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Shell directors facing potential UK ESG shareholder derivative lawsuit
In the wake of COP26, more focus than ever is being given to the climate risks which apply to every aspect of business. Scrutiny of a company's climate awareness and adherence to applicable regulation is at the forefront of minds of companies' stakeholders.
Read moreMoney Covered: The Week That Was – 25 July 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was - 18 July 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was - 11 July 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was - 4 July 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 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 moreMoney Covered: The Week That Was – 30 May 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 23 May 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 16 May 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 9 May 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 25 April 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 17 April 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
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 moreMoney Covered: The Week That Was – 11 April 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 4 April 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney 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 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 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 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 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 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 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 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 moreGovernment Details Scope for 'Phase One' of Pensions Review
The Government has published its 'terms of reference' for phase one of its wide-ranging review into the UK pensions industry. This development is relevant to those working in the pension industry (actuaries, lawyers, administrators and investment consultants) as well as pension scheme trustees and, with that, their PTL insurers.
Read moreMoney Covered: The Week That Was – 10 May
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 3 May
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was – 26 April
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week that Was - 19 April
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreRecouping overpayments - The Pensions Ombudsman v CMG Pension Trustees Limited and CGI IT UK Limited – the implications of needing a County Court order
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.
Read moreVehicle finance could drive redress scheme
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.
Read moreMoney Covered: The Week that Was - 25 August
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week that Was - 04 August
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week that Was - 28 July
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week that Was - 07 July
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreFOS proposals to clear the back-log - attractive or not?
The Financial Ombudsman Service (FOS) has proposed a temporary approach to the classification of certain complaints in an attempt to alleviate their complaints backlog exacerbated during the COVID-19 pandemic. The approach could see firms looking to pro-actively resolve complaints before a defined cut off date before FOS reaches a decision so that the complaint is recorded separately and not as a "change in outcome" (i.e. where a complaint has been rejected by a business and upheld by FOS). The consultation was open for a short two-week period between 4 and 18 October 2021.
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 moreTribunal refuses HMRC's application for specific disclosure from taxpayer
In Coopervision Lens Care Ltd v HMRC [2024] UKFTT 00351 (TC), the First-tier Tribunal (FTT) refused HMRC's application for specific disclosure finding that the order sought by HMRC was unclear, disproportionate and inappropriate in the circumstances.
Read moreTax Tribunal upholds taxpayer's appeal in respect of remote gaming duty
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.
Read moreUpper Tribunal upholds penalty imposed for failing to take 'corrective action' in response to a follower notice
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.
Read moreTribunal allows appeals against discovery assessments
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.
Read moreTaxpayer's appeal succeeds as HMRC failed to open enquiry in time
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.
Read moreSupreme Court provides clarity on Transfer of Assets Abroad legislation
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.
Read moreHome run! - Tribunal finds that taxpayer who bought and sold three properties in quick succession was not trading
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.
Read moreA look into HMRC's toolbox during a criminal investigation
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.
Read moreTribunal allows taxpayers' appeals against discovery assessments as company could not distribute goodwill it did not own
Tribunal allows taxpayers' appeals against HMRC discovery assessments as company could not distribute goodwill it did not own.
Read moreTribunal varies Schedule 36 information notice as it sought material not reasonably required by HMRC
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.
Read moreUpper Tribunal remits CGT appeal back to Tribunal for rehearing
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.
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