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Enforcing jurisdiction agreements in the EU – Brussels casts out "abusive litigation tactics"

Published on 22 Apr 2015.

Disputes over jurisdiction (i.e. where a claim is heard and determined) are commonplace in shipping and international trade.

New Compulsory Marine Liability Insurance Gives Shipowners and their Insurers the Blues

Published on 02 Apr 2015. By Iain Anderson, Partner

The Nairobi International Convention on the Removal of Wrecks 2007 comes into force later this month (18 April 2015 and 17 May 2015 for Malta and Tuvalu respectively, but 14 April 2015 for all other contracting states, including the UK).

Hong Kong expected to introduce mandatory low-sulphur fuel regulations

Published on 12 Mar 2015.

Many vessels currently calling to Hong Kong voluntarily burn low-sulphur fuel, in return for financial incentives under a scheme introduced by the Government in 2012.

An uncharacteristic appeal: Ocean Victory decision reversed

Published on 24 Feb 2015.

Charterers (and their insurers) concerned by the first instance decision in The "Ocean Victory" may rest a little easier following the successful appeal which saw Daiichi Chuo overturn a judgment of over US$130 million against them.

Cocaine Haul Leads to Limitations on War Risk Exclusion

Published on 23 Dec 2014.

It is a sad fact that drug traffickers like to use ocean-going vessels to help them move their product.

Singapore High Court allows extension of time in collision case despite multiple opportunities to arrest.

Published on 15 Dec 2014.

Following a collision between ORINOCO STAR and MELODY in Nigerian waters on 20 June 2011 and subsequent unsuccessful settlement negotiations between the parties, owners of the vessel MELODY issued a writ and proceeded to arrest ORINOCO STAR on 6 December 2013.

OW Bunker update – Hong Kong company applies for winding-up

Published on 24 Nov 2014.

Hong Kong Court records available publicly today show that a Petition was presented last Friday to wind up O.W. Bunker China Ltd (a Hong Kong company).

Bunker disputes – Bankruptcy of OW Bunker A/S and associated companies

Published on 19 Nov 2014.

We are receiving numerous enquiries regarding the fallout from the bankruptcy of OW Bunker A/S and certain associated companies.

Container weight fraud

Published on 14 Nov 2014.

Container weights is a hot topic at the moment, with the IMO set to introduce new requirements for the verification of container gross mass.

Court rejects "capital" punishment

Published on 07 Nov 2014.

Appeal considers relevance of ship sale following early redelivery

AIS assisted collisions

Published on 06 Nov 2014.

The term "VHF assisted collision" is not new.

New Safety and Health Guidelines to Protect Seafarers

Published on 06 Nov 2014.

The International Labour Organisation has agreed guidelines to assist governments in implementing occupational safety and health provisions previously set down in the Maritime Labour Convention 2006.

Hong Kong's top court confirms loss of cover

Published on 03 Nov 2014.

The importance of complying with insurance warranties

FCA responds to criticism of the Public Accounts Committee when it comes to BSPS with rejection of suggestion it should reconsider a wider defined benefit transfer review

Published on 03 Oct 2022. By Rachael Healey, Partner

In a July blog I reported on the House of Commons Public Accounts Committee report entitled "Investigation into the British Steele Pension Scheme". The blog set out a number of recommendations of the Committee in light of its investigations into the FCA's conduct and regulatory oversight of BSPS and, in particular, the 7,834 members that transferred out of BSPS into a personal pension scheme. We have now had a sneak preview of the FCA's response in the recent Committee minutes. Here's what the FCA had to say.

FCA consults on British Steel redress scheme

Published on 22 Dec 2021. By David Allinson, Partner

The FCA intends to open consultation on an industry wide redress scheme covering British Steel Pension transfers. This is perhaps the only option left for the regulator, but a redress scheme will heap further pressure on an area of the advice industry that is already under fire.

FCA looks to tighten up appointed representative regime

Published on 08 Dec 2021. By George Smith, Partner

On Friday the FCA published a consultation paper on potential changes to the existing appointed representative (AR) regime.

