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Perspective - Blog

Pension watchdogs formalise information sharing

Published on 31 May 2018. By Sarah Dowding, Senior Associate

The Pensions Ombudsman and The Pensions Regulator have signed an information-sharing agreement in light of the recent rise in pension scams. The agreement will see the organisations share information about complaints and concerns with the aim of protecting scheme members.

Perspective - Blog

SIPPs – the work and pensions committee asks some pointed questions of the FCA

Published on 31 May 2018. By Rachael Healey, Partner

The Work and Pensions Committee has sent a letter to the FCA following its review of defined benefit pension transfers raising 5 pointed questions in relation to SIPPs.

Perspective - Blog

Crypto and Blockchain

Published on 25 May 2018.

In February, the House of Commons Treasury Committee announced an inquiry in to digital currencies. The inquiry covers the role of digital currencies in the UK and the potential impact of distributed ledger technology (blockchain) on financial institutions and financial infrastructure.

Perspective - Blog

Cybercrime and its impact on D&O insurance

Published on 15 May 2018. By Ash Daniells, Senior Associate

Cybercrime has risen in recent years, perhaps more than anybody ever expected. For a long time, the focus was on defending businesses against such crimes. Now, with more people aware of cybercrime and the risks, insurers are becoming increasingly aware of the impact such crime may have on D&O policies.

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 - Publication

All is not (necessarily) lost: Crypto crime recovery

Published on 30 Jun 2022. By Adam Craggs, Partner

With over 2 million people in the UK now holding and using cryptocurrency, and the Chancellor announcing that a government backed non-fungible token ("NFT") is to be issued by the Royal Mint this summer, the market for crypto-assets is expected to continue to grow in the coming months and years; so much so that legislation is planned to implement a new regulatory regime for the crypto market.

Perspective - Blog

Telecoms supply agreement excludes "loss of profit" claim under "anticipated profits" liability exclusion (EE v Virgin Mobile)

Published on 25 Aug 2023. By Helen Armstrong, Partner and Ben Harris, Associate and Joshy Thomas, Knowledge Lawyer

In line with a number of recent cases, in EE Limited v Virgin Mobile Telecoms Limited [2023] EWHC 1989 (TCC) the courts have shown that parties generally cannot avoid clear wording contained in exclusion clauses in order to recover losses that have been expressly excluded (in this case, loss of profits).

Perspective - Blog

Rolls-Royce entitled to hit the brakes in dispute over termination of a software services agreement (Topalsson v Rolls-Royce)

Published on 14 Aug 2023. By Helen Armstrong, Partner and Ben Harris, Associate and Joshy Thomas, Knowledge Lawyer

In Topalsson GmbH v Rolls-Royce Motor Cars Limited [2023] EWHC 1765 (TCC), the High Court has provided useful guidance on how to determine whether a software implementation timeline agreed by the parties is binding, when implementation is considered complete and in what circumstances failing to complete implementation by the contractual deadlines entitles the customer to terminate the contract.

Perspective - Blog

A narrow escape – software services provider entitled to rely on single aggregate liability cap (Drax v Wipro)

Published on 25 Jul 2023. By Helen Armstrong, Partner and Ben Harris, Associate and Joshy Thomas, Knowledge Lawyer

When it comes to bespoke software development projects, a lot can go wrong. There's risk for the customer such as project delays, software defects, functionality issues and a lack of meeting of minds in terms of project requirements.

Perspective - Blog

Major overhaul of UK telecoms regulation to go ahead by the end of December 2020

Published on 21 Sep 2020.

The UK still pushing ahead with implementing wide ranging European regulatory changes, but obligations for many "over the top" providers are likely to be postponed.

Perspective - Publication

DORA Watch – June and July 2024

Published on 22 Jul 2024. By Jon Bartley, Partner and Laura Thackeray, Senior Associate

As financial entities and ICT service providers undergo the final stages of implementation of the Digital Operational Resilience Act (DORA) requirements into their systems and processes, it is imperative to understand the legal developments and ongoing updates arising from EU Member States as they go through their respective transposition and alignment processes. Through TerraLex - our global legal network, which provides us with access to 22,000 lawyers from highly regarded and carefully vetted law firms stretching more than 120 countries – we have collated legal updates focusing on DORA and its implications in EU jurisdictions.

