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Thinking - Blog

Privilege: A welcome respite from ENRC?

Published on 05 Feb 2018. By Davina Given, Partner and Mafruhdha Miah, Senior Associate

Are interviews held with employees to prepare a report intended to deter a governmental authority from taking legal action privileged?

Thinking - Blog

ESMA to use new powers to attack the sale of CFDs and binary bets to retail investors

Published on 25 Jan 2018.

ESMA has launched a public consultation on measures to protect retail investors investing in contracts for difference (CFDs) and binary bets. Potential changes include wide-ranging restrictions on the marketing and sale of CFDs, and a complete prohibition on the sale of binary bets to retail investors. An intervention would mark ESMA's first use of its new powers under MiFID II, which came into force on 3 January.

Thinking - Blog

The FCA pledges to take action against providers of contracts for difference

Published on 12 Jan 2018.

The FCA has concluded that consumers are at "serious risk of harm" due to the poor practices of some providers and distributors of CFDs. The regulator will take further action against at least one firm in its latest crack-down on these "complex, high-risk" products.

Thinking - Blog

Thoughts on the FCA's fund fee transparency proposals

Published on 11 Jan 2018.

Alternative investment funds may soon be required to report total cost of ownership in a standardised form. Work on new templates in ongoing, and fund managers need to be aware of the situation and to be involved in this important debate that has so far been largely overlooked.

Thinking - Blog

Initial Coin Offerings – the digital financing process under global scrutiny

Published on 08 Dec 2017. By Rachel Ford, Partner

In an era of social media platforms and the like, the technological world creeps into its corporate counterpart of today. Initial Coin Offerings (ICOs) storm the corporate world by force, but what does the future hold for the new phenomenon?

Thinking - Blog

FCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements

Published on 01 Nov 2017. By Robert Morris, Partner

The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.

Thinking - Blog

FCA allows confidential report to be scrutinised by Treasury Select Committee

Published on 31 Oct 2017.

The FCA has allowed the Treasury Select Committee to review its s.166 report into RBS' Global Restructuring Group (GRG) and has published an interim summary of the report. It is possible that the threat of publication will play on the minds of firms subject to s.166 reports, which may reduce cooperation with skilled persons and therefore the efficacy of this investigatory power.

Thinking - Blog

The FCA makes clear its expectations of financial advisers

Published on 18 Oct 2017. By Charlotte Thompson, Associate

FCA, regulatory, financial services

Thinking - Blog

FCA criticised by Complaints Commissioner for its handling of enforcement limitation issues

Published on 04 Oct 2017.

The Office of the Complaints Commissioner recently upheld two complaints against the FCA for making a "serious mistake" in its management of limitation issues for two connected investigations. The Commissioner criticised the FCA not only for its mismanagement of the limitation issue, but also for the unnecessary delays in concluding its own internal investigation into these complaints.

Thinking - Blog

DB Transfers - now what?

Published on 04 Oct 2017. By Rachael Healey, Partner

We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.

Thinking - Publication

The FCA: key themes for 2017/18

Published on 29 Sep 2017.

A look at key developments for the FCA in 2017 and looking forward to 2018

Thinking - Blog

MiFID II & Inducements

Published on 21 Sep 2017. By Matthew Watson, Partner

FCA MiFiD Inducements Consultation Paper

Thinking - Publication

Regulatory Radar: quick takes May 2025

Published on 12 May 2025. By Gavin Reese, Partner, Head of Regulatory

Welcome to the latest edition of our bi-monthly Regulatory Radar: quick takes update, which collates the latest developments from across the UK’s regulators.

Press and Media

FCA rules could trigger 'marked drop' in finfluencers marketing crypto

Published on 09 Oct 2023. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and Hettie Homewood , Senior Associate

Regulator clamping down over concerns consumers are being 'influenced into high risk investments without understanding consequences'

Thinking - Blog

The FCA sets expectations ahead of incoming cryptoasset marketing rules

Published on 28 Sep 2023. By Kerone Thomas, Associate and Faheem Pervez, Associate

The FCA has issued a "final warning" to firms promoting cryptoassets to UK consumers to prepare for the cryptoassets financial promotion regime. Effective from 8 October 2023, this regime aims to protect consumers from promotions that make exaggerated claims about the benefits in investing in cryptoassets.

