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SIPPs 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 moreUK tech cases warn of liability clause drafting pitfalls
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.
Read moreThirty minutes in Decentraland: A metaverse adventure
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.
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 moreGreen claims update: June 2024
Welcome to our round-up of the key legal and regulatory developments relating to green claims.
Read moreEnvironmental sustainability: a snapshot of a changing regulatory landscape
Sophie Tuson charts the key legal developments in the UK and EU across the product lifecycle and flags practical considerations for businesses.
Read moreContext 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 moreWhat if the CEO asks me... about ESG-linked financing facilities
As focus moves from short term lockdown liquidity on to longer term financing needs, loan facilities linked to ESG and sustainability targets are back in the news.
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 moreICO publishes guidance on compliance of game design with the Children’s Code
What steps can game designers take to ensure their games comply with the Children’s Code?
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 moreWhistle-blowing on illegal cartels drops 70% in 5 years
Competition and Markets Authority (CMA) recently increased award to £250,000 Calls to the CMA hotline have plummeted from 1,442 in 2017 to 427 in 2022
Read moreWhat 6 key challenges will insurers face in 2024?
Climate change, Artificial Intelligence and ESG top this year's predictions in latest edition of Annual insurance review from international law firm RPC
Read moreProcedure damages & costs
In this chapter of our Annual Insurance Review 2024, we look at the main developments in 2023 and expected issues in 2024 for Procedure damages & costs.
Read moreProduct liability
In this chapter of our Annual Insurance Review 2024, we look at the main developments in 2023 and expected issues in 2024 for Product liability.
Read moreAnnual Insurance Review 2023
Hello and welcome to RPC's Annual Insurance Review – a look back at the events that shaped the insurance market in 2022 and a look forward towards what to expect in 2023.
Read moreWhat are the 8 key concerns insurers will face in 2023?
Annual Insurance Review from international law firm RPC identifies ESG risks, climate change and cyber-attacks as top challenges.
Read moreFalse statements in a bill of lading and the indemnities to a master
This Article discusses the recent decision of the English Court of Appeal in the case of “TAI PRIZE” [2021] EWCA Civ 87 on the industry practice of Masters signing bills of lading containing statements about the condition of the cargo, the threshold of the Master's inspection, whether they amount to representations and the consequences of the statements turning out to be false.
Read moreMisrepresentation, inducement, reservation of rights, affirmation of contract, rescission and damages in lieu of rescission
This Article discusses the recent decision of the English High Court in the case of SK Shipping Europe LLC v (3) Capital VLCC 3 Corp (5) Capital Maritime and Trading Corp [2020] EWHC 3448 (COMM) and the lessons learnt from that case and its application under English law and Singapore law.
Read moreLOIs and liability for inducement of breach of contract
A recent Court of Appeal ruling highlights the risk to traders and, in particular, to their officers and employees personally, of giving/arranging a letter of indemnity to a carrier against liability arising out of delivery of goods without presentation of the bills of lading. This blog examines the risk of such arrangements giving rise to a liability on their part under the tort of procuring a breach of contract.
Read moreLetters of Credit under commodity contracts – keep the focus
This blog takes a look at the issues concerning the timing of the provision of letters of credit under commodity contracts and the importance, from both the buyer's and seller's perspective, of keeping an "eye on the ball".
Read moreArbitration awards and fraud revisited
The English Court of Appeal has rejected a further attempt by the buyers of goods to set aside enforcement of a CIETAC arbitration award on grounds of fraud.
Read moreSabotage at sea - The LADY M
In The LADY M, the English Commercial Court held that shipowners could rely on the Hague-Visby Rules fire defence even when the fire was set by the crew (without owners’ knowledge). In so doing, the admiralty concept of barratry received rare consideration by the Courts.
Read moreCommodity specification breach – can I reject?
A common question which arises in day to day commodity trading is whether a buyer can reject goods which do not meet the specifications set out in the contract. This blog discusses the factors which commonly come into play in determining that question.
Read moreLiability for commencement of approach voyage under voyage charters - absolute?
A recent judgment of the Commercial Court examines a novel point in respect of the obligation on an owner under a voyage charter to get the vessel to the load port when the charter contains a cancelling date but no expected readiness to load date or load port ETA.
Read moreShow me the money – turning liens into cash
Most charterparties give owners the right to lien cargo for unpaid hire or freight. However, it may be necessary to sell the cargo in order to obtain payment. The English Commercial Court has recently considered the circumstances in which it would be prepared to order the sale of cargo held under a shipowners' lien.
