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Lawyers Covered - April 2024

Published on 30 Apr 2024. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Helen Lindup, Associate and Georgia Durham, Associate and Lauren Paterson, Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to the March edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

Tax Tribunal upholds taxpayer's appeal in respect of remote gaming duty

Published on 22 Apr 2024. By Liam McKay, Of Counsel

In allowing the taxpayer's appeal, the First-tier Tribunal determined that cashback payments constituted prizes won for the purposes of section 157 of the Finance Act 2014 and Remote Gaming Duty.

The beginning of the end for UK resident "non-doms"?

Published on 22 Apr 2024. By George Smith, Partner and Ben Simmonds, Associate

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.

FOS Plans and Budget for 2024/25

Published on 15 Apr 2024. By Hattie Hill, Associate and David Allinson, Partner

We take a look at The Financial Ombudsman Service's strategic plans and budget for the upcoming year ahead.

FCA vehicle finance review - the road trip continues

Published on 15 Apr 2024. By David Allinson, Partner

The FCA has provided a brief update on its ongoing review of vehicle finance arrangements. Difficulties with data gathering have been noted and firms are reminded of the need to maintain adequate financial resources. A judicial review application is also revving its engine!

FOS' plans to charge CMCs – an update (or lack of)

Published on 10 Apr 2024.

We reported back in February that the Financial Ombudsman Service (FOS) had announced plans to begin charging case management companies (CMCs) a fee for bringing a complaint. The consultation closed in January, and we've been eagerly awaiting the feedback. Following the publication of FOS' 2024/25 Plan and Budget, it seems there may be another opportunity for feedback to be provided.

What does it meme? The FCA's published guidance on 'finfluencers'

Published on 08 Apr 2024. By David Allinson, Partner and Rachael Healey, Partner

The FCA has published their guidance on financial promotions on social media, highlighting how firms and individuals can ensure their marketing strategy remains compliant with existing obligations.

Upper Tribunal upholds penalty imposed for failing to take 'corrective action' in response to a follower notice

Published on 08 Apr 2024. By Alexis Armitage, Senior Associate

Upper Tribunal dismisses taxpayer’s appeal against a penalty issued under the follower notice regime for failing to take corrective action, as the final judicial ruling specified in the follower notice was relevant to the arrangements the taxpayer had implemented.

Tribunal allows appeals against discovery assessments

Published on 02 Apr 2024. By Jasprit Singh, Senior Associate

In Charles Collier and CB Collier Partnership v HMRC [2023] UKFTT 00993 (TC), the First-tier Tax Tribunal (FTT) found that the assessed loss of tax was not brought about deliberately by the taxpayers and had occurred due to carelessness. The 6-year time limit therefore applied to HMRC making assessments and amendments and, under that time limit, HMRC were out of time. The taxpayers' appeals were allowed.

A call for evidence: simplification of the Tax Administration Framework

Published on 28 Mar 2024. By Ben Simmonds, Associate

As part of its ongoing review of the Tax Administration Framework, the government has issued a further call for evidence in relation to HMRC's enquiry and assessment powers, penalties and safeguards (the Call for Evidence). This follows two previous consultation publications and works towards the government's wider objective "to simplify and modernise the tax system, tackle non-compliance, make the tax system fairer for taxpayers and to make the customs system better for traders."

Lawyers Covered - March 2024

Published on 26 Mar 2024. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Helen Lindup, Associate and Georgia Durham, Associate and Lauren Paterson, Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to the March edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

FCA Business Plan 2024/25: Regulator sets out its plan of action for the next 12 months

Published on 26 Mar 2024. By David Allinson, Partner

The FCA has published its Business Plan for 2024/25, outlining its objectives over the next 12 months to deliver what it promised in its 3-year strategy, launched in April 2022. The FCA describes an "ambitious programme" of work ahead, seeking to achieve better outcomes for consumers and markets.

