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Money Covered: The Week that Was - 28 July

Published on 28 Jul 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

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

Money Covered: The Week that Was - 07 July

Published on 07 Jul 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

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

Lead market regulator's lawsuit includes professional advisers

Published on 09 Feb 2017. By Antony Sassi, Managing Partner, Asia and Samuel Hung, Partner

In another significant development in the Securities and Futures Commission's (SFC) efforts to combat market misconduct-type activity involving listed shares in Hong Kong, the lead market regulator has commenced civil proceedings under Section 213 of the Securities and Futures Ordinance (Cap 571) in respect of China Forestry Holdings Co Ltd (in official liquidation). What makes the proceedings noteworthy is that besides naming the company and two of its directors as co-defendants, the regulator's civil complaint also names two co-sponsors and the auditor involved with the company's initial public offering (IPO) in 2009.(1)

New developments in AI may put law firms at greater risk of phishing fraud

Published on 28 Apr 2023. By Will Sefton, Partner and Head of Professional and Financial Risks and Tom Morris, Associate

As the computing power of Artificial Intelligence continues to grow exponentially, we consider how generative technology may expand the reach of traditional phishing frauds aimed at law firms.

UK tech cases warn of liability clause drafting pitfalls

Published on 21 Sep 2023. By Helen Armstrong, Partner

Excluding and limiting liability is a vital part of any commercial contract. The irony, though, is that despite its importance, almost any exclusion or limitation of liability — if pored over to the nth degree — will have some ambiguity in the face of complex and often unforeseen consequences of breach.

Thirty minutes in Decentraland: A metaverse adventure

Published on 14 Jun 2023. By Christopher Whitehouse, Senior Associate and Becky Baker , Associate

Decentraland is one of the best known 'metaverses' that currently exist. It is a giant virtual world where users can create 'avatars' (a digital representation of yourself) and interact with one another. Users can also buy and develop virtual land, the mechanics of which involve purchasing an NFT (non-fungible token) connected with the relevant land plot. Users can then develop their land and build unique 3D environments.

Against a Backdrop of Rising Corporate Insolvencies HMRC Joint and Several Liability Notices: Should Directors be Concerned?

Published on 11 Apr 2023. By Paul Bagon, Partner and Laura Capece Galeota, Associate

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.

BTI 2014 LLC v Sequana SA and others – Supreme Court decision

Published on 06 Oct 2022. By Tim Moynihan, Partner

The Judgment of the Supreme Court in BTI 2014 LLC v Sequana SA was handed down on 5 October 2022.

Corporate bankruptcy and insolvency litigation roundtable

Published on 09 Sep 2021. By Paul Bagon, Partner

The corporate bankruptcy & insolvency litigation landscape has experienced a turbulent period over the past year and a half, largely a consequence of the extreme circumstances created by the COVID-19 pandemic. Against this backdrop, many businesses have sought arrangements and restructuring plans in an attempt to avoid corporate bankruptcy. However, as government COVID-19-related stimulus is withdrawn and the true financial impact of the pandemic becomes clear, the focus turns to which businesses will remain in crisis or fold, and which are able to restructure and survive. As the battle lines are drawn, disputes are sure to rise.

What are the latest trends in bankruptcy and restructuring? What developments can we expect to see?

Published on 14 May 2021. By Paul Bagon, Partner and Tim Moynihan, Partner

The pandemic led to the biggest change to insolvency legislation in the UK for over 20 years.

The UK's new restructuring plan

Published on 21 Apr 2021. By Paul Bagon, Partner and Tim Moynihan, Partner

The UK has introduced the Restructuring Plan; a new, flexible court supervised restructuring tool. The Restructuring Plan draws upon features of the existing Companies Act 2006 scheme of arrangement procedure (which remains available) but includes features which are new to the UK but similar to those under U.S. Chapter 11 bankruptcy proceedings.

Carluccio's serves up a rescue recipe

Published on 28 Apr 2020. By Paul Bagon, Partner and Olivia Whitehead, Hospitality & Events Executive

On Friday 24 April, RPC hosted a 30 minute webinar on the interaction of furloughing and insolvency law.

COVID-19: the supply chain

Published on 20 Apr 2020. By Paul Bagon, Partner and Tim Moynihan, Partner

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?

