Search results
227 results ordered by
Ombudsman 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 moreAll is not (necessarily) lost: Crypto crime recovery
With over 2 million people in the UK now holding and using cryptocurrency, and the Chancellor announcing that a government backed non-fungible token ("NFT") is to be issued by the Royal Mint this summer, the market for crypto-assets is expected to continue to grow in the coming months and years; so much so that legislation is planned to implement a new regulatory regime for the crypto market.
Read moreFTT prevents HMRC from having two bites of the cherry!
In Lady Henrietta Pearson v HMRC [2014] UKFTT 890 (TC), the First-tier Tribunal (Tax Chamber) ('FTT') concluded that HMRC had "ignored" its previous decision by seeking to reduce the amount of a VAT refund which it had ordered HMRC make to Lady Henrietta Pearson ('the taxpayer').
Read morePLC QTRLY - Q2 2025
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 moreLawyers Covered - June 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 Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.
Read moreFRC overhauls Investor Stewardship Code for 2026
On 3 June 2025, the Financial Reporting Council (FRC) published the UK Stewardship Code 2026 that will take effect from 1 January 2026.
Read moreFOS to consult on interest - Is 8% too high?
On 4 June 2025 the Financial Ombudsman Service (FOS) opened a consultation into the standard interest applied to its awards which has historically been applied at 8%.
Read moreLawyers Covered - May 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 Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - April 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 Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.
Read morePLC QTRLY - Q1 2025
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 moreSupreme Court upholds that fiduciaries must act with "single-minded loyalty toward their principals (or beneficiaries)"
In Rukhadze and others v Recovery Partners GP Ltd and another [2025] UKSC 10, the Supreme Court unanimously affirmed the legal test for the account of profits rule (the Profit Rule).
Read moreLawyers Covered: March 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 Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.
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 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 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 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 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 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 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 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 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 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 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 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 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 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.
Read moreThe Price and Value Outcome – the FCA publishes its year one insights
The Consumer Duty was introduced at the end of July 2023 and has applied to closed products from the end of July 2024. One of the cornerstones of the Consumer Duty is the price and value outcome. The FCA defines the price and value outcome as a requirement on firms to make sure the price customers pay is reasonable compared to the benefits they receive. The FCA has published its insights from the first year on the implementation of the outcome and its supervisory activity in relation to cash savings, guaranteed asset protection (or GAP insurance) and platform cash.
Read moreLitigation funder wins nearly £1m in D&O claim
Manolete Partners Plc, an insolvency litigation finance company, has successfully claimed against the former director of Just Recruit Group Ltd (Just Recruit) and awarded £918,590. The Insolvency and Companies Court of the High Court found that the director of Just Recruit, Norman Freed, had breached his directorial duties to the Company during the business's financial collapse.
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 moreStay connected and subscribe to our latest insights and views
Subscribe Here