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FRC 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 moreRegulators support government growth objective and aim to reduce regulatory burden
Since the general election, the new Labour government has been signalling its intentions for financial services as a key driver of its economic growth agenda and, following the Autumn Budget, HM Treasury launched a call for evidence which outlined the government's plans for its Financial Services Growth & Competitiveness Strategy (Strategy).
Read moreGovernment consults on regulation of Buy-Now Pay-Later products
In 2021, HM Treasury announced its intention to regulate certain unregulated buy-now pay-later (BNPL) products in the UK. This followed recommendations made in the Woolard Review which raised concerns about the increased use of BNPL products during the pandemic and the significant risk that these unregulated credit products could cause consumer harm.
Read moreFCA consults on changes to the payments safeguarding regime
Under the Payment Services Regulations 2017 (PSRs) and the E-Money Regulations 2011 (EMRs) payment institutions (PIs), electronic money institutions (EMIs), small EMIs and credit unions are required to protect "relevant funds" which they receive when making a payment or in exchange for e-money that has been issued. Current safeguarding requirements are set out in the PSRs and EMRs, with guidance contained in the Financial Conduct Authority's (FCA) Approach Document.
Read moreHow should Financial Institutions manage the rise of non-financial misconduct?
Over the last few months, Parliament's Treasury Committee has sought to examine the many barriers faced by women in financial services through the aptly named "Sexism in the City" inquiry.
Read moreQuid game – fixed costs; pick your battles
Ordinarily, the claims that make the headlines are those that have the highest value or the most significant impact on the public. With the costs landscape ever-changing in civil claims, without careful planning and strategy, even modest claims can end up biting defendants in the longer-term.
Read moreCastle caper condoned? Court of Appeal rules on dishonest condonation and aggregation under solicitors policy in Discovery Land v AXIS
On 15 January 2024 the Court of Appeal handed down judgment in Discovery Land Company LLC and others v Axis Specialty Europe SE [2024] EWCA Civ 7. The case concerns the ability of a solicitors’ insurer to decline cover for a claim on grounds of dishonesty and, in particular, the meaning of “condonation” of dishonesty. It also concerns how the aggregation clause operates in a solicitors’ professional indemnity insurance policy.
Read moreLaw passed to regulate Significant Investments in Singapore Entities
The Significant Investments Review Bill (the "Bill") was recently passed by Parliament on 9 January 2024, and is expected to take effect in the first half of the year.
Read moreThe Terminator: A Tale of Two Insurance Claims
It is 2029, and the Machines are losing their war with Humanity. What to do?
Read moreProject Angel Bidco v AXIS - what are the key takeaways for warranty and indemnity insurers?
On 31 October 2023, the London Circuit Commercial Court gave judgment in Project Angel Bidco Limited (in administration) v Axis Managing Agency Limited & Ors (2023) EWHC 2649.
Read moreWordings do matter
Contract drafting has been brass tacks for lawyers since the dawn of time. In its broadest terms, it involves putting the scope of a bargain reached between parties into clear and effective language.
Read moreStorm Babet, flooding and the insurance implications
Subtropical cyclone Storm Babet is currently responsible for over 350 flood warnings in the UK, with more flood warnings expected later this week.
Read moreGetting to know Global Access Lawyers
Global Access Lawyers brings together some of the worlds leading insurance law practices. In the following pages get to know the different law firms that make up Global Access, who we are, where we operate and the kind of work we do. We hope you find this useful to understand the international reach of Global Access.
Read moreCourt of Appeal finds in favour of FSCS on scope of the Policyholder Protection Rules (PRR)
The Court of Appeal has upheld an appeal by the FSCS from a High Court decision to grant an application for JR against FSCS following FSCS's refusal to compensate a policyholder for an insolvent insurer's failure to meet its liabilities.
Read moreWhat does the FRC's proposed corporate governance overhaul mean for D&O exposures?
The Financial Reporting Council (FRC) has now published the draft new UK Corporate Governance Code following the Government's requirements that it incorporate more robust internal control and prudent and effective risk management requirements. The deadline for responses to the FRC's consultation is 13 September 2023.
Read moreConsumer duty and claims handling – beware of sludge practices
The Consumer Duty is a new regulatory framework developed by the Financial Conduct Authority (FCA) aimed at creating a higher standard of consumer protection in the retail markets. The FCA expects the Consumer Duty to be a significant shift for the market in terms of its expectations on firms and in this blog we consider this shift in the context of insurance claims handling.
Read moreFOS complaints and hindsight – categorical statement from the Chief Ombudsman
The FCA has been producing a range of temporary measures with the aim of ensuring that firms can work at pace during the pandemic for the benefit of customers. However, where procedures are bypassed or corners cut what will FOS do in response? The response from FOS to that questions raises another – the use of hindsight when coming to its decisions.
Read moreBossing the rules
Watch out for RPC's new blog mini-series on the SRA Standards and Regulations 2019.
Read moreFCA issues Final Report in the Wholesale Insurance Broker Market Study
Today, the FCA released its Final Report in its Wholesale Insurance Broker Market Study. The study, which was launched in 2017, considered competition, transparency and conflicts concerns arising from changes in the market, including an increased use of broker facilities.
Read moreAccountants, auditors and actuaries beware: the FRC continues to show its teeth, as its future stands in the balance
In widely publicised news, the Financial Reporting Council (FRC) continues to levy record high fines and has cast criticism on a number of firms. What appears to be an unforgiving stance taken by the regulator seems to come in the wake of the review into whether or not it should be disbanded, or folded into another regulatory organisation.
