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The Month That Was – March 2023 – the FCA's consumer duty of care – a new chapter for regulation?

Published on 31 Mar 2023.

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

Silicon Valley, Signature and Credit Suisse: what do they all share(holder) in common?

Published on 28 Mar 2023. By James Wickes, Partner and Oliver Knox, Partner and Jessica Pease, Associate

In what has been termed "the biggest banking crisis since 2008", both Silicon Valley Bank (SVB) and Signature Bank have collapsed, and Credit Suisse has been rescued. Whether more banks are to follow suit is yet to be seen.

The Week That Was - 17 March 2023

Published on 17 Mar 2023. By Alan Stone, Partner and Ben Goodier, Partner and Alexandra Anderson, Partner and Tom Green, Partner and Katharine Cusack, Partner and Zoe Eastell, Partner and Felicity Strong, Partner and Peter Mansfield, Partner and Arash Rajai, Partner and Sarah O'Callaghan, Senior Associate

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

Law and jurisdiction in insurance and reinsurance contracts (Asia Pacific)

Published on 15 Mar 2023.

The English courts are emerging as a "hotspot" for environmental and ESG-related claims

Published on 14 Mar 2023. By Lucy Dyson , Partner

Insurers can expect to continue to see an uptick in environmental and mass tort group litigation in the English courts and elsewhere in Europe, against the backdrop of climate change-related, plastics and other environmental risks

The Role of the Chief Information Officer (With Darren Sharp)

Published on 06 Mar 2023.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Darren Sharp, Chief Information Officer (CIO) at Tokio Marine Kiln, and we will be discussing what his role entails.

General Liability newsletter – February 2023

Published on 02 Mar 2023. By Gavin Reese, Partner, Head of Regulatory and Fiona Hahlo, Partner and Tom Butterfield, Associate

Welcome to the latest edition of our general liability newsletter, rounding up some of the key cases from the last few months.

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

Published on 24 Feb 2023. By Poppy Hay, 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.

Insuring The Metaverse (With Michael Brunero)

Published on 21 Feb 2023.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Michael Brunero, Head of Tech, Media and IP at CFC Underwriting and in this episode we will be venturing into the Metaverse to discuss the applications of insurance.

Less is not always more in the context of commercial insurance clauses

Published on 20 Feb 2023. By Laura Sponti, Associate

The recent Court of Appeal judgment in Al Mana Lifestyle Trading LLC v United Fidelity Insurance Co PSC [2023] EWCA Civ 6 is a quick read on a relatively short point and serves as a useful recitation of the rules of interpretation in the context of insurance policy wordings.

The collapse of FTX: lessons for many

Published on 14 Feb 2023. By James Wickes, Partner and Matthew Wood, Senior Associate and Jessica Pease, Associate

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.

An Introduction To Cryptocurrency (with Nik Yeo)

Published on 13 Feb 2023.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Nik Yeo, Barrister at Fountain Court Chambers. Nik has a particular speciality in tech disputes, including disputes involving cryptocurrencies which is the topic of this discussion.

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 Office, Bristol

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.

Climate Activism and Insurance (With Peter Bosshard)

Published on 17 Jan 2023.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Peter Bosshard, Director of The Sunrise Project and Global co-ordinator of Insure Our Future. In this episode they discuss climate activism in the insurance industry.

Waiver of a solicitor’s equitable lien: Candey Ltd v Russell Crumpler and another

Published on 16 Jan 2023. By Nick Bird, Partner and Laura Stocks, Partner and Cheryl Laird, Senior Associate (Scottish Qualified)

The Supreme Court has considered the circumstances in which a solicitor may waive or surrender their lien.

Annual Insurance Review 2023

Published on 12 Jan 2023. By Simon Laird, Global Head of Insurance

Hello and welcome to RPC's Annual Insurance Review – a look back at the events that shaped the insurance market in 2022 and a look forward towards what to expect in 2023.

What are the 8 key concerns insurers will face in 2023?

Published on 12 Jan 2023. By Simon Laird, Global Head of Insurance

Annual Insurance Review from international law firm RPC identifies ESG risks, climate change and cyber-attacks as top challenges.

The 1906 San Francisco Earthquake (With Meredith Brasher)

Published on 03 Jan 2023.

Welcome to season 4 of Insurance Covered! The podcast that covers everything insurance. We are kicking off this year looking at the 1906 San Francisco Earthquake, with guest Meredith Brasher, host of the Insurance vs history podcast.

It's a Wonderful Life, Insurance

Published on 20 Dec 2022. By Peter Mansfield, Partner

A swollen river rages through the town of Bedford Falls. It is Christmas Eve and, looking down upon the torrent, shivering on a bridge, is a woman, distraught and wounded by life's cruelties. She prepares to step over the railing. Her name is Insurance.

The confusing world of insurance jargon (With Ed Gaze)

Published on 19 Dec 2022.

Welcome to the final episode of Season 3 of Insurance Covered. As season 3 comes to a close we look to end on a high note. Peter is joined by returning guest Ed Gaze, CEO and founder of IRL, a platform to help launch new InsurTech's.

