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Context is everything – key takeaways on green claims from the CMA's recent consumer law conference
On 28 June 2023, the Competition and Markets Authority (CMA) held a highly anticipated conference on consumer law and enforcement. RPC's Senior Partner Oliver Bray was invited to speak on green claims alongside a stellar panel comprising Anna Jewitt (CMA), Justine Grimley (Advertising Standards Authority (ASA)), Tim Rowe (Financial Conduct Authority), and Rupert Earle (Bates Wells).
Read moreClimate-related financial disclosures: what companies and LLPs need to know about the UK's new mandatory rules
The UK's new climate-related financial disclosures: mandatory requirements to come clean
Read more'Big Plastic' is an emerging climate risk and a ticking time-bomb for litigation
The tangible commitment to plastics regulation and action will likely trigger a new wave of plastics-related litigation.
Read moreESG claims in the banking and financial markets Sector: will "greenwashing" claims soon be common in the UK?
Environmental, Social and Governance "ESG" funds are an attractive avenue for investors seeking responsible investment choices.
Read moreAgainst a Backdrop of Rising Corporate Insolvencies HMRC Joint and Several Liability Notices: Should Directors be Concerned?
It is widely anticipated that the next twelve months could be a challenging period for many businesses in the UK and that there could be a significant rise in the number of companies in financial distress.
Read moreSilicon Valley, Signature and Credit Suisse: what do they all share(holder) in common?
In what has been termed "the biggest banking crisis since 2008", both Silicon Valley Bank (SVB) and Signature Bank have collapsed, and Credit Suisse has been rescued. Whether more banks are to follow suit is yet to be seen.
Read moreChoppy waters ahead? The significance of Oceanfill
The economic outlook for the UK in 2023 remains uncertain, and more companies may need to restructure their businesses to ensure survival. This
Read moreBTI 2014 LLC v Sequana SA and others – Supreme Court decision
The Judgment of the Supreme Court in BTI 2014 LLC v Sequana SA was handed down on 5 October 2022.
Read moreCarluccio's serves up a rescue recipe
On Friday 24 April, RPC hosted a 30 minute webinar on the interaction of furloughing and insolvency law.
Read moreCOVID-19: the supply chain
Concerns regarding the strength of UK supply chains and the consequences which arise when links in the chain fail, are not new and were recently subject to significant scrutiny in the context of Brexit negotiations. But with COVID-19 causing a host of new problems for already stressed supply chains, what can businesses do to protect themselves?
Read moreCOVID-19: Good news on wrongful trading provisions but why should directors tread carefully?
The Government has launched a number of initiatives to assist companies and businesses to trade through the current financial stress. But what should directors still be aware of as they steer their organisations through these unprecedented times?
Read moreCOVID-19: The suspension of wrongful trading provisions and a moratorium for businesses in restructuring – what is the likely impact on your business?
COVID-19: On 28 March 2020 the Business Secretary announced further new far-reaching measures to help businesses combat the financial impact of COVID-19. What it the likely impact of the suspension of wrongful trading provisions and a moratorium for businesses in restructuring on your business?
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 moreUK Government wants understanding of video games to move to the next level
On 30 May 2023, the UK Government published a Video Games Research Framework which encourages research on video games and emerging game-related technologies.
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 moreNew Digital Regulators on the 2023 Horizon: the Digital Markets Unit and the European Centre for Algorithmic Transparency
For a number of years, the UK Government has been laying the groundwork to bring in a digital markets regime to regulate digital firms designated as having ‘strategic market status’ (SMS). To be designated as having SMS, a firm must have 'substantial and entrenched market power' in at least one activity. Companies having SMS are likely to include the largest tech firms such as Amazon, Apple, Google, Microsoft and Meta (the so called 'GAMMA' firms).
Read moreDigital services providers—Commission to focus on implementation phase of EU consumer protection legislation
The Digital Services Act (DSA) and the Digital Markets Act (DMA) are published in the Official Journal and the plenary vote of the European Parliament on the proposed text of the AI Act is expected once amendments are agreed by negotiators. The Commission is now turning its focus to the implementation phase of these landmark regimes. So, what does the future hold for the European tech sector and how might it differ for the UK?
Read moreThe EU Digital Markets Act - a focus on gatekeeper obligations and sanctions
What key obligations will the Digital Markets Act (DMA) impose on online platforms designated as gatekeepers?
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 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 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 moreNavigating the impact of AI on work: challenges, opportunities, and the human touch
The fear of job losses because of technology and automation, including artificial intelligence, has been with us since the 1960s. For some time, academics have predicted the decline of routine, rules-based and process-driven roles.
Read moreThaler v Comptroller [2023] UKSC 49: the UKSC rules that AI cannot be an 'inventor'
To the surprise of no one, the UK Supreme Court (UKSC) has finally ruled that an artificial intelligence (AI) cannot be an inventor for the purposes of UK patent law. This judgment accords with the decisions of the lower courts in the UK and the initial ruling of the UKIPO. It also reflects similar findings from most of courts around the world where the claimant, Dr Thaler, brought similar actions.
Read moreComing to a bank near you? How "investment AI" could transform financial mis-selling claims
Living under a rock is probably the only way anyone might have escaped the media attention given to ChatGPT and generative AI in recent months. Beyond the (considerable) hype, this technology could have a profound impact on financial mis-selling claims where financial institutions and fund managers turn to the new technology to help them select investments and products.
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 moreThe "Unicorn Kingdom's" AI White Paper
The UK's pro-innovation AI White paper has been published. It landed almost simultaneously with an open letter from the Future of Life Institute which called for a six-month halt in work on AI systems more powerful than the generative AI system: GPT-4.
Read moreGenerative AI and intellectual property rights—the UK government's position
The IPO is to produce a code of practice by the summer that will provide guidance to support AI firms in accessing copyright protected works as an input to their models.
Read moreUnderstanding and managing the risks in artificial intelligence (AI) technology projects
How do you go about managing the risks and challenges that might arise during the deployment of AI technology?
Read moreWhat does a new Labour government mean for the management liability market?
We have a new government and the first Labour government for 14 years. What does it mean for the management liability market? We look at what Labour has promised and with that the areas those in the market will want to consider across directors and officers, employment liability and pensions.
Read moreFCA announces thematic review of retirement income advice
The pension freedom reforms changed the way consumers access their retirement funds. This FCA thematic review will put firms under the spotlight with a focus on how the retirement income advice market is functioning in response to changing consumer needs in the current economic downturn.
Read moreFCA 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
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.
Read moreFCA Review of AML failings at challenger banks
Throughout 2021, the FCA conducted a detailed review into the financial crime controls of challenger banks as they continued to enter the UK financial industry at a rapid pace. Their surge in popularity is partially linked to the Covid-19 pandemic, which has prompted significant changes in the habits of service providers worldwide. Whilst the FCA's review indicated some evidence of good practice, it is clear that challenger banks must do more to reduce the significant risks of financial crime occurring both at the time of customer onboarding and throughout the subsequent customer journey.
Read moreFCA consults on British Steel redress scheme
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.
Read moreFCA looks to tighten up appointed representative regime
On Friday the FCA published a consultation paper on potential changes to the existing appointed representative (AR) regime.
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