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The Regulatory Initiatives Grid - consumer credit and payments

Published on 23 Mar 2023. By Whitney Simpson, Of Counsel

The latest Regulatory Initiatives Grid was recently published by the FCA and sets out the regulatory pipeline over a 24-month horizon to help firms and other stakeholders manage the operational impact on firms implementing initiatives, and plan forthcoming initiatives.

Regulatory pipeline 2023 and beyond – the Regulatory Initiatives Grid

Published on 21 Mar 2023. By Jonathan Charwat, Partner

The FCA recently published the fourth edition of its annual overview and plan for ongoing and upcoming regulatory initiatives (143 in total!)

2023 Update - CAT Collective Proceedings

Published on 10 Feb 2023. By Leonia Chesterfield, Of Counsel and Chris Ross, Partner

A new era of consumer-focussed competition class actions is now well underway. It kicked off with the first collective proceedings order (CPO) granted by the Competition Appeal Tribunal (CAT) in Merricks in the summer of 2021, opening the gates for further collective claims to be certified.

Changes incoming - Improving the Appointed Representatives regime

Published on 24 Nov 2022. By Whitney Simpson, Of Counsel

The FCA's changes to improve the appointed representatives regime takes effect on 8 December 2022. The changes are aimed at enhancing consumer protection and placing more responsibility on authorised financial services firms ("Principals") for their appointed representatives ("ARs").

The Powerful And The Penalised

Published on 27 Jun 2022. By Graham Reid, Partner and Alifya Bharmal, Associate

With SRA fining powers set to increase by a factor of twelve, we look at the changes being introduced and the impact they will have.

Operational Resilience - preparations for 31 March 2022

Published on 15 Mar 2022. By Whitney Simpson, Of Counsel

The deadline of 31 March 2022 is approaching when new rules on operational resilience come into force.

Tackling economic crime and sanctions evasion

Published on 08 Mar 2022. By Lucy Kerr, Senior Associate

The draft Economic Crime Bill is now on its way to the House of Lords, having received cross-party approval in the House of Commons.

Hong Kong – Appeal case reviews adequacy of regulator’s reasons not to proceed with complaint

Published on 18 Feb 2022. By Samuel Hung, Partner and Jennifer Leung, Associate

In Ng Shek Wai v HKICPA , the Court of Appeal reviewed the adequacy of the reasons for a regulator's decision that there was no prima facie case of professional misconduct. The issue arose in the context of an application for judicial review.

White-collar crime and compliance predictions for 2022

Published on 03 Feb 2022. By Sam Tate, Partner

In a blink of an eye, we are moving into a new spring with a new set of challenges and opportunities facing businesses. Here are RPC's three white-collar crime and compliance predictions for 2022…

FCA's Perimeter Report – observations for the insurance market

Published on 15 Nov 2021. By Jonathan Charwat, Partner

In late October, the FCA published this year's version of its Perimeter Report. The Perimeter Report is intended to clarify some of the complexities about what the FCA does and does not regulate. It also sets out some areas where the FCA sees potential for customer harm.

Regulatory Initiative Grid sets out multi-regulator pipeline of planned/ongoing regulatory initiatives in the financial services market

Published on 04 Nov 2021. By Jon Bartley, Partner and Jonathan Charwat, Partner and Whitney Simpson, Of Counsel

At the beginning of the week, a number of UK regulators published this year's version of the 'Regulatory Initiatives Grid' which aims to provide a combined pipeline from a number of regulators on ongoing and planned regulatory initiatives affecting the financial services market. Regulators involved include, amongst others, the Financial Conduct Authority, Prudential Regulation Authority, Payments Systems Regulator and Information Commissioners Office.

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.

Sanctions – A New World?

Published on 26 Feb 2021. By Robert Waterson, Partner and Harry Smith, Senior Associate

The new UK sanctions regime (SAMLA) replaces EU sanctions in the UK, and sits alongside UN sanctions and US sanctions as a factor for businesses to consider in planning their anti-corruption and compliance matters. In particular it can impose trade sanctions, travel sanctions and financial sanctions, with tough financial penalties for non-compliance.