A look at The London Market Group (With Caroline Wagstaff)

Published on 08 Dec 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Caroline Wagstaff CEO of the London Market Group, which is the topic they will be discussing.

Insurance of the gig economy (With Janthana Kaenprakhamroy)

Published on 23 Nov 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Janthana Kaenprakhamroy, CEO of Tapoly, an award winning insurtech that provides commercial insurance to small businesses operating in the gig economy, which is what they discuss today.

Insurers face claims threat from pension fund LDI crisis

Published on 08 Nov 2022. By Rachael Healey, Partner

The events of the past few weeks are likely to result in claims and/or pressure on commercial relationships, particularly when pension schemes conduct their triennial valuations and agree new deficit reduction plans with employers.

A look at warranty and indemnity insurance (With Angus Marshall)

Published on 08 Nov 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Angus Marshall, Head of Transaction Liability at CFC Underwriting, and they will be discussing warranty and indemnity insurance.

Lien won't circumvent disclosure obligations

Published on 28 Oct 2022. By Anna Murley, Senior Associate

In Mr David Ellis v John Hodge Solicitors (a firm) [2022] EWHC 2284 (Comm) the Court confirmed that solicitors cannot assert a lien so as to modify disclosure obligations under the Civil Procedure Rules in a claim for professional negligence.

A-Z of Insurance

Published on 26 Oct 2022. By Peter Mansfield, Partner

Insurance plays a role in almost every aspect of life. For most, it is simply a policy that protects their car and home, but there is so much more to it than that. Peter Mansfield takes us on a whistlestop tour through insurance history as he gives us his A-Z of insurance.

A look at cargo insurance (With Chris McGill)

Published on 14 Oct 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Chris McGill, Head of Cargo at Ascot Group and Active Underwriter for Parsyl Syndicate 1796. They will be discussing cargo insurance and some of the recent work Chris has been involved in.

Cyber Insurance: Next stop, LATAM

Published on 12 Oct 2022. By Richard Breavington, Partner

This year BEC and ransomware top the list of cyber incidents around the world, taking an estimated 70% of the total incident response cases.

Are pension fund trustees at risk of legal action following UK gilts’ meltdown?

Published on 07 Oct 2022. By Rachael Healey, Partner

Are pension fund trustees conducting liability-driven investing at risk of legal action following the volatility in the UK gilt market?

Bates v Hewitt: the Duty of Utmost Good Faith - Part 2 (With Professor Robert Merkin KC)

Published on 03 Oct 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. This is the second of our two part series looking at Carter v Boehm and the duty of utmost good faith. For this episode Peter is joined by Professor Robert Merkin.

The SRA's proposals for the use of its new fining powers

Published on 29 Sep 2022. By Graham Reid, Partner and Shanice Holder, Associate

The SRA has recently acquired increased fining powers (with effect from July 2022). They are currently consulting on their new approach to imposing financial penalties on regulated firms and individuals.

(Establishing a) Line of duty – Miller v Irwin Mitchell

Published on 27 Sep 2022. By Jo Makin, Senior Associate and Claire Revell, Partner

The recent decision in the High Court case of Miller v Irwin Mitchell (2022) EWHC 2252 (Ch) has provided a helpful guide to the often complex question of when a duty of care either in contract or tort arises – a question that often arises in professional negligence claims against solicitors.

Carnegie-Brown: Sector not yet fully utilising green investment potential

Published on 26 Sep 2022. By Simon Laird, Global Head of Insurance

Lloyd’s chairman Bruce Carnegie-Brown has said the (re)insurance sector could better utilise its role as an institutional investor to support green growth in the global economy but said regulatory changes will be needed if it is to use its assets to their full potential.

Canada’s Harper: Net-zero by 2050 virtually “unachievable” at current pace of change

Published on 26 Sep 2022. By Simon Laird, Global Head of Insurance

Too heavy a focus on national net-zero strategies and a lack of transparency around how global environmental goals are to be achieved could lead to a spike in emissions, Canada’s former prime minister Stephen Harper has warned, adding that existing targets are “unachievable” in their current form.

Carnegie-Brown offers olive branch to eco-activists

Published on 22 Sep 2022. By Simon Laird, Global Head of Insurance

Lloyd’s chairman Bruce Carnegie-Brown has offered an olive branch to the environmental activists who disrupted the near-350-year-old market this year, declaring that he shares their aim of managing the risks from global warming and admires their determination to drive change.

Insurers must “speak truth to power” on climate change: Canada’s former PM Harper

Published on 22 Sep 2022. By Simon Laird, Global Head of Insurance

Canada’s former prime minister has said the global (re)insurance industry has a critical role in speaking “truth to power” when it comes to tackling the impact of climate change because of its investment in data, models and analytics to understand cat risk.

Carter v Boehm: the Duty of Utmost Good Faith - Part 1 (With Iain Anderson)

Published on 13 Sep 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. In the first of a two part series Peter is joined by fellow RPC Partner Iain Anderson, and they discuss the origins of the duty of utmost good faith and the case of Carter v Boehm.

