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Money Covered: The Week That Was – 4 April 2025

Published on 04 Apr 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 28 March 2025

Published on 28 Mar 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was - 28 February 2025

Published on 28 Feb 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 14 February 2025

Published on 14 Feb 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Important changes to note in accountant ethics code update

Published on 12 Feb 2025. By Rachael Healey, Partner and Hattie Hill, Associate

In this article we consider the anticipated updates to the accountant's Code of Ethics and explore the ripple effects on insurance policies.

Money Covered: The Week That Was - 31 January 2025

Published on 31 Jan 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 10 January 2025

Published on 10 Jan 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

FOS complaints on the rise – is enough being done?

Published on 07 Jan 2025. By David Allinson, Partner and Damien O'Malley, Associate

The Financial Ombudsman Service (FOS) has recently published its yearly complaint data, revealing that complaints regarding fraud, scams, current accounts and credit cards between July and September 2024 hit record levels, rising more than 50% compared to the same period in 2023. The data provides a breakdown of the areas where complaints appear to have increased the most.

Money Covered: The Week That Was – 22 November 2024

Published on 22 Nov 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was - 1 November

Published on 01 Nov 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

The 'Audit Reform and Corporate Governance Bill': Momentum for legislative reform continues, but what does the proposed legislation mean for management liability?

Published on 09 Oct 2024. By Mike Newham, Partner and Victoria Lawman, Trainee Solicitor and Aimee Talbot, Knowledge Lawyer

We consider what we know about the proposed Audit Reform and Corporate Governance Bill.

Fixed recoverable costs: One year on

Published on 30 Sep 2024. By Chris Gower, Senior Associate and Gavin Reese, Partner, Head of Regulatory

1 October 2024 marks the one year anniversary of the implementation of the final Jackson reform: the biggest shake-up to civil costs in a decade. We consider the impact of the reforms and whether the predictions we made this time last year were right.

Compulsory mediation in small claims: a quick guide for the busy lawyer

Published on 28 Jun 2024. By Kirstie Pike, Partner and James Ainsworth, Senior Associate

A new pilot scheme requiring parties in money claims valued at up to £10,000 to take part in a compulsory free one-hour mediation appointment, provided by HMCTS' Small Claims Mediation Service – before the claim can then proceed to Court if no settlement is reached.

No bouncing back for directors

Published on 20 May 2024. By James Wickes, Partner and Adam Craggs, Partner and Catherine Zakarias-Welch, Knowledge Lawyer

Banned! Fraudsters! – Terms used by the Insolvency Service for directors who abused the government backed loan scheme which was put in place to help businesses struggling during the pandemic.

Money Covered: The Week That Was – 10 May

Published on 10 May 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 3 May

Published on 03 May 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 26 April

Published on 26 Apr 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week that Was - 19 April

Published on 19 Apr 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week that Was - 25 August

Published on 25 Aug 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week that Was - 04 August

Published on 04 Aug 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Fix up, look sharp: FRC update

Published on 01 Aug 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Aimee Talbot, Knowledge Lawyer

What's the latest on fixed recoverable costs in professional negligence claims?

Money Covered: The Week that Was - 28 July

Published on 28 Jul 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week that Was - 07 July

Published on 07 Jul 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

A matter of interpretation – the Supreme Court look at contractual interpretation once more

Published on 24 Feb 2023. By Poppy Hay, Senior Associate and Laura Stocks, Partner

In their recent Judgment in Sara & Hossein Asset Holdings Ltd (a company incorporated in the British Virgin Islands) v Blacks Outdoor Retails Ltd [2023] UKSC 2 the Supreme Court adopted a commercially balanced interpretation of a lease; rejecting the overly textual approach of the Court of Appeal in favour of reading the relevant clause in the context of the lease as a whole.

Your statement or mine? Witness statements under Practice Direction 57AC

Published on 23 Feb 2023. By Richard Seymour, Associate and Simy Khanna, Partner

The judgment of Mr Justice Fancourt in Mackenzie v Rosenblatt Solicitors & Anor [2023] EWHC 331 (Ch) has highlighted, in no less than 36 paragraphs on the matter, the importance of ensuring compliance and understanding of Practice Direction 57AC - Trial Witness Statements in the Business and Property Courts ("PD 57AC"), when preparing witness statements.

The collapse of FTX: lessons for many

Published on 14 Feb 2023. By James Wickes, Partner and Matthew Wood, Of Counsel

From investors to regulators, FTX Trading Ltd (FTX) filing for bankruptcy was unexpected by all. A catalyst for litigation and regulation over the years to come, this collapse will serve as a warning, particularly to cryptocurrency insurers.

SLAPPs – a round up of the latest developments for the SRA

Published on 02 Feb 2023. By Graham Reid, Partner and Charlotte Thompson, Associate

The last week or so has seen a burst of activity on SLAPPs, alongside criticism of the SRA. This will be of interest to lawyers and their insurers.