Perspective - Publication

Ransoms and Sanctions and Fines (oh my!)

Published on 04 Sep 2023. By Richard Breavington, Partner and Helen Monachan, Associate

Ransomware attacks are happening all the time. Just the other month, the Cl0p ransomware gang claimed responsibility for the exploitation of a zero-day vulnerability in the MOVEit Transfer tool.

Perspective - Publication

Ransoms and Sanctions and Fines (oh my!)

Published on 04 Sep 2023. By Richard Breavington, Partner and Helen Monachan, Associate

Ransomware attacks are happening all the time. Just the other month, the Cl0p ransomware gang claimed responsibility for the exploitation of a zero-day vulnerability in the MOVEit Transfer tool.

Perspective - Blog

The Terminator: A Tale of Two Insurance Claims

Published on 19 Dec 2023. By Peter Mansfield, Partner

It is 2029, and the Machines are losing their war with Humanity. What to do?

Perspective - Blog

Project Angel Bidco v AXIS - what are the key takeaways for warranty and indemnity insurers?

Published on 30 Nov 2023. By James Wickes, Partner and Matthew Wood, Senior Associate and Matt Ward, Trainee Solicitor

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.

Perspective - Blog

Wordings do matter

Published on 06 Nov 2023. By Tamsin Hyland, Partner

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.

Perspective - Blog

Storm Babet, flooding and the insurance implications

Published on 24 Oct 2023. By Victoria Sherratt, Partner and Andrew Roper, Partner and Aimee Talbot, Knowledge Lawyer

Subtropical cyclone Storm Babet is currently responsible for over 350 flood warnings in the UK, with more flood warnings expected later this week.

Perspective - Blog

Getting to know Global Access Lawyers

Published on 09 Oct 2023. By Carmel Green, Partner and Simon Laird, Global Head of Insurance

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.

Perspective - Blog

Court of Appeal finds in favour of FSCS on scope of the Policyholder Protection Rules (PRR)

Published on 14 Sep 2023. By Tamsin Hyland, Partner

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.

Perspective - Blog

What does the FRC's proposed corporate governance overhaul mean for D&O exposures?

Published on 04 Jul 2023. By James Wickes, Partner and Aimee Talbot, Knowledge Lawyer

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.

Press and Media

Are pension fund trustees at risk of legal action following UK gilts’ meltdown?

Published on 07 Oct 2022. By Rachael Healey, Partner

Are pension fund trustees conducting liability-driven investing at risk of legal action following the volatility in the UK gilt market?

Perspective - Blog

Is the FCA to blame for BSPS? MPs seem to think so

Published on 22 Jul 2022. By Rachael Healey, Partner

The House of Commons Public Accounts Committee (PAC) yesterday published a report entitled "Investigation into the British Steel Pension Scheme". The report makes a number of recommendations in light of its investigations in to the FCA's conduct and regulatory oversight at the time of the issues arising from the British Steel Pension Scheme (BSPS) and in particular the decision by 7,834 members to transfer to a personal pension arrangement. The report is heavily critical of the FCA's handling of BSPS and its regulatory oversight of the defined benefit transfer market generally. Given the request in the report for an update from the FCA on its progress on the various recommendations and conclusions in 6 months' time, we wait to see how the FCA reacts to yet further criticism of its handling of BSPS at a time when it is reviewing responses to the consumer redress scheme consultation.

Perspective - Blog

SIPPs and FOS - does the Rowanmoor decision change anything?

Published on 02 Feb 2022. By Rachael Healey, Partner

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?

Perspective - Blog

The Future of Insolvency Regulation

Published on 04 Jan 2022. By Rachael Healey, Partner

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.

Perspective - Blog

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

Published on 02 Jun 2023. By Chris Ross, Partner and Leonia Chesterfield, Of Counsel

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

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.