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A matter of interpretation – the Supreme Court look at contractual interpretation once more
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.
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 moreThe Month that Was – May/June 2025 – a look at Employment Practices Liability Insurance and its relationship to D&O
In this episode, Mel is joined by Kim Wright and Matt Watson to discuss Employment Practices Liability (EPL) insurance, its scope, and its intersection with Directors & Officers (D&O) insurance.
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 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 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 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 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 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 moreNew developments in AI may put law firms at greater risk of phishing fraud
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.
Read moreYour statement or mine? Witness statements under Practice Direction 57AC
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.
Read moreThe collapse of FTX: lessons for many
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.
Read moreSLAPPs – a round up of the latest developments for the SRA
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.
Read moreThe scope of a solicitor's duty to third parties in the spotlight again
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.
Read moreIs the FCA to blame for BSPS? MPs seem to think so
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.
Read moreFCA consultation on British Steel redress scheme published
The FCA has now published its consultation paper on the proposed redress scheme for British Steel Pension transfers under s.404 of FSMA. The scope of this is wider than anticipated and the proposals contain some surprises around the lack of an opt-in process and potential involvement of FOS.
Read moreSIPPs and FOS - does the Rowanmoor decision change anything?
Last week FOS published a decision it reached last year in a complaint against a SIPP provider involving advised sales. The FOS upheld the complaint, finding that the SIPP provider should have rejected business from the regulated financial adviser, CIB Life and Pensions Limited (CIB), given, broadly, red flags available to the SIPP provider with respect to the operation of CIB's business model including that CIB was not advising on the ultimate investment within the SIPP and as a result such introductions involved a significant risk of consumer detriment. The decision has received quite a bit of press attention - but has it moved the dial for SIPP complaints before FOS or not?
Read moreThe Future of Insolvency Regulation
On 21 December 2021 the Government launched a consultation into the future of insolvency regulation. The changes proposed in the consultation document will have a wide ranging impact on the insolvency profession (and its insurers) with the proposals including: the direct regulation of insolvency firms, the introduction of a single regulatory body with powers to order compensation against insolvency practitioners and firms, a new additional requirements regime, changes to the bond regime and a public register of insolvency practitioners and firms. Many of the changes proposed require primary legislation and so it may be some time before the changes to take effect (if adopted). But there does appear to be some wind behind these proposals given they follow on from the Call for Evidence in 2019 and a more general focus on insolvency issues in the wake of the Covid-19 pandemic.
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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