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Tooling v Engie: a glimpse into the future of the motor finance litigation?
On 21 March 2025, the Court of Appeal handed down an expedited judgment in Expert Tooling and Automation Ltd v Engie Power Ltd [2025] EWCA Civ 292, a case which, like one of the three linked motor finance cases due to be heard at the Supreme Court this week (Johnson v FirstRand Bank Limited), dealt with 'half secret' commissions. In Tooling the Court of Appeal took the opportunity to expand upon and further explain some of its reasoning in Johnson.
Read moreMoney Covered: The Week That Was – 28 March 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreFRC to back growth in a new three-year plan – impacting auditors, actuaries, and D&Os
FRC to Back Growth in a New Three-Year Plan – impacting auditors, actuaries, and D&Os The FRC has published its Strategy for 2025-2028 and its Annual Business Plan and Budget for 2025-2026, following a period of consultation and engagement with stakeholders. There are some key messages alongside the Strategy, Plan and Budget, with the FRC emphasising an intention to support UK economic growth and investment whilst serving the public interest through "smart, targeted and proportionate" regulation. The three-year strategy and annual budget allow the FRC to set out interim objectives whilst they prepare for the Government's draft legislation to modernise its statutory powers and ensure that they are fit for purpose.
Read moreVehicle Finance Redress Scheme seems to be down the road
In what could be the final chapter in the long running (or driving) vehicle finance saga, the FCA has announced that it is likely to consult on a redress scheme following the Supreme Court's anticipated decision in Jonson v FirstRand Bank Limited
Read moreMoney Covered: The Week That Was - 28 February 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 14 February 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreThe Year to Come – 2025 – Financial Services and Accountants trends and developments we expect to see in 2025
Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
Read moreMoney Covered: The Week That Was - 31 January 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreFormalities – not so formal?
In two cases – one recent, one not so recent – the High Court looked at and got around formalities; (1) to find a claim in time for limitation purposes by concluding that an agreement had been executed as a deed and (2) by rectifying a signature block so that an amendment to a pension scheme's rules took place as intended. These cases potentially show the courts taking a more lenient approach to formalities and may assist in professional negligence claims arising where documents are considered invalid for failing to follow relevant formalities.
Read moreIs time up for the Shareholder Rule? High Court departs from the century-old principle
In a recent decision, the High Court departed from a century-old precedent in ruling that the so-called 'Shareholder Rule' – the principle that a company cannot assert privilege against its own shareholders save for communications regarding litigation between the company and the shareholder – does not exist in English law. Justice Picken, in making this departure, has significantly limited the circumstances in which a claimant shareholder may be able to obtain disclosure of privileged information.
Read moreMoney Covered: The Week That Was – 10 January 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Year That Was 2024 - Top 10 risks facing the financial sector
Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
Read moreCourt of Appeal Confirms Occupational Pensions Are Shielded from Creditor Claims
The Court of Appeal has recently held that occupational pensions are protected from injunctions requiring them to be made available to creditors for enforcement purposes in the judgment of Manolete v White [2024] EWCA Civ 1418.
Read moreLiquidator granted permission to disclose bank statements to an assignee to pursue a cause of action
The High Court has recently handed down its judgment in Asertis Ltd & Anor v Melhuish & Ors [2024] EWHC 2819 (Ch), granting permission for a liquidator, who had assigned his claims against former directors, to disclose bank statements obtained under section 236 of the Insolvency Act 1986 to the assignee.
Read moreKey takeaways from the Financial Ombudsman Service's Annual Report and Accounts for 2023-2024
The Financial Ombudsman Service (FOS) has published its Annual Report and Accounts for 2023-2024 (the Report) providing valuable insights into the trends and challenges faced by the financial services industry. It is important to understand these developments to proactively manage risks and ensure compliance.
Read moreFCA gets head start on setting Consumer Duty new year resolutions
The Financial Conduct Authority (FCA) has published their priorities under the Consumer Duty for the remainder of the 2024/2025 financial year.
Read moreCompeting interests – phase two of the 'Name and Shame' proposal
On 28 November, the Financial Conduct Authority (FCA) released phase two of their consultation regarding proposals to publicise enforcement investigations, outlining the changes they propose to this so-called 'Name and Shame' proposal.
Read moreFinancial Conduct Authority to hold roundtable discussion with IFAs to test simplified advice
On 15 November 2024, the Financial Conduct Authority ("FCA") published a feedback statement setting out the responses received on the Advice Guidance Boundary Review and what approach they will take on the proposed targeted advice and simplified advice regimes going forwards.
