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Perspective - Blog

FSCS – reviewing the funding of the fund of last resort

Published on 09 May 2018. By Sarah Dowding, Senior Associate

In its third consultation paper on this topic, the FCA has recently confirmed that: - FSCS claims in respect of investment advice will benefit from an increased compensation cap, from £50,000 to £85,000; - product providers will have to start making contributions to FSCS funding for insurance and investment advice claims; and - it proposes new rules to prevent personal investment firms' insurers excluding cover for claims where the firm or a third party becomes insolvent.

Perspective - Publication

Cryptocurrency pre-ICO funding – a regulatory overview

Published on 04 May 2018.

The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.

Perspective - Publication

Pension transfers

Published on 30 Apr 2018.

The FCA tries again to get it right with new rules and a further consultation paper.

Perspective - Blog

The FCA publishes its 2018/19 Business Plan

Published on 23 Apr 2018.

On 9 April 2018 the FCA published its Business Plan for 2018/19, demonstrating its continued focus on culture and governance in firms, tackling financial crime and the role of technology in the financial services industry.

Perspective - Blog

FCA success in the High Court: Compensation of £16.9m awarded to misled investors

Published on 16 Apr 2018. By Lucy Kerr, Senior Associate

A five-year court battle between the Financial Conduct Authority ("FCA") and Capital Alternatives Limited concluded on 26 March 2018 when the High Court used its restitution powers under the Financial Services and Markets Act 2000 to award compensation to investors who lost money invested with Capital Alternatives.

Perspective - Blog

ESMA cracks down on the sale of binary options and CFDs to retail investors

Published on 29 Mar 2018. By Lucy Kerr, Senior Associate

The European Securities and Markets Authority (ESMA) has announced its intention to prohibit the sale of binary options to retail investors and to place restrictions on the sale of contracts for difference (CFDs). This is the first use of ESMA's new intervention powers under MiFID II.

Perspective - Blog

FCA reviews approach to enforcement and penalties

Published on 28 Mar 2018. By Ash Daniells, Senior Associate and Sarah Dowding, Senior Associate

The FCA has announced plans in its recent consultation paper on enforcement to review how it applies penalties which have gone from record highs to record lows over the past 5 years.

Perspective - Blog

Changes on the horizon - FCA consults on non-workplace pensions

Published on 22 Feb 2018. By Rachael Healey, Partner

The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.

Perspective - Blog

Privilege: A welcome respite from ENRC?

Published on 05 Feb 2018. By Davina Given, Partner and Mafruhdha Miah, Senior Associate

Are interviews held with employees to prepare a report intended to deter a governmental authority from taking legal action privileged?

Perspective - Blog

ESMA to use new powers to attack the sale of CFDs and binary bets to retail investors

Published on 25 Jan 2018. By Lucy Kerr, Senior Associate

ESMA has launched a public consultation on measures to protect retail investors investing in contracts for difference (CFDs) and binary bets. Potential changes include wide-ranging restrictions on the marketing and sale of CFDs, and a complete prohibition on the sale of binary bets to retail investors. An intervention would mark ESMA's first use of its new powers under MiFID II, which came into force on 3 January.

Perspective - Blog

The FCA pledges to take action against providers of contracts for difference

Published on 12 Jan 2018. By Lucy Kerr, Senior Associate

The FCA has concluded that consumers are at "serious risk of harm" due to the poor practices of some providers and distributors of CFDs. The regulator will take further action against at least one firm in its latest crack-down on these "complex, high-risk" products.

Perspective - Blog

Thoughts on the FCA's fund fee transparency proposals

Published on 11 Jan 2018.

Alternative investment funds may soon be required to report total cost of ownership in a standardised form. Work on new templates in ongoing, and fund managers need to be aware of the situation and to be involved in this important debate that has so far been largely overlooked.

Perspective - Blog

Initial Coin Offerings – the digital financing process under global scrutiny

Published on 08 Dec 2017. By Rachel Ford, Partner

In an era of social media platforms and the like, the technological world creeps into its corporate counterpart of today. Initial Coin Offerings (ICOs) storm the corporate world by force, but what does the future hold for the new phenomenon?

Perspective - Blog

FCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements

Published on 01 Nov 2017. By Robert Morris, Partner

The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.

Perspective - Blog

FCA allows confidential report to be scrutinised by Treasury Select Committee

Published on 31 Oct 2017.

The FCA has allowed the Treasury Select Committee to review its s.166 report into RBS' Global Restructuring Group (GRG) and has published an interim summary of the report. It is possible that the threat of publication will play on the minds of firms subject to s.166 reports, which may reduce cooperation with skilled persons and therefore the efficacy of this investigatory power.

