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Money 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 moreLawyers Covered - February 2025
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 our February 2025 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.
Read moreSRA unlimited fining powers
The biggest development in solicitors' regulation in 2025 is undoubtedly the SRA's new approach to financial penalties. For the first time in history, the SRA will wield unlimited fining powers, and it proposes to use them in a way which could transform the financial consequences of regulatory breaches.
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 moreImportant changes to note in accountant ethics code update
In this article we consider the anticipated updates to the accountant's Code of Ethics and explore the ripple effects on insurance policies.
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 moreLawyers Covered - January 2025
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 our January 2025 bumper 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.
Read moreFOS Complaints Newsletter - January 2025
Welcome to the FOS complaints quarterly newsletter. In this second of our quarterly FOS complaints newsletters we look at recent developments which have already impacted, or are likely to impact, future developments and trends.
Read moreUndertakings and summary judgment
The recent decision in the case of Social Money Limited v Attwells Solicitors LLP [2024] EWHC 3288 (Ch) provides some interesting considerations on a number of matters relating to the giving of undertakings and attempts to seek to obtain summary judgment in that regard.
Read morePLC QTRLY - Q4 2024
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
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 moreOmbudsman decision – clarifying liability where there are delays in the pension administration process
When delays occur in pension transfers, the implications for members can be significant—but how far does a provider’s responsibility extend? A recent determination by the Pensions Ombudsman in the case of Mr R offers important clarification. Whilst the Ombudsman recognised some administrative shortcomings, the decision reaffirmed that providers are not liable for all financial consequences arising from delays, particularly when those consequences result from a member’s own actions.
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 moreFOS complaints on the rise – is enough being done?
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.
Read moreLawyers Covered - December 2024
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! And it’s a bumper edition with links to 3 full articles as well as our usual snippets. Happy holidays!
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 moreHigh Court overturns SRA intervention
A recent High Court decision saw the court overturn the SRA's intervention in a regulated law firm: only the second decision of its kind in 20 years.
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 moreLawyers Covered - November 2024
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 November 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.
Read moreOakwood Solicitors Ltd v Menzies – Supreme Court decision on 'payment' of solicitors' bills
In their recent Judgment in Oakwood Solicitors Ltd v Menzies [2024] UKSC 34 the Supreme Court overturned the Court of Appeal decision. The Supreme Court held that deducting fees, payable under a statutory bill, is not a 'payment' within the meaning of section 70 Solicitors Act 1974 (the Act); even when deducted with the client's knowledge and consent.
Read moreFCA reveals crypto regulation roadmap as ownership continues to surge.
With public ownership and awareness of crypto on the rise, the Financial Conduct Authority (FCA) announces its roadmap to making crypto a fully regulated asset class by 2026.
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 moreCity Minister supports imposition of FOS case fees for CMCs
In what may well be welcome news for the industry, the new City Minister has supported the FOS' proposals to charge case management companies (CMCs) a £250 fee for referring complaints to the Financial Ombudsman Service. The hope is that this prevent FOS being overwhelmed with 'poorly evidenced' complaints.
Read moreFCA provides guidance for Lifetime Mortgage Providers
The FCA has set out its key concerns and priorities for lifetime mortgage providers ("LMPs") in a Dear CEO letter. The concerns and priorities of the FCA highlighted in the letter will be of interest to those in the LMP market and their FI insurers.
Read moreVehicle Finance claims drive forward with a key Court of Appeal Judgment – but what are the implications?
A Court of Appeal judgment exploring the payment of commissions in the vehicle finance industry has been handed down by the Court of Appeal, finding in favour of the claimants and ordering repayment of the commission plus interest to the claimants. This decision comes amid the backdrop of the hotly discussed FCA investigation into vehicle finance complaints involving discretionary commission arrangements ("DCA") and a number of complaints sat at FOS and before the County Courts. We explore the key takeaways from the judgment.
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 moreLawyers Covered - October 2024
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 October 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.
Read moreFOS Complaints Newsletter - October 2024
Welcome to the FOS complaints quarterly newsletter. We have pulled together FOS complaints data going back to 2018 when FOS first started publishing complaints data at a product/service level to bring you an overview of what we are seeing in terms of complaints and uphold rates so we can draw trends from the data. FOS complaints data runs from April to March and so the first quarter of any year covers April to June.
Read moreCall of duty - FCA takes on Premium Finance
The FCA has published a market study inviting discussion on premium finance. At the same time, the Government has announced a plan to assemble a new cross-government taskforce on motor insurance. This will focus on ensuring customers are being treated fairly (both by being offered affordable premiums and an appropriate level of cover) and equally (regardless of demographics, geographies and communities).
Read morePLC QTRLY - Q3 2024
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read more(Blue)crest of a wave – case law on the need for a legal liability under a single firm redress scheme
In a decision that will cause consternation for FCA regulated entities and their insurers alike, the Court of Appeal (COA) has overturned the Upper Tribunal (UT's) decision in The Financial Conduct Authority v Bluecrest Capital Management (UK) LLP. The UT's decision had reinforced the need for a legal liability to be established before redress was payable under a single-firm redress scheme. The COA has comprehensively overturned the UT's ruling, casting the position into doubt. Given the increased need for firms to consider whether foreseeable harm has been suffered (and to look to rectify things if it has) following the introduction of the Consumer Duty, this could have far reaching consequences.
Read moreLitigation funder's ATE policy was not sufficient to avoid security for costs order
In Asertis v Lewis Barry Bloch [2024] EWHC 2393 (Ch), a litigation funder has been ordered to pay security for costs into court due to concerns it would not be able to meet an adverse costs order, and that its After-The-Event insurance policy would not meet such an order.
Read moreThe 'Audit Reform and Corporate Governance Bill': Momentum for legislative reform continues, but what does the proposed legislation mean for management liability?
We consider what we know about the proposed Audit Reform and Corporate Governance Bill.
Read moreFCA portfolio letter highlights FCA priorities for the next 2 years for the financial advice sector
Yesterday the FCA issued a portfolio letter outlining its priorities for the next 2 years for the finance advice and investment intermediary market. Those priorities are - reduce and prevent serious harm, monitor and test higher industry standards under the consumer duty and enable more consumers to pursue their financial objectives through the advice guidance boundary review. Highlights include (1) retirement income advice, ongoing advice services and "polluter pays" are specifically referred to when it comes to reducing and preventing serious harm and (2) continued focus on the expectations around the consumer duty. The letter also confirms that we can expect a further update from the FCA on its review of the retirement income advice market in the first quarter of 2025 and an update on ongoing advice services later this year – we wait to see if this means the FCA puts pressure on firms in relation to any regulatory exercises.
Read moreUpcoming changes financial professionals need to be aware of
There are changes in the air which will affect accountants, financial advisers and other professionals in the financial services industry, and the advice they provide. The Financial Conduct Authority (FCA) has announced a consultation on a new regulatory regime for retail investors. At the same time, the government is planning a crackdown on tax avoidance.
Read moreFixed recoverable costs: One year on
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.
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 moreLawyers Covered - September 2024
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 August 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.
Read moreTPR issues compliance and enforcement policy for pensions dashboard
On 5 September 2024, the Pensions Regulator (TPR) introduced its new compliance and enforcement policy for the pensions dashboard. Accompanying this announcement was a blog post titled "Act now on pensions dashboards so we don’t have to", which serves as a reminder about the importance of timely compliance.
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