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How 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 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)
Tamsin Hyland explores the recent judgment of JR (On the application of Manchikalapati v FSCS [2023] EWCA Civ 1006) and its relevance to insurance policy wording.
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 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 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 moreNo bouncing back for directors
Banned! Fraudsters! – Terms used by the Insolvency Service for directors who abused the government backed loan scheme which was put in place to help businesses struggling during the pandemic.
Read moreThe arbitration of insurance disputes (With Jonathan Wood)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Jonathan Wood, President of the Chartered Institute of Arbitrators and fellow RPC lawyer. In this episode they discuss arbitration with a particular focus on insurance disputes.
Read moreNew Labour government – what is in store for the UK?
We have a new Labour Party government for the first time in 14 years. The new government has already made various announcements, with more set to follow in the coming days, and then we have the King’s Speech on 17 July, when the Labour Party will set out its opening legislative agenda – but what can we expect from the new government impacting services regulated by the Financial Conduct Authority, pensions and accountants?
Read moreNorthern Ireland and the art of dispute resolution (With Lord Peter Hain)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Lord Peter Hain, former Secretary of State for Northern Ireland and member of Tony Blair and Gordon Brown's Government. In this episode they discuss Peter's involvement in the Good Friday agreement where a peaceful end to hostilities in Northern Ireland was successfully negotiated.
Read moreCompulsory mediation in small claims: a quick guide for the busy lawyer
A new pilot scheme requiring parties in money claims valued at up to £10,000 to take part in a compulsory free one-hour mediation appointment, provided by HMCTS' Small Claims Mediation Service – before the claim can then proceed to Court if no settlement is reached.
Read more5 things every insurance professional should do at the start of their career (With Samantha Lydon)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Samantha Lydon, Founder of Empower Development, and in this episode they discuss the 5 things every insurance professional should do at the start of their career.
Read moreNavigating the digital shift: balancing efficiency and customer care in insurance brokerage
Workflow and process efficiency is something that insurance brokers report as one of their main challenges year on year. As technology accelerates faster than ever before, using data and technology is critical to providing exceptional customer service and improving productivity, but what are the risks involved in automation?
Read moreRising to the challenge of social inflation (With Marc Adee)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this 2 part series, Peter is joined by Marc Adee, CEO and Chairman of Crum & Forster to discuss social inflation the causes, challenges and consequences of it and the steps that can be taken to mitigate the challenges.
Read moreGeneral Liability newsletter – May 2024
Welcome to the latest edition of our general liability newsletter, rounding up some of the key cases from the last few months.
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 moreStar Wars special: The insurance of the Death Star
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode we are doing something a little different, Peter is joined by an ensemble cast of experts to answer the question, in the Star Wars universe, could the Death Star be insured, and if so, what policies would cover it.
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 moreAre you being smart with your connectable products?
The growth of "smart" products that can connect to the internet has grown significantly over the past 10 years and the UK government estimate that there could be 50 million connectable products worldwide by 2030, and on average there are currently 9 in each UK household.
Read moreInsurance as a force for good (With Rowan Douglas)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Rowan Douglas, CEO of Climate Risk and Resilience at Howden. In this episode they discuss the role insurance has to play in building resilience in the face of climate change.
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 moreSource@RPC – April 2024
The aim of Source@RPC is to provide lawyers, procurement professionals and CIOs/CTOs (amongst others) with a regular update on the legal implications and risks (and how best to manage them) of sourcing and utilising technology and outsourced technology-enabled services, as they affect businesses operating in the insurance and financial services sector.
Read moreInsurance as the great enabler (Dr Franziska Arnold Dwyer)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Dr. Franziska Arnold Dwyer. In this episode they discuss her new book, Insurance, Climate Change and the Law, which among other things looks at insurance as the great enabler for change.
Read moreThe 5 secrets to handling large claims (With Sarah Howell)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Sarah Howell, Claims Manager at Liberty Specialty Markets, and the topic for discussion is the 5 secrets to handling large claims.
Read moreAsbestos update: "implausible" deniability
The recent case of Evans v Secretary of State for Health and Social Care, follows the trend of low exposure asbestos cases being defendable, when many feared that the 2018 case Bussey v Anglia Heating Ltd made that near on impossible.
Read moreThe birth of an MGA (With James Sterling & Charles Boorman)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by two guests, Charles Boorman, CEO and James Sterling, Head of Claims, at Kayzen Specialty a new MGA, and in this episode we discuss the story of how Kayzen was formed.
Read moreRise with RPC: Tips for developing your insurance network
In the aftermath of the "Rise with RPC" event, we're immensely grateful to everyone who joined us, contributing to the dynamic exchange of ideas on "Building your insurance network." Here’s a distilled version of the top tips shared, each designed to be an actionable takeaway to apply in your professional journey.
Read moreUnpacking the Building Safety Act's industry overhaul
On June 28, 2022, the Building Safety Act 2022 received royal assent, bringing about the biggest change to building safety in 40 years.
Read moreOn being the Director General of the ABI (With Hannah Gurga)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Hannah Gurga, Director General of the ABI, and they will be discussing Hannah's role at the ABI.
Read moreFinding joy in your job: insights from FIG's latest panel
On 21 February, RPC's inclusive insurance network, FIG, reconvened for a notable panel discussion, shedding light on the theme of "Finding joy in your job."
Read moreIn the familiar, lies the unseen
We like to look at boilerplate language with fresh eyes and so taking the recent case of Dassault Aviation SA v Mitsui Sumitomo Insurance Co Ltd [2024] EWCA Civ 5 as a jumping off point, we consider the potential tensions, hidden to some extent in plain sight, between anti-assignment and subrogation rights and the take aways for those drafting insurance policy wordings.
Read moreConstruction disciplinary trends analysis #2: engagement letters – worth more than the paper they're written on!
This article is the second in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.
Read moreSource@RPC - February 2024
The aim of Source@RPC is to provide lawyers, procurement professionals and CIOs/CTOs (amongst others) with a regular update on the legal implications and risks (and how best to manage them) of sourcing and utilising technology and outsourced technology-enabled services, as they affect businesses operating in the insurance and financial services sector.
Read moreA look at kidnap and ransom insurance (with Charlie Hanbury)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Charlie Hanbury, CEO of Samphire MGA, and in this episode they will be discussing all things K&R, that's kidnap and ransom insurance.
Read moreHurricane Otis Acapulco
Acapulco, one of the main tourist destinations in Mexico, suffered extensive damage from Hurricane Otis (category 5) when it struck on Wednesday, 25 October 2023.
Read moreMoral hazard: the dark heart of insurance (With Robert Hartwig)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Robert Hartwig, Associate Professor of Finance at the University of South Carolina. In this episode they discuss the concept of moral hazard in insurance.
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