Taxpayer's appeal succeeds as HMRC failed to open enquiry in time

Published on 25 Mar 2024.

In Monks v HMRC [2023] UKFTT 853 (TC) the First-tier Tribunal concluded that HMRC had not opened a valid enquiry because the taxpayer didn't receive HMRC's letter until after the relevant time limit had expired.

Some rumblings but little thunder – the FCA's Thematic Review of retirement income advice

Published on 20 Mar 2024. By David Allinson, Partner and Rachael Healey, Partner

The FCA has published the long-awaited result of its Thematic Review into retirement income advice. Predictably, this highlights some areas for improvement but (dare we say) the overall tone is perhaps positive.

Supreme Court provides clarity on Transfer of Assets Abroad legislation

Published on 18 Mar 2024. By Liam McKay, Of Counsel

In allowing the taxpayers' appeal, the Supreme Court determined that shareholders were not "transferors" for the purposes of the Transfer of Assets Abroad regime in the Income and Corporation Taxes Act 1988.

FOS cap increases to £430,000 and £195,000 for complaints referred on or after 1 April 2024

Published on 14 Mar 2024. By Rachael Healey, Partner

In a press release yesterday, FOS announced increases to the applicable FOS cap that will impact complaints referred to FOS on or after 1 April 2024. £430,000 will apply to complaints about acts or omissions by firms on or after 1 April 2019 where the complaint is referred on or after 1 April 2024 and £195,000 will apply to complaints about acts or omissions by firms on or after 1 April 2019 where the complaint is referred on or after 1 April 2024.

When breach gets you nowhere – Ickenham Travel Group Ltd v Tiffin Green Ltd

Published on 13 Mar 2024.

In a recent judgement the High Court reiterated the principle that breach of duty alone is not sufficient to succeed in a claim of professional negligence against an auditor. This highlights the importance of evidencing actual loss and a chain of causation.

FCA consultation proposes changes to enforcement investigations

Published on 12 Mar 2024. By Ben Simmonds, Associate

The FCA has recently released a consultation paper proposing changes to how it carries out enforcement investigations. We consider the key proposals and how they may impact upon both firms and individuals under the FCA's regulation.

Home run! - Tribunal finds that taxpayer who bought and sold three properties in quick succession was not trading

Published on 11 Mar 2024.

Taxpayer purchasing, renovating and selling properties allowed private residence relief on capital gain and held not to be trading as property developer for tax purposes.

A look into HMRC's toolbox during a criminal investigation

Published on 05 Mar 2024. By Adam Craggs, Partner and Michelle Sloane, Partner

HMRC has far-reaching powers it can deploy during a criminal investigation into suspected tax fraud, which include applying for and executing search warrants (colloquially referred to as a "dawn raid"), making arrests and the compulsorily obtaining information and documentation through production orders and disclosure notices/orders. A criminal investigation conducted by HMRC is one of the most stressful events a business can experience and failing to properly respond can have serious repercussions, including significant financial and reputational damage or even prison time for individuals.

FCA reviews ongoing client services following Consumer Duty implementation

Published on 04 Mar 2024. By Hattie Hill, Associate and David Allinson, Partner

The FCA has made a request for information from a number of networks with a view to determining what further work is needed to ensure that ongoing services provide fair value under the Consumer Duty. It has also recently published a webpage with examples of good practice and areas for improvement.

Lawyers Covered - February 2024

Published on 26 Feb 2024. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Helen Lindup, Associate and Georgia Durham, Associate

Lawyers continue to face a wide range of challenges, and we are here to help guide you through them. So, welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Tribunal allows taxpayers' appeals against discovery assessments as company could not distribute goodwill it did not own

Published on 26 Feb 2024. By Alexis Armitage, Senior Associate

Tribunal allows taxpayers' appeals against HMRC discovery assessments as company could not distribute goodwill it did not own.

