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Lawyers Covered - March 2022
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreDuties of Care to Third Parties in Tax Avoidance Schemes – Disappointment for Investors in McClean as Zacaroli, J Rejects Claims
Mr Justice Zacaroli has now handed down his judgment in David McClean and others v Andrew Thornhill QC [2022] EWHC 457 (Ch) - a ~£40m claim by investors in a tax scheme against one of the leading tax barristers in the country. The judge dismissed the claim in its entirety holding, amongst other things that the barrister did not owe a duty of care to the investors.
Read moreDuties of Care to Third Parties in Tax Avoidance Schemes – Disappointment for Investors in McClean as Zacaroli, J Rejects Claims
Mr Justice Zacaroli has now handed down his judgment in David McClean and others v Andrew Thornhill QC [2022] EWHC 457 (Ch) - a ~£40m claim by investors in a tax scheme against one of the leading tax barristers in the country. The judge dismissed the claim in its entirety holding, amongst other things that the barrister did not owe a duty of care to the investors.
Read moreSIPPs and FOS - does the Rowanmoor decision change anything?
Last week FOS published a decision it reached last year in a complaint against a SIPP provider involving advised sales. The FOS upheld the complaint, finding that the SIPP provider should have rejected business from the regulated financial adviser, CIB Life and Pensions Limited (CIB), given, broadly, red flags available to the SIPP provider with respect to the operation of CIB's business model including that CIB was not advising on the ultimate investment within the SIPP and as a result such introductions involved a significant risk of consumer detriment. The decision has received quite a bit of press attention - but has it moved the dial for SIPP complaints before FOS or not?
Read moreLawyers Covered - January 2022
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreThe Future of Insolvency Regulation
On 21 December 2021 the Government launched a consultation into the future of insolvency regulation. The changes proposed in the consultation document will have a wide ranging impact on the insolvency profession (and its insurers) with the proposals including: the direct regulation of insolvency firms, the introduction of a single regulatory body with powers to order compensation against insolvency practitioners and firms, a new additional requirements regime, changes to the bond regime and a public register of insolvency practitioners and firms. Many of the changes proposed require primary legislation and so it may be some time before the changes to take effect (if adopted). But there does appear to be some wind behind these proposals given they follow on from the Call for Evidence in 2019 and a more general focus on insolvency issues in the wake of the Covid-19 pandemic.
Read moreLawyers Covered - November 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - July 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - October 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - August 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - May 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - April 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - March 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreAI in auditing: Embracing a new age for the profession
Artificial Intelligence (AI) is a rather new concept for many (ignoring those versed in 80’s Sci-Fi movies); it’s something many don’t know much about and certainly don’t use in our day-to-day lives (or at least appreciate we are using). However, that’s not the case for everyone. Auditors have long been reaping the benefits of AI, but are auditors just scratching the surface of what AI can offer and what impact will an increased use have on their insurance requirements and claims they face?
Read moreEU AI ACT-ion stations
The EU is forging ahead with its vision for AI. With wrapping up talks on the EU AI Act between the EU governments, the Commission and the parliamentary negotiators imminent, we bring you up to date on the EU's risk based approach, the scope of the Act, a timeline, key points that will form the basis of the discussions and next steps.
Read moreWhat To Know About AI Fraudsters Before Facing Disputes
Fraudsters are quick to weaponise new technological developments and artificial intelligence is proving no exception, with AI-assisted scams increasingly being reported in the news, including most recently one using a likeness of a BBC broadcaster.
Read moreSRA consults the legal sector on proposed changes to their fining framework
The SRA is conducting a consultation from the 28 June to 20 September 2024 on their proposed changes to the SRA Fining Guidance. The regulator is seeking feedback in response to the new unlimited fining powers granted under the Economic Crime and Corporate Transparency Act (ECCTA 2023).
Read moreSRA fining powers – putting the SDT out of business?
The SRA is on a mission to increase its powers to levy financial penalties. The last 12 months have seen a substantial increase in its fining powers, and a grant of unlimited fining powers in matters relating to financial crime and SLAPPs is imminent. The SRA has now dramatically upped the ante, seeking the power to levy unlimited fines in all cases of serious misconduct. With the Legal Services Board appearing supportive, the proposal has the potential profoundly to affect the enforcement of professional discipline within the profession.