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Kim Wright

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+44 20 3060 6000

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Thinking - Snapshot

Variation of contract by email valid without expressly referring to exercise of contractual right

Published on 10 May 2025. By Caroline Tuck, Partner and Eleanor Harley , Partner

How will a court determine the formality requirements for a valid contract variation?

Thinking - Snapshot

Court of Appeal confirms financial claim caught by clause excluding liability for loss of anticipated profits

Published on 10 May 2025. By Caroline Tuck, Partner and Eleanor Harley , Partner

How did the Court of Appeal approach the construction of an exclusion clause to determine whether the Claimant’s financial claim for breach of an exclusivity provision was properly described as a claim for “anticipated profits” and as such was excluded by that clause?

Thinking - Snapshot

Contract formation: use of emoji showed objective intention to enter into contract

Published on 10 May 2025. By Caroline Tuck, Partner and Eleanor Harley , Partner

Is the use of a “thumbs up” emoji sufficient to convey acceptance when forming general commercial contracts?

Thinking - Snapshot

Supreme Court determines that the parties’ common intention decides whether a contract is varied or replaced

Published on 10 May 2025. By Caroline Tuck, Partner and Eleanor Harley , Partner

How will a court determine whether a contract has been varied or replaced?

Thinking - Snapshot

Green claims update

Published on 09 May 2025. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

The CMA has recently consulted on draft guidance to help businesses comply with the revamped consumer protection rules under the Digital Markets, Competition and Consumers Act 2024. The guidance summarises key changes including broader definitions of “commercial practices” and “misleading actions” making it easier to enforce against misleading green claims.

Thinking - Snapshot

ASA gets tougher on brand advertising for “less healthy” food and drink products

Published on 09 May 2025. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

What does CAP and BCAP’s new “identifiability test” mean for the advertising of “less healthy” food and drink (LHF) products?

Thinking - Snapshot

UK advertising codes to be amended to reflect new DMCCA

Published on 09 May 2025. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

What are the proposed key amendments to the CAP and BCAP Codes to align with the Digital Markets, Competition and Consumers Act 2024?

Thinking - Snapshot

Snapshots Spring 2025

Published on 09 May 2025. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and David Cran, Partner, Head of Disputes

A roundup of key legal developments for the modern commercial lawyer.

Thinking - Snapshot

Harmful Online Choice Architecture: ASA criticises Nike and Sky for “dark pattern” tactics

Published on 10 Dec 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

What must businesses do to ensure that their ads do not fall foul of the ASA and CMA’s ongoing investigations into harmful choice architecture and dark pattern tactics?

Thinking - Snapshot

Agreements to agree: Price for goods “to be fixed” by agreement results in partially enforceable contract

Published on 10 Dec 2024. By Caroline Tuck, Partner and Eleanor Harley , Partner

Where a contract for the sale of goods did not expressly specify the price for a portion of the goods, was the contract for the sale of those goods, or an element of it, enforceable or unenforceable as a mere agreement to agree?

Thinking - Snapshot

Influencer posts and affiliate links: the whole marketing chain must know the rules

Published on 10 Dec 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

Why did the Advertising Standards Authority (ASA) rule against Sainsbury’s on the use of an affiliate link by an influencer (noting that Sainsbury’s had no involvement in the creation of the post) and what steps could Sainsbury’s take to help prevent the problem from happening again?

Thinking - Snapshot

Construing material adverse effect/material adverse change clauses

Published on 10 Dec 2024. By Caroline Tuck, Partner and Eleanor Harley , Partner

How did the courts go about construing a material adverse effect definition (MAE) in a share purchase agreement (SPA) to determine whether an event constituted a MAE so as to discharge the buyers from their obligation to close the transaction?

Thinking - Snapshot

Travel agent found to have misled consumers with “from” price claims

Published on 10 Dec 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

How can advertisers avoid misleading consumers when using “from” price claims?

Thinking - Snapshot

Reasonable notice termination not construed or implied into a contract with detailed termination provisions

Published on 10 Dec 2024. By Caroline Tuck, Partner and Eleanor Harley , Partner

Where a contract contains comprehensive termination provisions, in what circumstances will the court avoid construing or implying an additional right to terminate on reasonable notice?