Perspective - Blog

The FCA makes clear its expectations of financial advisers

Published on 18 Oct 2017.

FCA, regulatory, financial services

Perspective - Blog

FCA criticised by Complaints Commissioner for its handling of enforcement limitation issues

Published on 04 Oct 2017. By Lucy Kerr, Senior Associate

The Office of the Complaints Commissioner recently upheld two complaints against the FCA for making a "serious mistake" in its management of limitation issues for two connected investigations. The Commissioner criticised the FCA not only for its mismanagement of the limitation issue, but also for the unnecessary delays in concluding its own internal investigation into these complaints.

Perspective - Blog

DB Transfers - now what?

Published on 04 Oct 2017. By Rachael Healey, Partner

We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.

Perspective - Publication

The FCA: key themes for 2017/18

Published on 29 Sep 2017. By Lucy Kerr, Senior Associate

A look at key developments for the FCA in 2017 and looking forward to 2018

Perspective - Blog

MiFID II & Inducements

Published on 21 Sep 2017. By Matthew Watson, Partner

FCA MiFiD Inducements Consultation Paper

Perspective - Snapshot

Snapshots Summer 2024

Published on 01 Aug 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Perspective - Blog

Parliamentary 'wash up' – which Bills made it through?

Published on 31 May 2024. By Paul Joukador, Partner and Praveeta Thayalan, Knowledge Lawyer and Shahil Goodka, Trainee Solicitor

On 22 May 2024, Prime Minister Rishi Sunak announced that a General Election will take place on 4 July 2024. Parliament was then prorogued on 24 May 2024 which allowed a mere 2 days for 'wash up' - the process by which outstanding bills may be rushed through the parliamentary process.

Perspective - Snapshot

Snapshots Spring 2024

Published on 17 Apr 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Press and Media

Leading media litigator Lindsay Warwick joins RPC as Partner

Published on 15 Jan 2024. By Lindsay Warwick, Partner

International law firm RPC announced today that Lindsay Warwick, a leading media litigator, joins as Partner. An already powerful bench of over ten media litigators, the appointment cements the firm's reputation as having the UK's leading media defence practice.

Perspective - Blog

Ofcom's 'Roadmap to Regulation' underway with its consultation on illegal harms duties under the Online Safety Act

Published on 12 Jan 2024. By Jessica Kingsbury, Associate

In November, Ofcom, as new online safety regulator, published the first of four major consultations under the Online Safety Act ("OSA"), which sets out its proposals for how "user-to-user" ("U2U") services (essentially any online website or app that allows users to interact with each other) and online search services (i.e. Google, Bing and similar) should approach their illegal content duties under the new legislation. The consultation provides guidance in a number of areas including governance, content moderation, reporting and complaints mechanisms, terms of service, supporting child users, and user empowerment.

Perspective - Snapshot

Snapshots Winter 2023

Published on 12 Dec 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Perspective - Snapshot

Snapshots Autumn 2023

Published on 25 Oct 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Perspective - Blog

The Online Safety Bill is set to become law

Published on 21 Sep 2023. By Rupert Cowper-Coles , Partner, Media and Nadia Tymkiw, Senior Associate and Jessica Kingsbury, Associate

The Online Safety Bill will shortly become law in the UK as soon as it receives Royal Assent. The legislation will introduce a new regulatory regime for online platforms and search engines which target the UK, imposing wide-ranging obligations on in-scope services with serious consequences for non-compliance.

Perspective - Snapshot

Snapshots Summer 2023

Published on 07 Jul 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Perspective - Snapshot

Snapshots Spring 2023

Published on 31 Mar 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Perspective - Snapshot

Snapshots Winter 2022

Published on 23 Dec 2022. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Perspective - Publication

CAT Collective Proceedings - Summer 2024 update

Published on 24 Jul 2024. By Chris Ross, Partner and David Cran, Partner, Head of IP & Tech and Zoe Mernick-Levene, Partner

Developments in the UK’s competition collective proceedings regime continue apace with new claims recently issued in the Competition Appeal Tribunal (CAT).

Perspective - Blog

The CAT's new approach: I can't afford a carriage (dispute)

Published on 02 Jun 2023. By Chris Ross, Partner

Since the collective proceedings regime in the UK's Competition Appeal Tribunal (CAT) kicked off, a number of carriage disputes have arisen. So-called 'carriage disputes' arise when there are two or more competing proposed class representatives (PCRs) seeking certification (and therefore 'carriage') of overlapping class actions.

Profile

Ivan Chang

Partner

Perspective - Blog

Tribunal allows taxpayer's post-cessation trade relief claim as enquiry was out of time

Published on 05 Sep 2024. By Alexis Armitage, Senior Associate

In the recent Dennison case, the FTT allowed the taxpayer's post-cessation trade relief claim as HMRC's enquiry was opened out of time.