Read moreEnhanced Regulatory Supervision of Asset Managers in Europe – Greenwashing Risks
A common methodology has been developed by ESMA to allow national European regulators to share knowledge and experiences to facilitate convergence in how they supervise sustainability related disclosures.
Read moreCosts recovered in the Small Claims Track from an unreasonable Litigant in Person
Most (if not all) litigators will be familiar with the challenge of being on the other side of a claim brought by a litigant in person ("LiP"). The courts expect practitioners to be sensitive to their opponent's lack of legal expertise and familiarity with court rules, but judges have also been clear that they expect all parties – including LiPs – to follow the rules regardless of their legal representation.
Read moreSRA issues Warning Notice on solicitors' involvement in SLAPPs
SLAPPs (aka 'Strategic Lawsuits Against Public Participation') is a term coined in the USA. They are becoming the object of increasing concern over here too.
Read moreHong Kong – Claim pleading duty of care against auditor struck out for "putting the cart before the horse"
In Chan Kam Cheung v Ronnie K W Choi & Anor [2022] HKCFI 3028, a judge upheld a master's (judicial officer's) decision to strike out the plaintiff shareholder's action against the former auditors of the company.
Read moreSolicitors Entitled to Insurance Cover for Liability for Fees: Royal Sun Alliance Insurance Limited & Others v Tughans (a firm)
In a recent judgment, Foxton J held that a claim for damages against a firm of solicitors for fees which it was contractually entitled to was covered under the firm's professional indemnity insurance. He held that it did not matter if the fees were obtained through the solicitor's fraudulent misrepresentation provided that the solicitor had done what was required under the contract to earn the fees. The decision will not be welcomed by insurers.
Read moreShorter time limit for Third Parties (Rights Against Insurers) Act 2010 claims
A recent judgment has reduced the limitation period for third parties to make direct claims against insurers under the Third Parties (Rights Against Insurers) Act 2010 when compared to claims under the predecessor 1930 Act. The decision will make it easier for insurers to defend such claims on limitation grounds.
Read moreRisky Business: what to do when former clients ask further questions
In Spire Property Development LLP & Anor v Withers LLP [2022] EWCA Civ 970, the Court of Appeal considered the scope of a solicitor's duty when a former client posed questions to a solicitor concerning a transaction after the retainer had ended. The judgment will be of interest to solicitors who are asked for advice in circumstances where no retainer exists.
Read moreThe Professional Negligence Law Review, Edition 5
The Professional Negligence Law Review provides an indispensable global overview of the law and practice of professional liability and regulation. It covers the fundamental principles of professional negligence law in each jurisdiction, including obligations, fora, dispute resolution mechanisms, remedies and time bars. The authors then review factors specific to the main professions and conclude with an outline of recent developments and issues to look out for in the year ahead.
Read moreDouble warning for legal professionals: do not cut corners with disclosure
Further to a recent decision made by the Bar Tribunals and Adjudication Service, the Bar Standards Board has suspended a "top criminal silk" from practice on grounds of professional misconduct in respect of his failure to disclose material evidence during criminal proceedings in 2007. The decision, and the judgment made by the Court of Appeal in those proceedings, reiterates the importance of the ongoing obligation on legal professionals to give disclosure and comply with their duties to the court.
Read morePost COVID-19 UK: What Will the Professional Negligence Claims Landscape Look Like?
The cost of living is at an all-time high, with interest rates increasing and inflation currently sitting at around 9%. The chances of a recession in the UK over the next two years have increased. It will come as no surprise that we expect the number of claims against law firms to rise as the economic downturn takes hold, as was the case in 2008 and recessions before it.
Read moreLawyers Covered - April 2022
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreImportant Court of Appeal clarity on the operation of s1(4) of the Civil Liability (Contribution) Act 1978
A recent Court of Appeal decision (in which RPC acted for the successful barrister Appellant) provides important clarification on the operation of section 1(4) of the Civil Liability (Contribution) Act 1978 (“the Act”). Although the matter concerned a contribution claim by a solicitor against a barrister brought pursuant to the Act, the decision is of wider relevance/application for litigation practitioners and the Insurance market.
Read moreThe X-Client Files: who owns a solicitor's file
It's a perennial headache for solicitors: what exactly am I supposed to do when a client asks me for 'their file'?
Read moreGood faith does not go both ways
It is common knowledge that solicitors owe fiduciary duties to their clients but what about the other way around? Do clients owe a duty of good faith to their solicitors (as an implied term of the retainer)?
Read moreFOS proposals to clear the back-log - attractive or not?