Read moreFCA sets out its strategy for 2025-2030
The FCA published a speech on 26 November 2024 by Emily Shepperd, FCA Chief Operating Officer, setting out the FCA's strategy for 2025 to 2030. The FCA's focus will be on economic growth and innovation, financial crime, consumer resilience, and how they can become a more efficient and effective regulator.
Read moreMoney Covered: The Week That Was – 22 November 2024
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was - 1 November
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreGrowth vs. client care: SRA’s warning on mergers and the risk to public trust
We consider the key takeaways from the SRA's warning notice to firms growing by merger, which urges firms to keep client interests central to their decision-making processes.
Read morePrincipals and their Appointed Representatives – are principals meeting their supervision obligations? Maybe
The FCA has published its findings into how principals are doing when it comes to the new FCA rules (effective from 8 December 2022) for overseeing/supervising appointed representatives (ARs). The findings paint a mixed picture and will be relevant to those in the FCA regulated market involved with networks which means not just advice firms but also brokers (mortgage brokers and insurance brokers) that operate network structures.
Read moreUse the (en)force(ment) - FCA enforcement data shows a sharp increase in s.166 reviews
The FCA has published its annual report and accounts for the year 2023 / 2024. This is a voluminous document running to 170 pages. For the purposes of this blog, we're focussing on some interesting data nestled in an appendix concerning the use of s.166 of FSMA.
Read moreBHS directors ordered to pay over £100m in respect of trading misfeasance redress
On 19 August 2024, the High Court handed down its quantum decision in Wright v Chappell [2024] EWHC 2166 (Ch), which for the first time sets out the method for quantifying loss relating to "trading misfeasance" claims.
Read moreFCA market study into protection product commissions
The Financial Conduct Authority (FCA) has announced a market study into the commission structure associated with protection products. It aims to assess whether the commissions paid to advisors for recommending such products deliver value for money and ensure positive outcomes for consumers. The study will be launched later this year.
Read morePensions Ombudsman publishes corporate plan 2024/25
The Pensions Ombudsman (TPO) has recently released its Corporate Plan for 2024/25 which sets out key priorities aimed at addressing the increasing demand for its services and the challenges that come with it.
Read moreSRA introduces new rules to restrict fees recoverable in financial mis-selling claims
The SRA has taken steps to bring law firms and CMCs into line through the introduction of a cap on fees solicitors are able to recover from their clients when acting on their behalf in relation to financial mis-selling claims.
Read moreNavigating the advice-guidance boundary continued...
In December 2023, the FCA released a Policy Paper (the Paper) which included its proposals for closing the gap between 'holistic advice' and 'information and guidance'. The intention was to "smooth the cliff edge between holistic advice and information and guidance to create a continuum of support." Recent reports indicate that the FCA will shortly be announcing its plan to address this gap.
Read moreThe BSPS saga: the redress scheme two years later
The Financial Conduct Authority (FCA) has reported that fewer than one third of former British Steel Pension Scheme (BSPS) members deemed to have received unsuitable advice to transfer out have actually received redress following the introduction of the redress scheme under s.404 of FSMA. Of the £49m the FCA anticipated would be paid out through the scheme (this of itself being a revised figure), only £8.7m has so far been paid out to affected members.
Read moreThe road lengthens for vehicle finance complaints - FCA consults on extending timeframes further
The FCA has published a consultation paper inviting discussion on a further extension to complaints handling rules for motor finance complaints. This comes as a result of the FCA admitting that it will not be able to set out the next steps they intend to take in this area by the anticipated deadline of 24 September 2024.
Read moreSRA consults the legal sector on proposed changes to their fining framework
The SRA is conducting a consultation from the 28 June to 20 September 2024 on their proposed changes to the SRA Fining Guidance. The regulator is seeking feedback in response to the new unlimited fining powers granted under the Economic Crime and Corporate Transparency Act (ECCTA 2023).
Read moreEmbracing digital change: the new reporting functions for the Financial Reporting Council
The Financial Reporting Council (FRC) has announced two new functions, to better understand its existing market intelligence and to deliver on UK growth and competition. However, following the King's speech this week, and with the industry expecting a new, more powerful regulator in the Audit, Reporting and Governance Authority (ARGA) under this new Labour government, are these new functions simply a steppingstone to wider auditing reform?
Read moreThe What, the How, and the Responsibility – Liability of Principals for actions of Appointed Representatives under FSMA s39
The Court of Appeal has recently affirmed the views of the lower court on the liability of principals for their appointed representatives' actions in KVB Consultants Limited v Jacob Hopkins McKenzie Limited and others.