Tribunal varies Schedule 36 information notice as it sought material not reasonably required by HMRC

Published on 19 Feb 2024. By Jasprit Singh, Senior Associate

In Parker Hannifin (GB) Ltd v HMRC [2023] UKFTT 00971 (TC), the First-tier Tribunal found that an information notice issued by HMRC, under Schedule 36, Finance Act 2008, was not invalid because it required electronic searches using a list of specified search terms but it did seek information that was legally privileged or not "reasonably required" and the notice was varied accordingly.

Claims against auctioneers: (not) going going gone!

Published on 15 Feb 2024.

Auctioneers – daytime TV shows suggest they are a rather friendly, energetic bunch of people, but did you know they're facing an increase in professional negligence claims? We delve into what happens if complaints are made after the gavel falls.

Pension Ombudsman upholds complaint against SSAS trustee for investment decision

Published on 13 Feb 2024. By Rachael Healey, Partner

In a complaint made against Rowanmoor as administrator and trustee of a small self-administered pension scheme (SSAS) regarding investments made by the SSAS in The Resort Group, the Pension Ombudsman has rejected the complaint against the administrator but upheld the complaint against the trustee. The decision addresses the responsibilities of a pension trustee when making investments including the obligation to diversify assets and to avoid investments "attended with hazard". As the customer was also a trustee of the SSAS (which is always the case with a SSAS) the Ombudsman also considered the contributory fault of the customer, finding that the customer as trustee was responsible for 20% of the loss and in doing so putting to one side the principle that trustees are jointly and severally liable for acts as trustee.

Upper Tribunal remits CGT appeal back to Tribunal for rehearing

Published on 12 Feb 2024.

In M Campbell v HMRC [2023] UKUT 265 (TCC) the Upper Tribunal (Tax chamber) remitted the taxpayers' appeals back to the First-tier Tribunal to consider the liability to capital gains tax, after the taxpayer flipped four residential properties.

Tribunal allows taxpayers' appeals against discovery assessments

Published on 05 Feb 2024. By Liam McKay, Of Counsel

In Smith v HMRC [2023] UKFTT 00912 (TC), the First-tier Tribunal (FTT) allowed the taxpayers' appeals against discovery assessments, finding that a transfer of goodwill did not amount to a distribution under section 1000, Corporation Tax Act 2010 (CTA), because the goodwill was owned personally by the taxpayers.

Lawyers Covered - January 2024

Published on 30 Jan 2024. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Krista Murray, Senior Associate and Scott Robins, Senior Associate and Charlotte Thompson, Associate and Poppy Hay, Senior Associate

We hope 2024 has started well for all of you. A new year but some things remain constant - lawyers continue to face a wide range of challenges, and we are here to help guide you through them. So, welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

AIM higher!

Published on 30 Jan 2024.

In Graham Chisnall and Others v HMRC [2023] UKFTT 857 (TC), the First-tier Tribunal (FTT) held, in allowing the taxpayers' appeals, that evidence derived from the sale price of shares on the Alternative Investment Market (AIM) was more reliable than evidence provided by a valuer employed by HMRC.

Vehicle finance complaints gather speed

Published on 25 Jan 2024. By David Allinson, Partner and Rachael Healey, Partner

Following on from our recent blog on the changes to the FCA's complaint handling rules for complaints involving discretionary commission arrangements, the FOS has now published dedicated webpages concerning such complaints.

Insolvency trends and implications for claims against D&Os and Insolvency Practitioners

Published on 23 Jan 2024. By Kerone Thomas, Associate and Matthew Watson, Partner

Looking into the crystal ball at the start of the year to forecast future trends isn’t possible, but one common theme that we expect will continue to impact upon both directors and officers and insolvency practitioners (IP) is the increasing rise of corporate insolvencies.

Money Covered: January 2024 - predictions for the year ahead

Published on 18 Jan 2024.

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

Tax Tribunal allows taxpayer's appeal against discovery assessment

Published on 18 Jan 2024. By Alexis Armitage, Senior Associate

FTT allows taxpayer's appeal against HMRC discovery assessment seeking to charge CGT on the disposal of a property between separating spouses.