The Financial Ombudsman Service (FOS) has proposed a temporary approach to the classification of certain complaints in an attempt to alleviate their complaints backlog exacerbated during the COVID-19 pandemic. The approach could see firms looking to pro-actively resolve complaints before a defined cut off date before FOS reaches a decision so that the complaint is recorded separately and not as a "change in outcome" (i.e. where a complaint has been rejected by a business and upheld by FOS). The consultation was open for a short two-week period between 4 and 18 October 2021.
Read moreThe Professional Negligence Law Review, Edition 4
This fourth edition of The Professional Negligence Law Review provides an indispensable overview of the law and practice of professional liability and regulation in 15 jurisdictions. The Professional Negligence Law Review contains information that is invaluable to the large number of firms, insurers, practitioners and other stakeholders who are concerned with the liability and regulatory issues of professionals across the globe. The variation in law and practice across the different jurisdictions is very noticeable and underlines the usefulness of a guide such as this.
Read moreAggregation under the solicitors' minimum terms: are primary layer insurers ready for potentially limitless liability?
In Baines v Dixon Coles & Gill the Court of Appeal has substantially limited the extent to which claims against solicitors can aggregate.
Read moreIt's Cocoa, Jim, but not as we know it: Court's modern interpretation of underwriters' and brokers' duties #4 - getting the witness evidence right and new rules
This is the fourth and final article in our series following the decision in ABN Amro Bank N.V. v Royal Sun Alliance Insurance plc and 13 Underwriters and Edge Brokers (London) Limited, in which RPC acted for Edge.
Read moreIt's Cocoa, Jim, but not as we know it: Court's modern interpretation of underwriters' and brokers' duties #2 – The underwriters defence
A modern show of the historic defence strategy at its worst, or should that be best? We'll let you decide.
Read moreIt's Cocoa, Jim, but not as we know it: Court's modern interpretation of underwriters' and brokers' duties #1 - An overview of the case
In this series of articles we take a look at the decision in ABN Amro Bank N.V. v Royal & Sun Alliance plc and 13 Underwriters and Edge Brokers (London) Limited. In this article we give an overview of the case. The remaining articles will focus on particular areas of the case, these will be: 1. Underwriters' duties 2. Brokers' duties 3.Witness evidence
Read moreFurther welcome news from the FCA – this time on co-manufacturing
Following on from our earlier blog, our review of the FCA's 'Discussion Paper' (DP24/1) continues, this time considering the rules relating to co-manufacturers of insurance products.
Read morePotential deregulation and a pragmatic approach to commercial insurance – welcome news from the FCA
The FCA has published a 'Discussion Paper' (DP24/1) seeking feedback on its rules on commercial insurance including in respect of the types of commercial customers in-scope, co-manufacturing of products and bespoke insurance products.
Read moreCAT Collective Proceedings - Summer 2024 update
Developments in the UK’s competition collective proceedings regime continue apace with new claims recently issued in the Competition Appeal Tribunal (CAT).
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 moreThe Corporate Sustainability Due Diligence Directive expert briefing
The Corporate Sustainability Due Diligence Directive (CSDDD) was adopted on 24 May 2024 and was published in the Official Journal of the EU on 5 July. This means the law will enter into force 20 days later on 26 July, and will apply to companies from 2027.
Read moreRegulatory Radar - June 2024
Welcome to the June 2024 edition of RPC’s bi-annual Regulatory Radar – a guide to the key regulatory changes worth having on your radar. We hope this will be a useful resource, helping you scan the regulatory horizon and highlight changes that could impact your business.
Read moreFinancial Crime Time - Your update from RPC: 2024 Q2
Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.
Read moreRegulatory Radar: quick takes - May 2024
Welcome to the May 2024 edition of our bi-monthly Regulatory Radar: quick takes, which pulls together recent developments from across the UK’s regulators.
Read moreFinancial Crime Time - Your update from RPC: 2024 Q1
Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.
Read moreRegulatory Radar: quick takes - March 2024
Welcome to the latest edition of our bi-monthly Regulatory Radar: quick takes, which pulls together recent developments from across the UK’s regulators.
Read moreRegulatory Radar - January 2024
Hello and welcome to the January 2024 edition of RPC’s bi-annual Regulatory radar – a guide to the key regulatory changes worth having on your radar. We hope this will be a useful resource, helping you scan the regulatory horizon and highlight changes that could impact your business.
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