Part 2: Top 5 corporate crime compliance trends for the year ahead

Published on 26 Jan 2021.

As we commence a new year in the midst of unprecedented global challenges, here is our take on the key financial crime risk and compliance trends you need to be aware of in 2021.

Part 1: Top 5 corporate crime enforcement trends for the year ahead

Published on 19 Jan 2021.

As we commence a new year in the midst of unprecedented global challenges, here is our take on the key financial crime risks and trends you need to be aware of in 2021.

Is the current law on corporate criminal liability about to get more teeth?

Published on 05 Nov 2020.

On 3rd November 2020, the Government published its long-awaited response to its January 2017 call for evidence on the question of reforming the law on corporate liability for economic crime. The Government found the evidence inconclusive overall, so it has asked the Law Commission to draft an Options Paper, to assess how effective the current law is relating to corporate criminal liability and where improvements can be made.

New SFO guide to DPAs: material change, or confirmation of approach?

Published on 28 Oct 2020. By Sam Tate, Partner and Lucy Kerr, Senior Associate

Last week, the Serious Fraud Office (SFO) published a comprehensive guide to its approach to Deferred Prosecution Agreements (DPAs).

UKCA Marking: Updated Guidance

Published on 16 Sep 2020. By Gavin Reese, Partner, Head of Regulatory and Elinor Sidwell, Associate

As the end of the Brexit implementation period draws closer, the UK Government has sought to clarify the changes that will follow. On 1 September 2020 they published the long-awaited guidance on the use of UKCA marking following the withdrawal of the previously issued advice earlier this year.

Medical Devices Regulation on the horizon

Published on 09 Jul 2020.

The EU Regulation on Medical Devices 2017/745 (the MDR) had been due to become fully applicable on 26 May 2020.

SMCR: The tricky implementation phase

Published on 09 Jul 2020. By Lucy Kerr, Senior Associate

The Senior Managers and Certification Regime (SMCR) came into force for all financial services firms solo-regulated by the Financial Conduct Authority (FCA) on 9 December 2019. The SMCR replaces the previous APER regime under which the FCA had oversight of the individuals working in the financial services industry. There is a one year implementation period for firms to make the changes required by the SMCR, which expires on 9 December 2020.

COVID-19: The Dairy Sector and Welsh health services granted temporary UK competition law exemptions and the European Commission issues first 'Comfort Letter' to Pharmaceutical Manufacturers

Published on 01 Jun 2020. By Melanie Musgrave, Of Counsel

The UK Government has granted a temporary competition law exemption for certain collaboration within the dairy sector and Welsh health services and the European Commission has published its first 'comfort letter' to allow co-operation to ensure supplies of medicines for COVID-19 patients.

Regulated Activities Order amendments for the new Bounce Back Loan Scheme

Published on 05 May 2020.

On 1 May 2020, the Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020 was published and came into force on 4 May 2020.

COVID-19: What is the CMA's current approach to UK merger assessment?

Published on 29 Apr 2020. By Melanie Musgrave, Of Counsel

The CMA has been adapting its working practices to react to the ongoing challenges of a change in working environment that has an impact on almost all businesses.

COVID-19: Coronavirus and Competition Law - The Current Enforcement Scene

Published on 06 Apr 2020. By Melanie Musgrave, Of Counsel

Court considers requirements for a condition precedent to litigation in Local Authority application

Published on 26 Apr 2024. By Zack Gould-Wilson, Senior Associate and Alexandra Anderson, Partner and Cat Zakarias-Welch, Knowledge Lawyer

In Lancashire Schools SPC Phase 2 Ltd v Lendlease Construction (Europe) Ltd [2024] EWHC 37 (TCC) a local authority failed in its application to have the claim against it stayed or struck out on the basis of non-compliance with a contractual dispute resolution mechanism.