FCA set to expand climate-related reporting rules

Published on 17 May 2021. By James Parsons, Associate and Ash Daniells, Senior Associate

The FCA has revealed it will consult on plans to require asset managers, life insurers and FCA-regulated pension schemes to meet climate-related disclosure rules. In doing so, the FCA is expanding the scope of firms required to report on climate-related risks in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).

FCA set to expand climate-related reporting rules

Published on 17 May 2021. By James Parsons, Associate and Ash Daniells, Senior Associate

The FCA has revealed it will consult on plans to require asset managers, life insurers and FCA-regulated pension schemes to meet climate-related disclosure rules. In doing so, the FCA is expanding the scope of firms required to report on climate-related risks in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).

Pure Legal interest only mortgage claim – judgment in favour of the mortgage broker on limitation grounds as judge finds the damage was patent not latent

Published on 13 May 2021. By Anthony Cutler, Associate and Rachael Healey, Partner

The first judgment following trial in a Pure Legal interest only mortgage claim has now been handed down, with the judge dismissing the claim on the basis that it was out of time, with the claimants having all requisite knowledge of the material facts of the damage from the outset of taking out the interest only mortgage. The judge also found the advice was not negligent.

When is a complaint a complaint under DISP?

Published on 21 Apr 2021. By Rachael Healey, Partner

A Court of Appeal judgment has recently addressed what constitutes a complaint for the purposes of DISP [Clive Davis v Lloyds Bank [2021] EWCA Civ 557]. It is important to identify when a complaint is made as a regulated firm for two primary reasons: first, a complaint triggers the dispute resolution procedure under DISP of the FCA's Handbook and second, it stops time running for the purposes of time bar when it comes to a complaint to FOS.

Additions to FCA DB Transfer Guidance Published

Published on 06 Apr 2021.

The FCA have published finalised guidance regarding defined benefit pension transfers. The latest publication amends and adds to the draft published in June 2020.

Adams v Carey – where does the Court of Appeal's decision leave the SIPP market?

Published on 01 Apr 2021. By Rachael Healey, Partner and Ash Daniells, Senior Associate

The Court of Appeal has today dismissed Mr Adams' appeal against Carey in respect of COBS 2.1.1R. However, the appeal in relation to s.27 FSMA has been upheld. We discuss the background to the proceedings, the Court of Appeal decision and where it takes the SIPP (and wider financial services) market.

FCA publishes finalised guidance for firms on the fair treatment of vulnerable customers

Published on 22 Mar 2021. By Claudia Schlossberger, Paralegal

In February 2021, the FCA published guidance on the fair treatment of vulnerable customers with the aim of improving their customer experience.

FOS and the Adams v Carey decision – where are we as the Court of Appeal hearing starts?

Published on 02 Mar 2021. By Rachael Healey, Partner

Calls for increased regulation following rise in FSCS bills

Published on 11 Sep 2020. By Shauna Giddens, Associate

The FSCS levy for the 2020/2021 was released earlier this year, causing frustration amongst many advisors in the sector. That frustration continues, with the FSCS making large compensation payments in respect of defined benefit (DB) transfers where many question the lack of earlier FCA intervention, which might have alleviated the problems in this area.

FCA appoints new CEO

Published on 25 Jun 2020. By Jennifer Inman, Paralegal

The Financial Conduct Authority (FCA) has appointed Nikhil Rathi, the UK head of the London Stock Exchange, as its new permanent chief executive, making him the first BAME leader of the UK's city regulator.

Equity Release Market Under the Spotlight

Published on 18 Jun 2020. By Rachael Healey, Partner

Yesterday the FCA published its key findings from exploratory work involving "later life lending". This type of lending is broadly where consumers 55 and over use borrowing to access cash in later life. One of those options is equity release which was the focus of the FCA's work. The FCA's focus on equity release appears to have resulted from an initial review of the broader later life lending market, at which time the FCA identified some "poor outcomes" in equity release sales.

FCA advice checker – FCA statement on what customers should look out for in DB transfer advice

Published on 11 Jun 2020. By Rachael Healey, Partner

Wrapping up the documents published by the FCA on 5 June 2020 on the issue of defined benefit pension transfers (DB transfers), we address in this blog the FCA's "advice checker".