Read moreOdd but clear contract lines not to be disturbed by the Court
In a recent Commercial Court decision on the construction of a tailored demurrage provision in a charterparty, the Court refused to rewrite the parties agreement regarding demurrage merely because "it might be thought odd".
Read moreKnow your (package) limitations
High Court decision clarifying application of the Hague-Visby Rules (HVR) to sea waybills and package limitation for containerised goods
Read moreI see no ships – condition precedents under FOB contracts
A recent judgment of the Commercial Court suggests that a FOB buyer can be excused from nominating a vessel by an unaccepted renunciation of contract by a seller. This blog questions the court's approach in this case and examines the basic principles engaged.
Read morePayment against letters of indemnity – is it safe?
In the commodity trading world, it is traditional for payment to be made by the buyer against the presentation by the seller of certain shipping documents including bills of lading. That is the case whether payment is to be made under a letter of credit (LC) or by direct tender of documents to the buyer. However, a common practice has developed, particularly in the oil trade, for parties to agree in their contracts that the seller may, instead of presenting shipping documents to trigger payment, present a letter of indemnity instead. But there are risks to the buyer in paying against such letters of indemnity.
Read more"NEW FLAMENCO" – Supreme Court reverses Court of Appeal
In a shock decision, the Supreme Court has allowed shipowners' appeal in the "NEW FLAMENCO". The Supreme Court held that the sale of the ship following the repudiation of the charterparty was not an act in mitigation, and was not relevant to the calculation of damages for breach of contract.
Read morePushing the (port) limits
The recent case of Navalmar UK Ltd v Kale Maden Hammaddeler Sanayi ve Ticaret AS [2017] EWHC 116 (Comm) essentially re-affirmed the principles set out in the well know case of The Joanna Oldendorff [1973] 2 Lloyd’s Rep 285, dealing with when a vessel was an arrived ship and what must be considered in deciding the limits of the port. However, as this case demonstrates, it remains a matter of fact as to whether a vessel is within the port limits or not.
Read more"Fraud unravels all" – or does it?
The English Commercial Court has upheld the enforcement of a foreign arbitration award against a buyer of goods even though the seller submitted forged bills of lading under the letter of credit
Read moreSecurity for costs – be reasonable!
A recent Judgment in Hong Kong on a security for costs application reinforces the wide discretion of the Court as to the form and quantum of security which should be accepted
Read moreAn acceptable degree of uncertainty
Certainty, we are told, is a good thing, as a matter of both legal principle and commercial common sense. Certainty means predictability, which companies and merchants value because it allows them to plan and make decisions in the knowledge of the likely outcomes. This has been a major feature of English commercial law since at least the time of Lord Mansfield.
Read moreSupreme Court clarifies the impact of a "collateral lie" made by an assured during the claims process
The Supreme Court has ruled that a lie told by an assured during the course of a claim presentation will not necessarily invalidate the assured's right to recover under his insurance.
Read moreTake it to the limit (but no further)
In a recent judgment handed down on 12 April 2016, the Hong Kong Admiralty Court examined whether or not crew members' acts or omissions could be regarded as a shipowner's personal acts or omissions for the purposes of breaking limitation under the Convention on Limitation of Liability for Maritime Claims 1976 ("LLMC") [FN1].
Read moreWhat's in a name? Time Charter Trips explored
The time charter trip or "TCT" is a common hybrid, with attributes of both time and voyage charters.
Read moreIs arbitration stifling the common law?
Recent comments by the Lord Chief Justice of England & Wales have reignited a debate over the balance between finality in arbitration and consideration of important points of law by the Courts.
Read moreDown in Flame(s)
What is the value of money? In a recent Commercial Court decision, it was held that the right to redirect the payment of money (or to give it away) is as valuable as the right to have the money paid into one's own bank account.
Read moreKeep your word! Hong Kong Court enforces indemnity for delivery of cargo without original bills
Shipowners are well aware of the perils of releasing cargo without production of an original bill of lading. In particular, they are likely to lose P&I cover in the event of a misdelivery claim.
Read moreArbitrations and anti-suit injunctions – a Hong Kong perspective
In some jurisdictions (notably Mainland China and Australia), local law does not give effect to the incorporation of arbitration clauses into bills of lading.
Read moreThe "NEW FLAMENCO" – back in step
Court of Appeal overturns High Court and holds that a 'capital' benefit obtained following the sale of a vessel on her early redelivery can reduce a damages claim for repudiatory breach of charterparty.
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