COVID-19: Good news on wrongful trading provisions but why should directors tread carefully?

Published on 09 Apr 2020. By Tim Moynihan, Partner

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?

COVID-19: The suspension of wrongful trading provisions and a moratorium for businesses in restructuring – what is the likely impact on your business?

Published on 31 Mar 2020. By Paul Bagon, Partner and James Whelan, Senior Associate

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?

Restructuring and Insolvency roundup January 2018

Published on 05 Jan 2018.

In this roundup, we look at crowdfunding, a sector which continues to be of interest to practitioners giving the changing regulatory landscape and the risk to investors. Other cases we look at include cover privilege in bankruptcy, the adequacy of ATE policies, and the requirement for boards to be quorate when directors appoint administrators.

Restructuring and insolvency roundup, July 2017

Published on 18 Jul 2017.

In this roundup, we consider four recent cases with implications for practitioners in the restructuring and insolvency sector.

“Gagging orders”: an office holder’s secret weapon

Published on 13 Mar 2017.

Practitioners are fully aware of the extensive powers available under ss 235 and 236 of the Insolvency Act 1986 (IA 1986) allowing administrators and liquidators as office holders (OHs) to require individuals and organisations to disgorge information.

Make insolvency great again

Published on 08 Feb 2017.

One of the great criticisms of the new President of the United States of America is that his companies filed for bankruptcy four times when he was a business mogul.

Restructuring and insolvency

Published on 18 Dec 2015.

An update on recent changes

Legislative changes in effect today: what IPs need to know

Published on 26 May 2015.

Previously under section 165 IA 86, liquidators in a voluntary winding up would have to seek sanction of the company (in members’ voluntary liquidation) or of the court or liquidation committee (in creditors’ voluntary liquidation) in order to exercise their powers to pay debts, compromise claims etc.

Disputes Yearbook 2021: Retail disputes

Published on 04 May 2021. By Jeremy Drew, Partner, Head of Commercial

As part of the acclaimed Disputes Yearbook, Legal Business interviewed members of our disputes team exploring the litigation landscape and what RPC brings to the table.

Stamp duty land tax (SDLT) avoidance and corporate property deals – the importance of timing!

Published on 21 May 2019. By Ben Roberts, Partner

The First-Tier Tribunal has, in a recent decision, caused something of a stir for clients and advisors familiar with the well-trodden (and, usually, tax-efficient) use of offshore unit trusts to hold UK property.

Law passed to regulate Significant Investments in Singapore Entities

Published on 12 Jan 2024. By Kenneth Leong, Partner and Jemima Holly Ang, Associate

The Significant Investments Review Bill (the "Bill") was recently passed by Parliament on 9 January 2024, and is expected to take effect in the first half of the year.

Bossing the rules

Published on 03 Dec 2019. By Aimee Talbot, Knowledge Lawyer

Watch out for RPC's new blog mini-series on the SRA Standards and Regulations 2019.

FCA issues Final Report in the Wholesale Insurance Broker Market Study

Published on 20 Feb 2019. By Matthew Griffith, Partner and Jonathan Charwat, Partner

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.

Accountants, auditors and actuaries beware: the FRC continues to show its teeth, as its future stands in the balance

Published on 18 Jul 2018. By Rachel Ford, Partner

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.

The future of SIPPs – FCA responds to the Work and Pensions Committee

Published on 05 Jul 2018. By Rachael Healey, Partner

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.

PRA consultation to promote diversity on boards of large insurers

Published on 06 Jul 2017.

The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.

Unpacking the Building Safety Act's industry overhaul

Published on 06 Mar 2024. By Zoe Eastell, Partner and Zack Gould-Wilson, Senior Associate

On June 28, 2022, the Building Safety Act 2022 received royal assent, bringing about the biggest change to building safety in 40 years.

Construction disciplinary trends analysis #2: engagement letters – worth more than the paper they're written on!

Published on 21 Feb 2024. By Ben Goodier, Partner and Emma Wherry, Senior Associate and Aimee Talbot, Knowledge Lawyer

This article is the second in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.

Construction disciplinary trends analysis #1: continuing professional development

Published on 16 Oct 2023. By Ben Goodier, Partner and Emma Wherry, Senior Associate and Aimee Talbot, Knowledge Lawyer

This article is the first in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.