The future of DB transfer advice - the FCA's policy statement

Published on 10 Jun 2020. By Rachael Healey, Partner

In part 3 of our blog series on defined benefit pension transfers (DB transfers) we look at the FCA's policy statement on changes to the DB transfer rules. The change that has attracted most press attention is the ban on contingent charging but there are other parts to the policy statement that are likely to have a much more substantive impact on the DB transfer market going forward.

DB Transfers – the FCA's views on good and bad practice

Published on 09 Jun 2020. By Rachael Healey, Partner

Continuing our blog series, one of the documents produced by the FCA on Friday was a guidance consultation document intended to meet requests from the industry to help advisers understand the FCA's expectations when advising on pension transfers and conversions. The document includes examples of the FCA's views of good and bad practice in the area of defined benefit pension transfers (DB transfers). The stated aim is to "improve the suitability of DB transfer advice" and "to give advisers confidence to give good advice". The FCA expects firms providing DB transfer advice to read the document and once finalised it is intended that firms use it to identify any weaknesses in their existing processes.

DB transfers – further findings from the FCA's supervisory review

Published on 08 Jun 2020. By Rachael Healey, Partner

The FCA produced four documents on Friday addressing defined benefit pension transfers – an update on their supervisory work, a guidance consultation setting out examples of good and bad practice, an "advice checker" for consumers (including helping them consider if they should make a complaint) and a policy statement setting out changes to the defined benefit pension transfer rules which are to largely come into force from 1 October 2020. All are essential reading for an area the FCA continues to fixate on and where it has focussed since the April 2015 pension freedoms.

Update on the FCA's review of Defined Benefit transfer advice

Published on 21 May 2020. By Zoe Melegari, Associate

The FCA has been looking to improve the quality of pension transfer advice for some time now. However, despite the crackdown on defined benefit transfers being announced as a strategic priority earlier this year, it appears that factors, such as Covid-19 have put the FCA's investigations into advice suitability on the back foot – for now, at least.

Adams v Carey – the judgment – over 2 years in the making, where does it leave the SIPP market

Published on 19 May 2020. By Ash Daniells, Senior Associate and David Allinson, Partner and Rachael Healey, Partner

More than two years since the trial in March 2018, the High Court has dismissed the claim against Carey Pensions on all counts. The landmark case is sure to have far reaching ramifications for the SIPP industry and beyond.

FOS complaints and hindsight – categorical statement from the Chief Ombudsman

Published on 11 May 2020. By Rachael Healey, Partner

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.

The Financial Ombudsman Service's response to COVID-19

Published on 23 Apr 2020. By George Smith, Partner and Laura Sponti, Associate

A few weeks ago, the FOS announced it was closing its office in response to government guidance but was continuing to receive and respond to complaints both old and new. The FOS' latest newsletter offers useful further insight into the FOS' response to the current crisis.

SM&CR temporary arrangements extended to 9 months for FCA solo-regulated firms

Published on 07 Apr 2020. By Jonathan Charwat, Partner

As well as giving general guidance on its expectations on how solo-regulated firms should be complying with SM&CR during the COVID-19 pandemic, the FCA has announced that it will permit unapproved individuals to cover for Senior Managers for up to 36 weeks. In a separate joint statement, the FCA and PRA confirmed that this rule change will not apply to dual-regulated firms but that the position is under review.

FCA's expectations of insurance firms

Published on 02 Apr 2020. By Jonathan Charwat, Partner

Over the last couple of weeks, the FCA has been publishing information and guidance for firms in relation to the COVID-19 crisis. In addition to its general update on COVID-19, the FCA has set out specific expectations of insurance firms.

Back to Brexit – House of Lords EU Financial Affairs Committee recommendations on financial services after Brexit

Published on 01 Apr 2020. By Lucy Kerr, Senior Associate

The House of Lords EU Financial Affairs Committee has published recommendations on the financial services industry post-Brexit. The Committee recognised that this may not be a government priority due to COVID19, but EU negotiations and the future of the UK's financial services industry will be important issues in future months.

COVID-19 forces POS and FOS office closures – what does it mean for complaints?

