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The 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 moreIs the FCA to blame for BSPS? MPs seem to think so
The House of Commons Public Accounts Committee (PAC) yesterday published a report entitled "Investigation into the British Steel Pension Scheme". The report makes a number of recommendations in light of its investigations in to the FCA's conduct and regulatory oversight at the time of the issues arising from the British Steel Pension Scheme (BSPS) and in particular the decision by 7,834 members to transfer to a personal pension arrangement. The report is heavily critical of the FCA's handling of BSPS and its regulatory oversight of the defined benefit transfer market generally. Given the request in the report for an update from the FCA on its progress on the various recommendations and conclusions in 6 months' time, we wait to see how the FCA reacts to yet further criticism of its handling of BSPS at a time when it is reviewing responses to the consumer redress scheme consultation.
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 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 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 moreNext-gen AI: Disrupting your business?
It’s no secret the tech sector is going through a tough time at the moment with the large swathes of layoffs seen in 2022 continuing into 2023. So much so that bespoke trackers now actively monitor the 167,004 (and counting) tech jobs already lost this year.
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 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 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 moreChanges to the One Stop Shop
In July 2023 the European Commission issued a Proposal for a Regulation of the European Parliament and of the Council laying down additional procedural rules relating to the enforcement of Regulation (EU) 2016/679 (the 'GDPR' Regulations).
Read moreRPC Law x Web3: Gambling regulations – Don't Play Games of Chance with the Law
This is part of a series of RPC x Web3 articles designed to help Web3 participants and enthusiasts understand their rights in this rapidly evolving space.
Read moreSupply chain sustainability: new rules, new risks
On 25 July 2024, the EU's new flagship supply chain law, the Corporate Sustainability and Due Diligence Directive (CSDDD), came into force.
Read moreRPC Bites #63: Aldi Kefir - copycat or collab? No more carbon credits for Brewdog and a rollercoaster for Carlsberg's portfolio
Welcome back to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of the key legal, regulatory, and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure.
Read moreRPC Bites #62: misleading 'freshly baked bread' claims, trademark troubles for Campari and McDonalds and more
Welcome back to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of the key legal, regulatory, and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure.
Read moreThe Food, Beverage and Cosmetics Law Review: United Kingdom - Second Edition
RPC is excited to announce that the Second Edition UK chapter of the Food, Beverage and Cosmetics Law Review has been published and is available to download.
Read moreCBD products no longer ex-hemp from regulation
In recent years, there has been a surge in demand for food and drink products containing cannabidiol (CBD). Popular items have ranged from oils with added CBD to CBD-infused chocolate and kombucha. With the market experiencing double digit growth year on year and a recent spike in demand during 'lockdown', UK consumers continue to demonstrate ever greater interest in CBD products. But with new regulatory requirements on the horizon, are things about to change?
Read moreRPC Bites #13
Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure. Enjoy!
Read moreRPC Bites #12
Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure. Enjoy!
Read moreRPC Bites #11
Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure. Enjoy!
Read moreBeware the desire to "make hay while the sun shines" – the ASA warns marketers to "think very carefully" before making COVID-19 claims
There is no denying the recent popularity of health and wellness trends: As at the end of 2018, the market had an estimated global value of $4.2 trillion. During the current climate, it has understandably gathered even more traction, with consumers increasingly concerned about obtaining and maintaining healthy bodies and minds.
Read moreRPC Bites #10
Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure.
Read moreFood & Beverage
With experience across the food and drink supply chain, we understand the challenges you face. Partner with us to protect your interests and gain a competitive advantage.
Read moreBeware the client who is too busy to litigate
Clients need to understand from the outset of litigation not only how significant the cost of litigation can be, but also the time commitment.
Read moreUncertainty around the mandatory reimbursement cap for APP frauds – a new headache for FI firms and their insurers?
New regulations coming on 7 October 2024 will force payment firms to reimburse victims of authorised push payment (APP) fraud up to a set limit. On 4 September 2024, the Payment Systems Regulator (PSR) announced a consultation proposing to set this limit at £85,000, vastly reduced from the previously proposed £415,000 cap. This is a potential headache for insurers as the level of the cap will impact assessment of risk and apportionment of liability between sending and receiving payment firms – and the industry will only have 7 days to prepare.
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 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 morePart 4 – AI Regulation in Asia
This is Part 4 of 'Regulation of AI – raising the trillion dollar bAIby'
Read moreThe Role of AI in Disputes
While lawyers have had various forms of AI available to them for years, it is generative AI and the development of large language models (LLMs) which is likely to represent a fundamental shift for dispute resolution. This technology now offers language capabilities that have never been seen before, and is likely to transform the way lawyers conduct proceedings.
Read moreAI-as-a-Service – Key Issues
Artificial Intelligence-as-a-Service (AIaaS), in the same vein as Software-as-a-Service and Infrastructure-as-a-Service, refers to cloud-based tools that allow businesses to gain access to an AI model hosted by a third party provider.
Read moreProcuring AI – Commercial Considerations Checklist
Many companies will no doubt be considering using AI within their business to take advantage of the massive opportunities for increased productivity and cost efficiencies promised.
Read moreGenerative AI – Addressing Copyright
When it comes to the interaction of AI and IP rights, bar a flurry of activity surrounding the inevitable outcome by all of the courts including the Supreme Court in the Thaler, Dabus case, most attention has been focussed on copyright. There are three main potentially thorny issues and all have been extensively covered by the mainstream media.
Read moreAI and Privacy – 10 Questions to Ask
We set out in this section 10 key questions to ask yourself at the outset when developing or deploying AI solutions in your business.
Read moreThe Ethics of AI - The Digital Dilemma
This is Part 6 of 'Regulation of AI – raising the trillion dollar bAIby'
Read morePart 6 – Practical Considerations
This is Part 6 of 'Regulation of AI – raising the trillion dollar bAIby'
Read morePart 5 – AI Regulation Globally
This is Part 5 of 'Regulation of AI – raising the trillion dollar bAIby'
Read morePart 3 - AI regulation in the US
Back in October 2022, the White House published federal guidance – a Blueprint for an AI Bill of Rights identifying five principles aiming to guide the design, use, and deployment of automated systems. It was designed to operate as a roadmap to protect the public from AI harms and was followed in October 2023 by the US President's Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence...
Read morePart 2 - AI regulation in the EU
The EU AI Act, the main elements of which are covered in our previous article, was provisionally agreed in December 2023. Shortly after it was agreed, the Commission released some Q&As to flesh out the key provisions and timelines for application. It is anticipated that the latest text of the Artificial Intelligence Act will be formally adopted by both Parliament and Council in April, triggering a graduated two year period for compliance (with obligations for high-risk systems defined in Annex II applicable in 3 years).
Read morePart 1 - UK AI regulation
There has been consistent messaging from the UK Conservative-led government that the UK has decided to adopt a light touch approach to regulating AI. This was evident in the AI white paper published in March 2023 which outlined a principles based framework (see ['The Ethics of AI – the Digital Dilemma'] for more information about the principles themselves and see here for additional coverage of the AI white paper). The UK government held a consultation on the AI white paper in 2023 and published a response on 6 February 2024 that adds slightly more flesh to the bones of the UK framework.
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