The El Niño year and impact on subsidence claims

Published on 13 Jul 2023. By Andrew Roper, Partner and Aimee Talbot, Knowledge Lawyer

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.

Building on renewable energy #3 – Anaerobic Digestion

Published on 24 Sep 2020.

Anaerobic digestion is the process by which biodegradable materials are broken down in a controlled environment. Whilst being broken down, the materials emit gas (which can be used as a source of renewable energy), and produce heat (which can also be harnessed on or near-to site). The process also leaves a waste material (digestate), which can be used as fertiliser, contributing to the circular economy.

A matter of interpretation – the Supreme Court look at contractual interpretation once more

Published on 24 Feb 2023. By Poppy Hay, Associate and Laura Stocks, Partner

In their recent Judgment in Sara & Hossein Asset Holdings Ltd (a company incorporated in the British Virgin Islands) v Blacks Outdoor Retails Ltd [2023] UKSC 2 the Supreme Court adopted a commercially balanced interpretation of a lease; rejecting the overly textual approach of the Court of Appeal in favour of reading the relevant clause in the context of the lease as a whole.

All change: What will a Labour government mean for financial services?

Published on 05 Jul 2024. By Rachael Healey, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner and Ash Daniells, Senior Associate and Andrew Oberholzer, Senior Associate and Heather Buttifant, Associate

What does a new Labour government mean for the management liability market?

Published on 05 Jul 2024. By Rachael Healey, Partner and Matthew Watson, Partner and Andrew Oberholzer, Senior Associate and Zoe Melegari, Associate and Kim Wright, Senior Associate

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.

FCA announces thematic review of retirement income advice

Published on 01 Mar 2023. By Faheem Pervez, Associate and Patrick Barclay, Associate

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.

FCA 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

Published on 03 Oct 2022. By Rachael Healey, Partner

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.

FCA Review of AML failings at challenger banks

Published on 27 May 2022. By James Wickes, Partner and Amber Oldershaw, Associate

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.

FCA consults on British Steel redress scheme

Published on 22 Dec 2021. By David Allinson, Partner

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.

FCA looks to tighten up appointed representative regime

Published on 08 Dec 2021. By George Smith, Partner

On Friday the FCA published a consultation paper on potential changes to the existing appointed representative (AR) regime.

FOS proposals to clear the back-log - attractive or not?

Published on 18 Oct 2021. By Cory Gilbert-Haworth, Associate and Rachael Healey, Partner

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.

FCA set to expand climate-related reporting rules

Published on 17 May 2021. By James Parsons, Associate and Ash Daniells, Senior Associate

The FCA has revealed it will consult on plans to require asset managers, life insurers and FCA-regulated pension schemes to meet climate-related disclosure rules. In doing so, the FCA is expanding the scope of firms required to report on climate-related risks in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).

FCA set to expand climate-related reporting rules

Published on 17 May 2021. By James Parsons, Associate and Ash Daniells, Senior Associate

The FCA has revealed it will consult on plans to require asset managers, life insurers and FCA-regulated pension schemes to meet climate-related disclosure rules. In doing so, the FCA is expanding the scope of firms required to report on climate-related risks in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).

Pure Legal interest only mortgage claim – judgment in favour of the mortgage broker on limitation grounds as judge finds the damage was patent not latent

Published on 13 May 2021. By Anthony Cutler, Associate and Rachael Healey, Partner

The first judgment following trial in a Pure Legal interest only mortgage claim has now been handed down, with the judge dismissing the claim on the basis that it was out of time, with the claimants having all requisite knowledge of the material facts of the damage from the outset of taking out the interest only mortgage. The judge also found the advice was not negligent.

When is a complaint a complaint under DISP?

Published on 21 Apr 2021. By Rachael Healey, Partner

A Court of Appeal judgment has recently addressed what constitutes a complaint for the purposes of DISP [Clive Davis v Lloyds Bank [2021] EWCA Civ 557]. It is important to identify when a complaint is made as a regulated firm for two primary reasons: first, a complaint triggers the dispute resolution procedure under DISP of the FCA's Handbook and second, it stops time running for the purposes of time bar when it comes to a complaint to FOS.