Published on 30 Mar 2020. By Ash Daniells, Senior Associate

The COVID-19 outbreak (and the subsequent UK lockdown) continues to impact our daily lives and it seems the Financial Ombudsman Service (FOS) and The Pensions Ombudsman (POS) are not immune. With office closures announced, we look at the impact this will have on outstanding complaints and those yet to be made.

New FCA signposting travel insurance rules

Published on 27 Mar 2020. By Lauren Murphy, Senior Associate

Earlier this month the FCA published a policy statement detailing new requirements aimed at helping consumers with pre-existing medical conditions (PEMCs) obtain travel insurance. The new requirements demonstrate the FCA's continuing focus on improving the treatment and protection of vulnerable consumers accessing insurance and other forms of financial services.

FOS warns consumers to ensure insurance applications correct

Published on 23 Mar 2020. By Ash Daniells, Senior Associate

The Financial Ombudsman Service (FOS) has warned consumers of the risks in providing incorrect details in relation to insurance policies in a new insight report. The risks include policies being avoided due to misrepresentation or material non-disclosure or potentially facing a significant shortfall due to underinsurance.

The FCA's key concerns for the pensions market in 2020

Published on 09 Mar 2020. By Zoe Melegari, Associate

In its Sector Views published on 18 February 2020, the FCA has announced its strategic priorities for the pensions sector for this coming year. Key issues include transfer advice, which continues to be a supervision priority, and poor value products that lead to lower living standards in retirement.

Happy Birthday to the SIPP

Published on 06 Mar 2020.

This week marks the 30th anniversary of the first self invested personal pension (SIPP).

Defined Benefit pension transfers and SIPP FOS complaints on the rise

Published on 26 Feb 2020.

Official FOS figures from the end of 2019 show Defined Benefit pension transfers and SIPP complaints are on the rise although the percentage of these complaints upheld has dropped. How will the FOS respond in an area where we have seen a heavy CMC presence?

A new issue for SIPP providers?

Published on 14 Jan 2020. By Ash Daniells, Senior Associate and Rachael Healey, Partner

Self invested personal pension providers are facing a new type of complaint brought in relation to investments made via investment managers – is this a potential area of risk for SIPPs or is this taking their obligations one step too far?

FCA sees SM&CR as catalyst and opportunity to transform culture in financial services

Published on 09 Jan 2020. By Lauren Murphy, Senior Associate and Jonathan Charwat, Partner

Its recent 'Dear CEO' letter, the FCA sets out its expectations on firms and Senior Managers in tackling non-financial misconduct. For some time the FCA has emphasised the importance of culture at firms causing financial conduct issues. In this recent letter, the FCA makes clear that non-financial misconduct will be a key focus for its supervision of firms and senior managers.

Emerging Risks: crypto-assets under international and domestic regulatory scrutiny

Published on 30 Oct 2019. By Ash Daniells, Senior Associate

The latest in our emerging risks series of blogs discusses the long-running saga of cryptocurrency regulation. At an international level, the Financial Stability Board has been looking at the regulation of stablecoin. On the domestic front, the Financial Conduct Authority has published a consultation paper regarding the recovery of their costs for supervising cryptoasset businesses.

Actuarial monitoring scheme announced

Published on 16 Oct 2019. By Ash Daniells, Senior Associate and George Smith, Partner

The Institute and Faculty of Actuaries (IFoA) has launched a new monitoring scheme, designed to improve the effectiveness of actuarial regulation, as well as make wide-spread improvements across the profession. The Actuarial Monitoring Scheme was created following a consultation by the IFoA.

Abridged Advice and Workplace Pension Schemes - digging deeper into the FCA's Latest Pension Transfer Consultation Paper

Published on 15 Aug 2019. By Anthony Cutler, Associate

Now that the dust has settled on the FCA's latest Consultation Paper on Pension Transfers (CP19/25), is there more to the regulator's proposals than first met the eye?

The Senior Managers and Certification regime: The Final Countdown

Published on 08 Aug 2019. By Lucy Kerr, Senior Associate

With only a few months to go until the Senior Managers and Certification Regime (SMCR) is extended to apply to all sole-regulated firms, the FCA has released further near-final rules and produced a report on its findings as to how firms in the banking sector have embedded the regime since March 2016.