RICS PII Minimum Terms consultation – last chance to have your say

Published on 20 Dec 2023. By Alexandra Anderson, Partner and Catherine Zakarias-Welch, Knowledge Lawyer

RICS requires all regulated firms in the UK and Ireland to hold "adequate and appropriate" indemnity insurance which meets RICS' Minimum Policy Wording.

First out the traps: Dissecting the first remediation order under the Building Safety Act

Published on 04 Oct 2023. By Arash Rajai, Partner and Joshua Green, Associate

Our non-contentious construction team have recently contributed an article to Practical Law considering the first remediation order made by the First-tier Tribunal under section 123 of the Building Safety Act 2022 in Waite and others v Kedai Ltd (2023) LON/00AY/HYI/2022/0005 & 0016.

The proposed new RICS Residential Retrofit Standard

Published on 10 Aug 2023. By Alexandra Anderson, Partner and Aimee Talbot, Knowledge Lawyer

We explain the proposed RICS Residential Retrofit Standard and offer practical tips for complying with the new Standard when it comes into force.

CoA paves the way for the responsible developer

Published on 26 Jul 2023. By Katharine Cusack, Partner and Alexandra Anderson, Partner and Sally Lord, Knowledge Lawyer

Our team explore a recent judgment that touches on crucial factors for developers and construction professionals when dealing with remedying defects in buildings.

RICS disciplinary process: guidance for surveyors on sanctions (4 of 4)

Published on 27 Jun 2023. By Ben Goodier, Partner and Sarah O'Callaghan, Senior Associate and Emma Wherry, Senior Associate and Laura Sponti, Associate

This fourth article considers the sanctions the RICS can impose and the next steps for surveyors following a disciplinary decision.

BSA: new guidance for principal accountable persons to assist in registration with BSR

Published on 09 Jun 2023. By Alexandra Anderson, Partner and Katharine Cusack, Partner

Our team explain the Health & Safety Executive's new guidance for Principal Accountable Persons detailing what key building information they need to provide when registering a high-rise residential building with the Building Safety Regulator, and what PAPs should be doing now in preparation for registration, which closes on 30 September 2023.

The fit-out problem

Published on 24 May 2023. By Arash Rajai, Partner and Jon Ely, Partner

An article considering the insurance strategy of fit-out works, which looks at co-insurance following the Court of Appeal's judgment in FM Conway Ltd v The Rugby Football Union and others [2023] EWCA Civ 418, the approach under JCT contracts, public liability insurance and the tenant's liability.

Responsible Actors Scheme forecast for Summer 2023

Published on 11 May 2023. By Katharine Cusack, Partner and Olivia Bradfield, Associate

The Government has recently published secondary legislation setting out its intention to implement its Responsible Actors Scheme (RAS) with further guidance to come by this Summer.

BSA: Higher-Risk Buildings Regulations now in force - Property Managers Take Note

Published on 14 Apr 2023. By Katharine Cusack, Partner

The Government has been working on safety measures for high rise buildings following the Grenfell Tragedy to provide comfort to residents in order for them to feel safe in their homes.

To be or Knot to be, a nuisance?

Published on 02 Mar 2023. By Alexandra Anderson, Partner and Katharine Cusack, Partner

One year on , has the recent decision of Davies v Bridgend County Council (BCC) helped or hindered that goal?

St James’s Oncology v Lendlease: the value of project-specific amendments to JCT contracts

Published on 12 Jan 2023. By Arash Rajai, Partner and Claire Wilmann, Senior Associate

The recent judgment of the TCC in St James’s Oncology SPC Ltd (Project Co) v Lendlease Construction (Europe) Ltd and another provides a fascinating commentary on the importance of drafting a building contract that is tailored to deliver the needs of the employer and the end-user.

Building Safety Levy – Government Undertaking Second Consultation

Published on 28 Nov 2022. By Alexandra Anderson, Partner and Katharine Cusack, Partner and Sally Lord, Knowledge Lawyer

The Government has just announced it is commencing another consultation on building safety, this time by way of second consultation on the Building Safety Levy ("the Levy").

