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New 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 moreThe El Niño year and impact on subsidence claims
Insurers should be bracing for a wave of subsidence claims arising from the increasingly warm weather. The UN’s World Meteorological Organization (WMO) has declared that an El Niño climate event is in progress, which helps explain why June 2023 was the hottest on record in the UK.
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 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 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 moreAccountants obliged to report suspected misuse of the Bounce Back Loan Scheme
The Bounce Back Loan Scheme (BBLS) was introduced to enable smaller businesses adversely affected by the coronavirus pandemic to access government-backed finance.
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 moreLife Expectancy - What's the Big Deal?
The Prudential Regulation Authority (PRA) has updated its guidance for insurers participating in longevity risk transfers (PS1/20 and SS18/16), clarifying the risks that should be considered and its expectations of pre-notification for transactions that are large and/or complex.
Read moreBrexit delay prolongs uncertainty for insurers
Yesterday's announcement of Halloween as the new deadline for Brexit will prolong uncertainty for many UK insurers.
Read moreCybersecurity breaches at financial services firms more than trebles
Cybersecurity breaches reported by financial service providers rose from 187 in 2021/22 to 640 in 2022/23 UK pension schemes report the biggest increase, 4,000%, in data breach reports to the ICO
Read moreNew virtual insurer for Hong Kong
This month saw the award of a further virtual insurer licence in Hong Kong – this time for OneDegree (on 15 April 2020). The start-up will focus, initially, on the burgeoning Hong Kong pet insurance market, before a proposed expansion into health and cyber risk.
Read moreICO fines online travel insurer £175,000 for failing to keep customers’ personal information secure
The Information Commissioners Office (the “ICO”) has fined Staysure.co.uk Limited (“Staysure”), an online travel insurance company, £175,000 for its failure to comply with the seventh data protection principle, after IT security failings allowed hackers to access up to 100,000 customer financial records.
Read moreAdams v Carey – where does the Court of Appeal's decision leave the SIPP market?
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.
Read moreDORA Watch – June and July 2024
As financial entities and ICT service providers undergo the final stages of implementation of the Digital Operational Resilience Act (DORA) requirements into their systems and processes, it is imperative to understand the legal developments and ongoing updates arising from EU Member States as they go through their respective transposition and alignment processes. Through TerraLex - our global legal network, which provides us with access to 22,000 lawyers from highly regarded and carefully vetted law firms stretching more than 120 countries – we have collated legal updates focusing on DORA and its implications in EU jurisdictions.
Read morePushing back on APP scams
An Authorised Push Payment (APP) is where a payer instructs their payment service provider, such as their bank, to send money from their account to another. These payments are usually made through the Faster Payment Service or CHAPS.
Read moreThe Week That Was - 23 August 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 16 August 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 9 August 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 2 August 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 26 July 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 22 July 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 12 July 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 5 July 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 28 June 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 21 June 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 14 June 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 7 June 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 31 May 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 24 May 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 17 May 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 10 May 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 3 May 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 26 April 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 19 April 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 12 April 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was – 5 April 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 28 March 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 22 March 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
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