The scope of a solicitor's duty to third parties in the spotlight again

Published on 26 Jan 2023. By Michelle Peacock, Associate and Rhian Howell, Partner & Head of Bristol Office

The Claimant (Mr Syed Ul Haq), via his Estate, brought claims against the Defendants for damages arising out of two frauds in connection with the same property. It is central to this appeal to understand that Rees Page Solicitors never acted for the Claimant. It is indeed for that reason Rees Page Solicitors applied for summary judgment on the grounds that the Claimant had no reasonable prospects of success. After hearing the application, on 13 December 2019, Deputy Master Lloyd, granted summary judgment on the basis that as Mr Ul Haq was not a client of Rees Page Solicitors, they did not owe him a duty of care.

FCA consultation on British Steel redress scheme published

Published on 31 Mar 2022. By David Allinson, Partner and Robert Morris, Partner

The FCA has now published its consultation paper on the proposed redress scheme for British Steel Pension transfers under s.404 of FSMA. The scope of this is wider than anticipated and the proposals contain some surprises around the lack of an opt-in process and potential involvement of FOS.

Financial Services: Minimising Risk in a Dawn of Opportunity

Published on 12 Nov 2014. By Simon Laird, Partner, Insurance Sector Lead

Over the last few years, firms have been asking themselves how they will make money in the post RDR world.

ClientEarth challenges claims made by BlackRock in its sustainable funds

Published on 28 Oct 2024. By James Wickes, Partner and Catherine Zakarias-Welch, Knowledge Lawyer

Not only are regulators clamping down on greenwashing but, as previously highlighted, ClientEarth, a non-profit international environmental law organisation, also has this issue squarely in its sights.

Uncertainty around the mandatory reimbursement cap for APP frauds – a new headache for FI firms and their insurers?

Published on 09 Sep 2024. By James Wickes, Partner and Aimee Talbot, Knowledge Lawyer

New regulations coming on 7 October 2024 will force payment firms to reimburse victims of authorised push payment (APP) fraud up to a set limit. On 4 September 2024, the Payment Systems Regulator (PSR) announced a consultation proposing to set this limit at £85,000, vastly reduced from the previously proposed £415,000 cap. This is a potential headache for insurers as the level of the cap will impact assessment of risk and apportionment of liability between sending and receiving payment firms – and the industry will only have 7 days to prepare.

Further welcome news from the FCA – this time on co-manufacturing

Published on 08 Aug 2024. By Jonathan Charwat, Partner and Lauren Murphy, Senior Associate

Following on from our earlier blog, our review of the FCA's 'Discussion Paper' (DP24/1) continues, this time considering the rules relating to co-manufacturers of insurance products.

Potential deregulation and a pragmatic approach to commercial insurance – welcome news from the FCA

Published on 01 Aug 2024. By Jonathan Charwat, Partner

The FCA has published a 'Discussion Paper' (DP24/1) seeking feedback on its rules on commercial insurance including in respect of the types of commercial customers in-scope, co-manufacturing of products and bespoke insurance products.

New Labour government – what is in store for the UK?

Published on 09 Jul 2024. By Rachael Healey, Partner

We have a new Labour Party government for the first time in 14 years. The new government has already made various announcements, with more set to follow in the coming days, and then we have the King’s Speech on 17 July, when the Labour Party will set out its opening legislative agenda – but what can we expect from the new government impacting services regulated by the Financial Conduct Authority, pensions and accountants?

Surveying the risks: RICS proposed updates tackling financial crime

Published on 02 Jun 2025. By Ben Goodier, Partner and Emma Wherry, Of Counsel and Catherine Zakarias-Welch, Knowledge Lawyer

Financial crime is on the rise. In response to the new technologies criminals are using, such as AI and cryptocurrency, RICS launched a consultation calling on members, regulated firms and key stakeholders to respond to its consultation on proposed changes to "The Financial Crime Standard" (The RICS Countering Financial Crime: Bribery, Corruption, Money Laundering, Terrorist Financing, and Sanctions Violation Professional Standard).

A guide to buying and selling English residential property

Published on 14 Jan 2025. By Elizabeth Alibhai, Partner and Sukh Ahark, Partner, Co-head of India Desk and Ben Roberts, Partner and Jon Ely, Partner and Arash Rajai, Partner

We are seeing increased positivity in the English residential property market. In 2024, inflation reached the Bank of England’s 2% target, down from 11.1% in 2022, which was a significant factor in the return of consumer confidence and economic growth. Mortgage rates are falling slightly with approval rates at their highest level since 2022 as buyers continue to respond to increased certainty post-election. Property values are again on the rise while demand continues to outstrip supply.