The benefits of long-term thinking (With Klisman Murati)

Published on 31 Aug 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Klisman Murati, Founder & CEO -of Pareto Economics, we discuss the benefits of long term thinking on a global scale.

MOJ plans to impose compulsory mediation for all County Court claims

Published on 30 Aug 2022. By Aimee Talbot, Knowledge Lawyer and Kirstie Pike, Partner

The Ministry of Justice has announced plans to impose compulsory mediation (currently a 1-hour telephone call) in small claims and, eventually, in all County Court claims. The MOJ is also considering how the civil mediation market should be regulated. We explain and critique the current proposals and encourage lawyers, their insurers and brokers to provide feedback to the MOJ.

Risks remain after Law Society guidance on solicitors' undertakings

Published on 30 Aug 2022. By Daniel Charity, Associate and Claire Revell, Partner

As solicitors, we are taught from an early stage in our careers that the word "undertaking" should set alarm bells ringing. When an undertaking is mentioned, we are often encouraged to refer it to a supervisor and / or the Risk team. It is true that giving or receiving an undertaking can be fraught with risk – but this is also true of many other aspects of a solicitor's retainer. Why, then, do solicitors need to treat this area with particular caution?

Court of Appeal confirms that conditional fee arrangements do not give rise to implied duty of good faith

Published on 23 Aug 2022. By Daniel Hemming, Partner and Carolin Ayres, Associate

The Court of Appeal has upheld a High Court decision that conditional fee agreements (CFAs) do not imply a duty of good faith on the part of the client. A firm of solicitors acting under a CFA who had been instructed by their client to settle proceedings on a "drop hands" basis, with no order for costs, was not entitled to recover costs from their client on the basis that the client had breached a duty of good faith. The ruling cautions solicitors who enter into CFAs about the risks of clients agreeing a settlement that deprives them of their entitlement to conditional fees.

The Meaning of Zong (With Giles Terera)

Published on 17 Aug 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by actor, singer, musician, playwright, author, filmmaker and director, Giles Terera. They will be discussing the play he co-directed and and performed in, 'The meaning of Zong' which looks back at one one of the most infamous insurance stories, the Zong Massacre.

Subrogated recoveries

Published on 10 Aug 2022.

An accessible reference point to assist insurers in their immediate considerations relating to subrogated recoveries in 15 jurisdictions across Asia and in England and Wales

An insurance tour of London (With Paul Miller & Joe Powell)

Published on 02 Aug 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this special episode Peter is joined by 2 guests, Paul Miller of HFG Recruitment for his third appearance on the podcast and Joe Powell, Insurance Covered super fan and title insurance underwriter based in Alabama. In this episode they will be going on a walking insurance tour of London.

Municipio de Mariana-v-BHP – the evolution of environmental group litigation in the English courts

Published on 28 Jul 2022. By Marcela Calife Marotti, Senior Associate and Lucy Dyson , Partner

Earlier this month, the Court of Appeal handed down its much-awaited decision in Municipio de Mariana -v- BHP . This was an appeal by over 200,000 Brazilian claimants seeking to overturn the High Court's dismissal of £5bn group claims against BHP (England and Australia), in relation to damage arising from the 2015 Fundao dam collapse and worst environmental disaster in Brazil's history. The cases are now able to proceed in the English courts against BHP England and BHP Australia (causes of action under Brazilian law, including strict liability as an indirect polluter and fault based civil liability).

Product law bulletin – July 2022

Published on 26 Jul 2022. By Gavin Reese, Partner, Head of Regulatory and Mamata Dutta, Partner and Elinor Sidwell, Associate and Andrew Martin, Associate

Welcome to the latest edition of our product law bulletin, this month we focus on: • New guidance published for market safety and product recalls, • Plans from the government to ease UKCA marking transition • OPSS's final report on their Study on the Impact of Artificial Intelligence on Product Safety • Self-driving cars given the green light • Allergen update: Natasha Trial to treat people living with food allergies • FSA issue a final call for CBD products to be add to the public list

Is the FCA to blame for BSPS? MPs seem to think so

Published on 22 Jul 2022. By Rachael Healey, Partner

The House of Commons Public Accounts Committee (PAC) yesterday published a report entitled "Investigation into the British Steel Pension Scheme". The report makes a number of recommendations in light of its investigations in to the FCA's conduct and regulatory oversight at the time of the issues arising from the British Steel Pension Scheme (BSPS) and in particular the decision by 7,834 members to transfer to a personal pension arrangement. The report is heavily critical of the FCA's handling of BSPS and its regulatory oversight of the defined benefit transfer market generally. Given the request in the report for an update from the FCA on its progress on the various recommendations and conclusions in 6 months' time, we wait to see how the FCA reacts to yet further criticism of its handling of BSPS at a time when it is reviewing responses to the consumer redress scheme consultation.

The role of the modern MGA (with Richard Clapham)

Published on 12 Jul 2022.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Richard Clapham, CEO of DUAL, and together they discuss the role of the modern MGA.