced annuities or the open market option. There will not be a general industry wide remedial action.
Read moreThird Party Rights and the SMR and SIMR: the regulators' Achilles' heel?
The FCA has recently gone to the Supreme Court in an attempt to overturn a significant ruling in relation to third party rights. This could have profound effects on the enforcement of SMR and SIMR.
Read moreAn acceptable degree of uncertainty
Certainty, we are told, is a good thing, as a matter of both legal principle and commercial common sense. Certainty means predictability, which companies and merchants value because it allows them to plan and make decisions in the knowledge of the likely outcomes. This has been a major feature of English commercial law since at least the time of Lord Mansfield.
Read moreScrapping of secondary annuity markets – a backpedalling on Pension Reforms?
In a further nail in the coffin of the Cameron-Osborne legacy the government announced this week that it would be scrapping one of George Osborne's flagship proposed reforms to the pensions market – a proposed secondary market for annuities.
Read moreInsurance Europe argues draft delegated acts must be consistent with IDD
Insurance Europe has expressed concern that the level 2 delegated acts for the Insurance Distribution Directive do not respect the original agreed framework in the legislative text with significant implications including a potential de facto ban on commission.
Read moreFCA consults on the regulation of GCs
The FCA has outlined in a discussion paper its views about the extent to which GCs should come within its regulatory remit.
Read moreEnforcing the duty of responsibility against senior managers: the Regulators' view
The FCA and PRA have issued consultations giving guidance on how they propose to enforce the duty of responsibility against senior managers in banks – and the rest of financial services from 2018.
Read moreFCA and PRA set out wide-ranging rules and proposals for the SIMR and SMCR
Falling like autumn leaves, the FCA and PRA have published a number of papers relating to the senior insurance managers regime as well as the senior managers and certification regime (which will apply to insurers from 2018).
Read moreFCA plans to apply conduct rules to NEDs in banks and insurers
The FCA proposes to extend the application of the Code of Conduct sourcebook to standard NEDs.
Read moreFCA avoids full market study but what next for Big Data?
This update considers the FCA's feedback statement on the use of "Big Data" in the retail general insurance sector.
Read moreA new and better approach to claims against financial advisers?
A Judge has found in favour of Coutts in a claim for negligent investment advice for just under £3.3m plus interest. The Judge’s findings are of interest given that he refused to assess whether the investments recommended were suitable for the Claimants according to a body of accepted professional opinion (the so called “Bolam Test”). Instead, the Judge focused on whether the risks of the investments were properly explained to the Claimants, whether they could afford to take such risks and showed themselves willing to do so.
Read moreABI releases checklist on effective counter fraud practices
Earlier this month, the ABI released a checklist on effective counter fraud practices. The checklist is designed to assist insurers in putting in place strong fraud defences. It is particularly aimed at smaller insurers with limited counter fraud functions.
Read moreSelect Committee Inquiry into the impact of Solvency II
Last week, the House of Commons Treasury Select Committee announced on the parliament website that it is holding an inquiry into the new regime for insurance regulation under the Solvency II Directive (2009/138/EC).
Read moreBrexit - A brief update on investment funds
RPC facilitates conversations between a number of private equity fund sponsors and the BVCA
Read moreFAMR keeps on giving
The launch of a public consultation on the pension advice allowance at the end of August is another product of the Financial Advice Market Review (FAMR).
Read moreIt doesn't rain it pours… New capital adequacy rules for SIPP firms introduced from 1 September
SIPPs are never far from the headlines at the moment. The most recent issue for SIPP firms to deal with are the new capital adequacy requirements. The effect of the new rules is to place an increased capital burden on SIPP firms holding so-called "non-standard assets".
Read moreAs the FOS sees a spike in fraud complaints, we take a look back at a year of FOS complaints
The FOS has recently ordered a financial adviser to pay out after falling foul of an email fraud that caused the adviser to authorise the transfer of its client's money to the fraudsters' account.
Read moreDon’t blag it!
Yesterday the FCA fined and prohibited a sole trader for failure to act with integrity and repeatedly misleading the regulator.
Read moreNew Guidance on when lawyers can attend an SFO section 2 interview
On 6 June 2016, the SFO issued 3 short guidance notes to replace the Operational Handbook that had previously governed interviews under Section 2 of the Criminal Justice Act 1987 (Section 2).
Read moreSupreme Court clarifies the impact of a "collateral lie" made by an assured during the claims process
The Supreme Court has ruled that a lie told by an assured during the course of a claim presentation will not necessarily invalidate the assured's right to recover under his insurance.
Read moreIntroducers & Inappropriate Influence
Last week must have been a busy one for those working at the FCA.
Read moreProduct Liability Update August 2016
In this Update we take a look at some of the recent stories making the news, from electrical fires to mislabelled fishcakes.
Read morePension redress methodology – more changes afoot?
Unsuitable DB pension transfer to personal pension? Advisers have woken up this morning to the Financial Conduct Authority's announcement that next year may see an update to the methodology used to calculate redress due in such situations.
Read moreFCA finds shortcomings in principal firms' control and oversight of their ARs
The Financial Conduct Authority's (FCA) report on its thematic review of principal firms and their appointed representatives (ARs) has identified significant shortcomings in their control and oversight.
Read morePart VII transfers: Court protects policyholder interests by modifying guarantees
High Court uses its powers to ensure third party guarantees continue to apply in the same way following Part VII transfer
Read moreWinning the battle but losing the war
We have previously commented on the need for claimants to establish all elements of a claim (duty, breach, causation and loss) if they want to achieve more than a Pyrrhic victory. The case of Mortgage Express v Countrywide Surveyors Limited provides another example of this, but with a slightly different twist.
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