Read moreThe future of SIPPs – FCA responds to the Work and Pensions Committee
A couple of weeks ago we reported on 5 pointed questions raised by the Work and Pensions Committee of the FCA in relation to the SIPP market. Those questions included whether or not the FCA was considering banning non-standard investments in SIPPs. The FCA has now responded. The response includes the FCA's views on the due diligence it expects of SIPP providers when it comes to non-standard investments.
Read morePRA consultation to promote diversity on boards of large insurers
The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.
Read moreThe Times recognises RPC among Best Law Firms 2024
International law firm, RPC, has been recognised by The Times in its Best Law Firms 2024 report, an annual ranking of the top 250 law firms in England and Wales.
Read moreWhistle-blowing on illegal cartels drops 70% in 5 years
Competition and Markets Authority (CMA) recently increased award to £250,000 Calls to the CMA hotline have plummeted from 1,442 in 2017 to 427 in 2022
Read moreVariation of contract by email valid without expressly referring to exercise of contractual right
How will a court determine the formality requirements for a valid contract variation?
Read moreCourt of Appeal confirms financial claim caught by clause excluding liability for loss of anticipated profits
How did the Court of Appeal approach the construction of an exclusion clause to determine whether the Claimant’s financial claim for breach of an exclusivity provision was properly described as a claim for “anticipated profits” and as such was excluded by that clause?
Read moreContract formation: use of emoji showed objective intention to enter into contract
Is the use of a “thumbs up” emoji sufficient to convey acceptance when forming general commercial contracts?
Read moreSupreme Court determines that the parties’ common intention decides whether a contract is varied or replaced
How will a court determine whether a contract has been varied or replaced?
Read moreGreen claims update
The CMA has recently consulted on draft guidance to help businesses comply with the revamped consumer protection rules under the Digital Markets, Competition and Consumers Act 2024. The guidance summarises key changes including broader definitions of “commercial practices” and “misleading actions” making it easier to enforce against misleading green claims.
Read moreASA gets tougher on brand advertising for “less healthy” food and drink products
What does CAP and BCAP’s new “identifiability test” mean for the advertising of “less healthy” food and drink (LHF) products?
Read moreUK advertising codes to be amended to reflect new DMCCA
What are the proposed key amendments to the CAP and BCAP Codes to align with the Digital Markets, Competition and Consumers Act 2024?
Read moreSnapshots Spring 2025
A roundup of key legal developments for the modern commercial lawyer.
Read moreHarmful Online Choice Architecture: ASA criticises Nike and Sky for “dark pattern” tactics
What must businesses do to ensure that their ads do not fall foul of the ASA and CMA’s ongoing investigations into harmful choice architecture and dark pattern tactics?
Read moreAgreements to agree: Price for goods “to be fixed” by agreement results in partially enforceable contract
Where a contract for the sale of goods did not expressly specify the price for a portion of the goods, was the contract for the sale of those goods, or an element of it, enforceable or unenforceable as a mere agreement to agree?
Read moreInfluencer posts and affiliate links: the whole marketing chain must know the rules
Why did the Advertising Standards Authority (ASA) rule against Sainsbury’s on the use of an affiliate link by an influencer (noting that Sainsbury’s had no involvement in the creation of the post) and what steps could Sainsbury’s take to help prevent the problem from happening again?
Read moreConstruing material adverse effect/material adverse change clauses
How did the courts go about construing a material adverse effect definition (MAE) in a share purchase agreement (SPA) to determine whether an event constituted a MAE so as to discharge the buyers from their obligation to close the transaction?
Read moreTravel agent found to have misled consumers with “from” price claims
How can advertisers avoid misleading consumers when using “from” price claims?
Read moreReasonable notice termination not construed or implied into a contract with detailed termination provisions
Where a contract contains comprehensive termination provisions, in what circumstances will the court avoid construing or implying an additional right to terminate on reasonable notice?
Read moreASA rules against telecoms companies on mid-contract price rises
What steps should be taken to ensure contractual mid-term price rises don’t fall foul of advertising regulations or Ofcom’s existing and incoming transparency rules?
Read moreEffect of a contractual liability cap on set-off and contractual interest
Under a contract’s liability cap, should the cap be applied separately to each party’s liability before any set-off or after calculating the net financial position between the parties?
Read moreRound up of recent green claims
Round up of recent green claims: Key updates and sector-specific updates
Read moreSnapshots Winter 2024
A roundup of key legal developments for the modern commercial lawyer.
Read moreSnapshots Autumn 2024
A roundup of key legal developments for the modern commercial lawyer.
Read moreCourt infers novation despite 'no dealings' clause
Magee and others v Crocker and others [2024] EWHC 1723 (Ch)
Read moreDetermining whether a default interest clause is an unenforceable penalty
Houssein & Others v London Credit Limited & Another [2024] EWCA Civ 721
Read moreAgent authority in contract variation
Advanced Multi-Technology for Medical Industry and others v Uniserve Ltd and others [2024] EWHC 1725 (Ch)
Read moreContract construction – adjective at the start of a list found to qualify the entire list
Cantor Fitzgerald & Co v Yes Bank Ltd [2024] EWCA Civ 695
Read moreUpdated CAP guidance on when in-game purchases are considered 'advertising'
When and how does the CAP Code apply to the advertising of in-game purchases such as "loot boxes" in apps and video games?
Read moreASA continues to scrutinise aviation green claims
What can we learn from the Advertising Standards Authority's (ASA) recent rulings against green claims in the aviation industry?
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