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Regulators 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 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 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 moreTooling v Engie: a glimpse into the future of the motor finance litigation?
On 21 March 2025, the Court of Appeal handed down an expedited judgment in Expert Tooling and Automation Ltd v Engie Power Ltd [2025] EWCA Civ 292, a case which, like one of the three linked motor finance cases due to be heard at the Supreme Court this week (Johnson v FirstRand Bank Limited), dealt with 'half secret' commissions. In Tooling the Court of Appeal took the opportunity to expand upon and further explain some of its reasoning in Johnson.
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 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 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 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 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 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 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 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 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 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.
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