Recouping overpayments - The Pensions Ombudsman v CMG Pension Trustees Limited and CGI IT UK Limited – the implications of needing a County Court order

Published on 17 Jan 2024. By Dorian Nunzek, Trainee Solicitor and Rachael Healey, Partner

In November last year the Court of Appeal dismissed the Pensions Ombudsman's (Ombudsman) appeal of the 2022 High Court decision in CMG Pension Trustees Ltd v CGI IT UK Ltd [2022]. The Court of Appeal's decision upheld the High Court's decision that the Ombudsman is not a "competent court" to recoup overpayments under section 91(6) of the Pensions Act 1995.

Vehicle finance could drive redress scheme

Published on 15 Jan 2024. By David Allinson, Partner

We're barely into 2024 and it looks like vehicle finance arrangements could drive forward the next miss-selling saga. The volume of complaints in this area has prompted the FCA to suspend and extend certain time limits and an industry wide redress scheme could be on the horizon.

Court of Appeal considers 'main purpose' test and finds in favour of taxpayer

Published on 11 Jan 2024. By Jasprit Singh, Senior Associate

Directors not liable under PLNs as HMRC failed to establish deliberate conduct by company

Published on 05 Jan 2024.

In Sharon Suttle and another v HMRC [2023] UKFTT 873 (TC), the Tax Tribunal allowed the taxpayers' appeals against Personal Liability Notices (PLNs) on the basis that the company did not make a deliberate inaccuracy in its returns.

Lawyers Covered - December 2023

Published on 19 Dec 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Krista Murray, Senior Associate and Scott Robins, Senior Associate and Charlotte Thompson, Associate and Poppy Hay, Senior Associate

What could be more festive than our December edition of Lawyers Covered – so here it is, a gift from the Lawyers Liability and Regulatory Group at RPC, to all of you, our lovely readers! If you have any feedback or ideas for topics that you would like us to cover in the newsletter or in our seminars, please let us know. Happy holidays!

Lawyers Covered - November 2023

Published on 29 Nov 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Simon Love, Senior Associate and Jo Makin, Senior Associate and Charlotte Thompson, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Lawyers Covered - October 2023

Published on 31 Oct 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Simon Love, Senior Associate and Jo Makin, Senior Associate and Charlotte Thompson, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Lawyers Covered - September 2023

Published on 28 Sep 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Cheryl Laird, Senior Associate and Ruth Lancaster, Senior Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Lawyers Covered - July 2023

Published on 26 Jul 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Daniel Austin, Assistant General Counsel and Cheryl Laird, Senior Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Lawyers Covered - June 2023

Published on 28 Jun 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Richard Seymour, Associate and Cheryl Laird, Senior Associate and Sally Lord, Knowledge Counsel – Insurance and Litigation

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Lawyers Covered - May 2023

Published on 30 May 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Richard Seymour, Associate and Cheryl Laird, Senior Associate and Sally Lord, Knowledge Counsel – Insurance and Litigation

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Lawyers Covered - April 2023

Published on 02 May 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Richard Seymour, Associate and Cheryl Laird, Senior Associate and Sally Lord, Knowledge Counsel – Insurance and Litigation

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

New developments in AI may put law firms at greater risk of phishing fraud

Published on 28 Apr 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group

As the computing power of Artificial Intelligence continues to grow exponentially, we consider how generative technology may expand the reach of traditional phishing frauds aimed at law firms.

Lawyers Covered - March 2023

Published on 27 Mar 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Richard Seymour, Associate and Cheryl Laird, Senior Associate and Sally Lord, Knowledge Counsel – Insurance and Litigation

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Lawyers Covered - February 2023

Published on 01 Mar 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Peter Mansfield, Partner

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Lawyers Covered - January 2023

Published on 31 Jan 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Peter Mansfield, Partner

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.