Read moreFCA Review of Consumer Duty Outcomes Monitoring Across the Insurance Industry
In this blog we take a look at the FCA's recent review of Consumer Duty outcomes monitoring across the insurance sector.
Read moreThe Financial Ombudsman Service Proactive Settlement Scheme - Here to Stay
The Financial Ombudsman Service's (FOS) Proactive Settlement Scheme (the Scheme), designed to encourage businesses to settle customer complaints quickly, is here to stay following its trial introduction in April 2023. The Scheme was trialled as a way to encourage early settlement allowing businesses to make a settlement offer in response to complaints referred to the FOS within 21 days, provided they notified the FOS of their intention to do so within 14 days of being told that a complaint had moved to the investigation stage. The FOS has now confirmed that the Scheme will become a permanent feature of their complaint resolution process.
Read moreAnother failed FOS judicial review on the issue of whether a customer was an "eligible complainant"
The High Court has rejected a judicial review claim arguing that (1) a complainant was not an eligible complainant having identified themselves as an "elective professional client" and (2) the FOS' approach to redress (adopting the FTSE UK Private Investors Income Total Return Index) and contributory negligence was irrational. The High Court judgment is a further example of the courts endorsing FOS' approach to complaints and its wide jurisdiction. The judgment is hot on the heels of the Court of Appeal judgment in Options last month. It is also a further example of permission having been granted to proceed with a judicial review and the increased appetite for respondent firms to challenge FOS, likely to be fuelled by the ever increasing FOS redress caps.
Read moreFiduciary Duties Post Liquidation
In the recent case of Mitchell v Al Jaber [2024] EWCA Civ 423, the Court of Appeal confirmed that a shareholder and director may still be subject to a fiduciary duty when purporting to transfer company property, even after the company enters liquidation. The decision was made in relation to British Virgin Island (BVI) law, but on the basis of English case authorities.
Read moreFinfluencers update: Reality TV stars face FCA charges
The FCA has charged 9 individuals for allegedly promoting or advising on contracts for difference ("CFDs"), a financial product where investors bet on the price of assets, via their social media accounts. The defendants include several former Love Island TV stars including: Biggs Chris, Jamie Clayton, Rebecca Gormley and Eva Zapico, as well as The Only Way is Essex star Lauren Goodger
Read moreICAEW announces key Professional Indemnity Insurance changes, whilst scaling back on the full suite of proposed changes
The ICAEW has confirmed some of the changes to its professional indemnity insurance (PII) requirements, which will come into effect from 1 September 2024.
Read moreRaising standards, welcoming views and closing the gap in tax advice
This article considers the Government's attempt to kick incompetent, unprofessional, unscrupulous and substandard tax advisors out of the market.
Read moreOptions v FOS [2024] – Court of Appeal dismisses Options' judicial review
The Court of Appeal has today dismissed Options UK Personal Pensions' judicial review (JR) of a Financial Ombudsman Service (FOS) decision. Options challenged a FOS decision upholding a complaint on the basis of inadequate due diligence on an unregulated introducer and unregulated investment. Broadly, Options argued that (1) FOS failed to explain its departure from the law, (2) made an error of law and/or (3) reached an irrational decision. The Court of Appeal decision is of relevance to any FCA regulated entity subject to the jurisdiction of FOS given its impact on FOS decision making.
Read moreFCA publishes Consumer Duty 'Dear CEO' letters
The FCA has published a series of 'Dear CEO' letters, setting out its expectations ahead of the the Consumer Duty's implementation in respect of closed products and services. The letters are sent ahead of the 31 July 2024 deadline.
Read moreMoney Covered: The Week That Was – 10 May
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMultiple Dwellings Relief - a problem for tax advisers?
Recent cases before the tax tribunal have highlighted an issue for tax advisers involved with multiple dwellings relief – is the issue of multiple dwellings relief about to impact professionals outside of the legal industry?
Read moreMoney Covered: The Week That Was – 3 May
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 26 April
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreThe beginning of the end for UK resident "non-doms"?
George Smith specialises in defending claims against financial professionals, including accountants, independent financial advisors, brokers and pensions professionals. Ben Simmonds is an Associate in the Professional & Financial Risks team at RPC, specialising in defending claims and complaints for professionals within the finance sector.
Read moreMoney Covered: The Week that Was - 19 April
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreFOS Plans and Budget for 2024/25
We take a look at The Financial Ombudsman Service's strategic plans and budget for the upcoming year ahead.
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