Perspective - Publication

Tax Bites – September 2024

Published on 03 Sep 2024. By Adam Craggs, Partner

Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.

Perspective - Blog

Tribunal allows taxpayer's appeal in part in case concerning deliberate and/or careless errors

Published on 29 Aug 2024. By Jasprit Singh, Senior Associate

In Shaun Harte v HMRC [2024] UKFTT 00493 (TC), the First-tier Tribunal reduced HMRC's assessments to income tax, penalties and VAT. It also considered HMRC's application of the 'presumption of continuity' in relation to deliberate and/or careless errors.

Perspective - Blog

Contentious Tax Update 2

Published on 22 Aug 2024. By Adam Craggs, Partner and Harry Smith, Senior Associate

Contentious Tax Quarterly Review - Adam Craggs and Harry Smith examine developments in relation to open justice, access to pleadings and the taxation of carried interest.

Perspective - Blog

Upper Tribunal confirms that anti-abuse provision in UK/Ireland double tax treaty did not apply

Published on 15 Aug 2024. By Keziah Mastin, Associate

In HMRC v Burlington Loan Management DAC [2024] UKUT 152 (TCC), the Upper Tribunal held that the anti-abuse rule in the UK/Ireland double tax treaty did not apply to deny the withholding exemption, when a Cayman Islands company assigned the benefit of a debt to an Irish company.

Perspective - Blog

Upper Tribunal confirms it’s the end of the road for HMRC's "fishing expedition"

Published on 08 Aug 2024. By Alexis Armitage, Senior Associate

In the recent Hitchins case, the Upper Tribunal confirmed that it was the end of the road for HMRC's "fishing expedition" and ordered it to close its enquiries.

Perspective - Blog

Closure notices and the appeals process

Published on 01 Aug 2024. By Adam Craggs, Partner and Liam McKay, Senior Associate

In this article we consider the process by which a taxpayer can bring a protracted HMRC enquiry to and end and appeal against a closure notice issued by HMRC.

Perspective - Publication

Tax Bites – August 2024

Published on 31 Jul 2024. By Adam Craggs, Partner

Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.

Perspective - Blog

HNWs: Understanding HMRC's Offshore Information Gathering Capabilities

Published on 24 Jul 2024. By Michelle Sloane, Partner and Liam McKay, Senior Associate

Wealthy individuals have long been the focus of a substantial part of HMRC’s compliance activities, but a difficult economic climate together with a looming general election and possible change of government is likely to lead to even greater scrutiny of HNWs by HMRC in the short term.

Perspective - Publication

V@ update – July 2024

Published on 23 Jul 2024. By Adam Craggs, Partner

Welcome to the July 2024 edition of RPC's V@, a monthly update which provides insightful analysis and news from the VAT world.

Perspective - Blog

Tribunal confirms no tax due on disposal of property held on trust for taxpayer's brother

Published on 18 Jul 2024. By Keziah Mastin, Associate

In Raveendran v HMRC [2024] UKFTT 273 (TC), the First-tier Tribunal allowed the taxpayer's appeal against HMRC's discovery assessment in relation to the disposal of a property because it was held on trust for his brother.

Perspective - Podcast

Taxing Matters: Spotlight 63: HMRC shines a light on property business arrangements involving hybrid partnerships

Published on 16 Jul 2024.

In this episode, Alexis Armitage, RPC's Taxing Matters host and Senior Associate in our Tax Disputes team, is joined by Simon Howley and Amanda Perrotton from Bell Howley Perrotton LLP. They discuss HMRC's Spotlight 63, which focuses on property business arrangements involving hybrid partnerships, which have recently come to the attention of HMRC.

Perspective - Blog

Tribunal confirms loans from remuneration trust were disguised remuneration

Published on 11 Jul 2024. By Liam McKay, Senior Associate

In allowing HMRC's appeal in part, the Upper Tribunal determined that payments received under a remuneration trust scheme were caught by the anti-avoidance provisions in Part 7A of the Income Tax (Earnings and Pensions) Act 2003.

Perspective - Blog

Dealing with HMRC information notices

Published on 04 Jul 2024. By Adam Craggs, Partner and Daniel Williams, Associate

Considering three common types of HMRC information notices and the extent to which they can be challenged.

Perspective - Publication

Tax Bites – July 2024

Published on 02 Jul 2024. By Adam Craggs, Partner

Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.

Perspective - Publication

V@ update – June 2024

Published on 26 Jun 2024. By Adam Craggs, Partner

Welcome to the June 2024 edition of RPC's V@, a monthly update which provides insightful analysis and news from the VAT world.