Two-stage procurement: some key considerations for PCSAs

Published on 02 Nov 2022. By Arash Rajai, Partner and Claire Wilmann, Senior Associate

In our previous blog post, we introduced two-stage procurement and two key options for documenting it (a pre-construction services agreement (PCSA) followed by a separate main works contract and a Combined PCSA/Main Contract) noting that the differences were generally presentational or mechanical. For the purposes of this post, we will refer only to the PCSA and main contract option, but please note that the same principles apply to the Combined PCSA/Main Contract.

Cladding and Valuation: Important RICS guidance under consultation until 31 October 2022 – have your say!

Published on 20 Oct 2022. By Alexandra Anderson, Partner and Katharine Cusack, Partner

The consultation is part of RICS' plan to introduce a new professional standard for valuing properties in multi-storey, multi-occupancy residential buildings with cladding. This will take the form of an RICS-approved technical guidance note, with the objective of supporting an effective homebuying market.

Two-stage procurement

Published on 26 Sep 2022. By Arash Rajai, Partner and Claire Wilmann, Senior Associate

In a recent survey undertaken as part of the RIBA Construction Contracts and Law Report 2022, it was reported that over a third (37%) of respondents had used two-stage procurement over the last 12 months. We are similarly seeing two-stage procurement being used more and more in the construction industry, particularly for major building projects. In fact, the majority of recent development projects we have advised on in the UK were procured on a two-stage basis.

Is an Alternative Dispute Resolution (ADR) clause a condition precedent? And even if it is, is it always enforceable?

Published on 08 Sep 2022. By Katharine Cusack, Partner and Ellen Ryan, Senior Associate

The Case of Children's Ark Partnerships Ltd v Kajima Construction (Europe) UK Ltd and another [2022] EWHC 1595 (TCC) considers ADR clauses in more detail and highlights the importance of ensuring there is sufficient detail regarding the ADR process within the contract, failing which may result in serious consequences including challenges to the court's jurisdiction and a stay of proceedings.

EWS1 update

Published on 11 Apr 2022. By Alexandra Anderson, Partner and Lewis Manning, Associate

A joint statement made by The Royal Institution of Chartered Surveyors ('RICS') and six major lenders has clarified the position of the lender and valuation industries with regard to fire safety remedial works and mortgage lending.

RICS revised Rules of Conduct – coming soon

Published on 17 Jan 2022. By Alexandra Anderson, Partner and Katharine Cusack, Partner and Emrys Moore, Associate

The RICS's new Rules of Conduct are due to come into force on 2 February 2022. The rules combine the previously separate codes for individuals and firms in force since 2007 with the Global Professional and Ethical Principles from 2009, with the intention of providing a single, concise summary of all relevant principles, in order to allow RICS member firms and clients to understand what good professional practice looks like.

Does it matter if "the price is right"?

Published on 16 Dec 2021. By Alexandra Anderson, Partner and Katharine Cusack, Partner

The recent case of Serene Construction Ltd v Salata and Associates Ltd has offered further insight on the Courts' approach to claims against bank-appointed receivers where they are instructed to market and sell land.

The Week That Was - 5 November 2021

Published on 05 Nov 2021. By Ben Goodier, Partner and Sarah O'Callaghan, Senior Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.

The Week That Was - 29 October 2021

Published on 29 Oct 2021. By Ben Goodier, Partner and Sarah O'Callaghan, Senior Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.

The Week That Was - 22 October 2021

Published on 22 Oct 2021. By Ben Goodier, Partner and Sarah O'Callaghan, Senior Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.

The Week That Was - 8th October 2021

Published on 08 Oct 2021. By Ben Goodier, Partner and Sarah O'Callaghan, Senior Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.

The Week That Was - 1 October 2021

Published on 01 Oct 2021. By Ben Goodier, Partner and Sarah O'Callaghan, Senior Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.

The Week That Was - 24 September 2021

Published on 24 Sep 2021. By Ben Goodier, Partner and Sarah O'Callaghan, Senior Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.