Thinking - Snapshot

ASA rules against telecoms companies on mid-contract price rises

Published on 10 Dec 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

What steps should be taken to ensure contractual mid-term price rises don’t fall foul of advertising regulations or Ofcom’s existing and incoming transparency rules?

Thinking - Snapshot

Effect of a contractual liability cap on set-off and contractual interest

Published on 10 Dec 2024. By Caroline Tuck, Partner and Eleanor Harley , Partner

Under a contract’s liability cap, should the cap be applied separately to each party’s liability before any set-off or after calculating the net financial position between the parties?

Thinking - Snapshot

Round up of recent green claims

Published on 10 Dec 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

Round up of recent green claims: Key updates and sector-specific updates

Thinking - Snapshot

Snapshots Winter 2024

Published on 10 Dec 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and David Cran, Partner, Head of Disputes

A roundup of key legal developments for the modern commercial lawyer.

Thinking - Snapshot

Snapshots Autumn 2024

Published on 17 Oct 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and David Cran, Partner, Head of Disputes

A roundup of key legal developments for the modern commercial lawyer.

Thinking - Snapshot

Court infers novation despite 'no dealings' clause

Published on 17 Oct 2024.

Magee and others v Crocker and others [2024] EWHC 1723 (Ch)

Thinking - Snapshot

Determining whether a default interest clause is an unenforceable penalty

Published on 17 Oct 2024.

Houssein & Others v London Credit Limited & Another [2024] EWCA Civ 721

Thinking - Snapshot

Agent authority in contract variation

Published on 17 Oct 2024. By David Cran, Partner, Head of Disputes and Caroline Tuck, Partner

Advanced Multi-Technology for Medical Industry and others v Uniserve Ltd and others [2024] EWHC 1725 (Ch)

Thinking - Snapshot

Contract construction – adjective at the start of a list found to qualify the entire list

Published on 17 Oct 2024.

Cantor Fitzgerald & Co v Yes Bank Ltd [2024] EWCA Civ 695

Thinking - Snapshot

Updated CAP guidance on when in-game purchases are considered 'advertising'

Published on 17 Oct 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

When and how does the CAP Code apply to the advertising of in-game purchases such as "loot boxes" in apps and video games?

Thinking - Snapshot

ASA continues to scrutinise aviation green claims

Published on 17 Oct 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

What can we learn from the Advertising Standards Authority's (ASA) recent rulings against green claims in the aviation industry?

Thinking - Snapshot

ASA rules on impact of historic environmental performance on green claims

Published on 17 Oct 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

How does the Advertising Standards Authority (ASA) say about poor historic environmental behaviour in respect of green claims?

Thinking - Snapshot

IAB Europe's 12 guiding principles for the 2024-2029 EU legal agenda

Published on 17 Oct 2024.

What principles will guide IAB Europe in the upcoming EU legal agenda?

Thinking - Snapshot

ASA rules that ad is not sufficient where influencers also have business interests

Published on 17 Oct 2024.

Why could Zoe and Huel not rely on a #ad disclosure in ads promoted by the famous entrepreneur, Steven Bartlett? And what does this mean for brands where the individual featured in their ads has a business interest in them?

Thinking - Snapshot

Heating and insulation green claims under CMA review

Published on 17 Oct 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

What is the Competition and Markets Authority's (CMA) new guidance on the marketing of heating and insulation products and how does this fit into the wider consumer protection picture?

Thinking - Snapshot

Snapshots Summer 2024

Published on 01 Aug 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and David Cran, Partner, Head of Disputes

A roundup of key legal developments for the modern commercial lawyer.

Thinking - Snapshot

Snapshots Spring 2024

Published on 17 Apr 2024. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and David Cran, Partner, Head of Disputes

A roundup of key legal developments for the modern commercial lawyer.

Thinking - Snapshot

Snapshots Winter 2023

Published on 12 Dec 2023. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and David Cran, Partner, Head of Disputes

A roundup of key legal developments for the modern commercial lawyer.

Thinking - Snapshot

Snapshots Autumn 2023

Published on 25 Oct 2023. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and David Cran, Partner, Head of Disputes

A roundup of key legal developments for the modern commercial lawyer.

Thinking - Snapshot

Snapshots Summer 2023

Published on 07 Jul 2023. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and David Cran, Partner, Head of Disputes

A roundup of key legal developments for the modern commercial lawyer.