Unpacking the Building Safety Act's industry overhaul

Published on 06 Mar 2024. By Zoe Eastell, Partner and Zack Gould-Wilson, Senior Associate

On June 28, 2022, the Building Safety Act 2022 received royal assent, bringing about the biggest change to building safety in 40 years.

The Times recognises RPC among Best Law Firms 2024

Published on 30 Oct 2023.

International law firm, RPC, has been recognised by The Times in its Best Law Firms 2024 report, an annual ranking of the top 250 law firms in England and Wales.

The El Niño year and impact on subsidence claims

Published on 13 Jul 2023. By Andrew Roper, Partner and Aimee Talbot, Knowledge Lawyer

Insurers should be bracing for a wave of subsidence claims arising from the increasingly warm weather. The UN’s World Meteorological Organization (WMO) has declared that an El Niño climate event is in progress, which helps explain why June 2023 was the hottest on record in the UK.

Building on renewable energy #3 – Anaerobic Digestion

Published on 24 Sep 2020.

Anaerobic digestion is the process by which biodegradable materials are broken down in a controlled environment. Whilst being broken down, the materials emit gas (which can be used as a source of renewable energy), and produce heat (which can also be harnessed on or near-to site). The process also leaves a waste material (digestate), which can be used as fertiliser, contributing to the circular economy.

What is a foundational model?

Published on 11 Jun 2025. By Caroline Tuck, Partner and Joshy Thomas, Senior Knowledge Lawyer and Rory Graham, Associate

Part 1 - UK AI regulation

Published on 11 Jun 2025. By Caroline Tuck, Partner and Praveeta Thayalan, Senior Knowledge Lawyer and Ricky Cella, Senior Associate

There has been consistent messaging from the UK Conservative-led government that the UK has decided to adopt a light touch approach to regulating AI. This was evident in the AI white paper published in March 2023 which outlined a principles based framework (see ['The Ethics of AI – the Digital Dilemma'] for more information about the principles themselves and see here for additional coverage of the AI white paper). The UK government held a consultation on the AI white paper in 2023 and published a response on 6 February 2024 that adds slightly more flesh to the bones of the UK framework.

The Role of AI in Disputes

Published on 10 Jun 2025. By Daniel Hemming, Partner and Ricky Cella, Senior Associate and Joshy Thomas, Senior Knowledge Lawyer

While lawyers have had various forms of AI available to them for years, it is generative AI and the development of large language models (LLMs) which is likely to represent a fundamental shift for dispute resolution. This technology now offers language capabilities that have never been seen before, and is likely to transform the way lawyers conduct proceedings.

Generative AI – Addressing Copyright

Published on 10 Jun 2025. By Ciara Cullen, Partner, Retail & Consumer Sector Lead and Joshy Thomas, Senior Knowledge Lawyer and Rory Graham, Associate

When it comes to the interaction of AI and IP rights, bar a flurry of activity surrounding the inevitable outcome by the courts in the Thaler, Dabus case (see here) and the Court of Appeal's ruling on the potential for exclusion from patentability of artificial neural networks in the Emotional Perception case, most attention has been focused on copyright issues. There are three main potentially thorny issues and all have been extensively covered by the mainstream media.

AI and Privacy – 10 Questions to Ask

Published on 10 Jun 2025. By Jon Bartley, Partner and Praveeta Thayalan, Senior Knowledge Lawyer

We set out in this section 10 key questions to ask yourself at the outset when developing or deploying AI solutions in your business.

The Ethics of AI - The Digital Dilemma

Published on 10 Jun 2025.

This is Part 6 of 'Regulation of AI – raising the trillion dollar bAIby'

Part 6 – Practical Considerations

Published on 10 Jun 2025. By Caroline Tuck, Partner and Ricky Cella, Senior Associate and Praveeta Thayalan, Senior Knowledge Lawyer

AI focussed actors and providers have been focussing on their forthcoming AI obligations and on governance for some time, but it is now prudent for the majority of organisations to assess how their use of AI will come within the scope of regulation in key territories and become familiar with each regime (and devise a means to keep up with the anticipated fast moving changes). Planning for the costs of compliance and for AI governance including systems and procedures for data retention and record keeping should also be part of current business strategy together with building expertise on AI internally and identifying trusted advisors from the "noise" of what is being offered externally.

Part 5 – AI Regulation Globally

Published on 10 Jun 2025. By Caroline Tuck, Partner and Praveeta Thayalan, Senior Knowledge Lawyer and Ricky Cella, Senior Associate

On 30 October 2023 the G7 published its international guiding principles on AI, in addition to a voluntary code of conduct for AI developers. The G7 principles are a non-exhaustive list of guiding principles aimed at promoting safe, secure and trustworthy AI and are intended to build on the OECD's AI Principles, adopted back in May 2019.