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Good Faith Clauses
There is no general doctrine of good faith in English law and it is not therefore implied into contracts.
Read moreJCT Insurance Options: what's the right fit for fit-out?
Where a tenant is fitting out premises within a multi-occupied building, the JCT's standard insurance options are not always appropriate and, left unaddressed, place unintended and severe risks on the tenant.
Read moreGovernment property, Kirstie and Phil style?
Ok, so Ms Allsopp and Mr Spencer haven’t quite been called in yet, but almost.
Read moreIs the Green Deal a great deal?
There is no denying the Green Deal has many advantages but consider the deal in relation to short term leases and it may not be as great as it initially seems.
Read moreNEC3 Engineering and Construction Contract "Guidance Notes": more important than you realise for interpreting the ECC
Certain terms of the NEC3 Engineering and Construction Contract ('ECC') are open to interpretation, and the recent case of E-Nik Ltd v Department for Communities & Local Government [2012] EWHC 3027 (Comm) has cast into doubt whether even something as routine as VAT is crystal-clear under the ECC.
Read moreDevelopment incentives – but at what cost?
In light of what is starting to appear to be a wholehearted failure to persuade local communities to meet requisite housing targets, Nick Boles last week proposed self-proclaimed "bungs" to local communities.
Read moreLeaving customers without signal: the task of re-building the Telecoms Code
Now almost 30 years old, the Electronic Communications Code (the 'Code'), falls far short of representing the needs of a swiftly developing communications network.
Read moreH&M: Brave New World?
We have all been involved in lease negotiations where there are differences of opinion as to what is or is not institutionally acceptable.
Read moreEnd of the line for Village Greens?
Nothing can be more frustrating for a developer to see its scheme delayed or worse still derailed by an application for the registration of land as a town or village green ("TVG").
Read moreLas Vegas of the East – Navigating Challenges and Embracing Economic Diversification in Macau
Read moreDigital nomads: the world is your oyster?
Imagine seeing the world while you work, without having to take time off. That's quite the dream, isn't it?
Read moreTrainees take on 2024
2023 was a year of change, with the Coronation of King Charles III, COVID-19 finally losing its pandemic status and continued economic and political instability across the globe.
Read moreRumble in the concrete jungle – London as a disputes powerhouse
"London is the most attractive centre for commercial litigation and international arbitration" according to the Law Society's International Data Insights Report 2023.
Read moreAdvertising Video on Demand – To AVOD or avoid?
As most movie and TV streamers can attest to, Subscription Video on Demand services (or 'SVODs') continue to multiply. No need to put the kettle on while the adverts play; SVODs offer consumers an instant, ad-free escape to worlds unknown at just a click of a button.
Read moreListing reforms in the UK: to market, to market?
The Financial Conduct Authority is proposing wide ranging reforms to the UK's Listings Rules to entice more high growth companies to list in London
Read moreNext-gen AI: Disrupting your business?
It’s no secret the tech sector is going through a tough time at the moment with the large swathes of layoffs seen in 2022 continuing into 2023. So much so that bespoke trackers now actively monitor the 167,004 (and counting) tech jobs already lost this year.
Read moreTrainees take on 2023
2022 was a year of extremes, with focus on our longest-reigning Monarch alongside our shortest-serving Prime Minister (and a lettuce).
Read moreTGI…Thursday?
What would you say if I offered you 100% of your salary and you only had to work four days a week? For the employees of 70 companies across the UK, this was their reality for the second half of 2022.
Read moreHow to comply with the FCA's new diversity and inclusion targets for listed companies
The FCA has finalised its new rules on diversity and inclusion on listed company boards and executive committees. The rules, which are set out in the FCA's policy paper PS22/3: Diversity and inclusion on company boards and executive management, are substantially in line with the proposals set out in the FCA's consultation paper CP 21/24. In scope listed companies are required to include a statement in their annual financial report on whether they have met specific board diversity targets on a ‘comply or explain’ basis, as at a chosen reference date within their accounting period.
Read moreBalance on the board: Eight things UK PLCs need to know about the FCA's diversity targets
The Financial Conduct Authority's proposals will mean UK listed companies need to disclose whether their boards and senior management teams meet new gender and ethnic diversity targets.
Read moreTakeover Code: What has changed?
On 5 July 2021, the most significant changes to the Takeover Code (the Code) since 2011 took effect. The changes are intended to standardise the treatment of regulatory clearances and simplify the offer timetable. An overview of the main changes is set out below.
Read moreUK Listing Review wants companies to stay at home
Recommendations will make it easier to list and fundraise on the London Stock Exchange
Read moreTime for public companies to come clean: New UK climate-related disclosures and ESG guidance
Companies listed on the London Stock Exchange's Main Market will need to include a statement in their annual report confirming if they have made climate-related disclosures consistent with the recommendations of Task Force on Climate-related Financial Disclosures (TCFD). Companies planning to IPO, or move from AIM to the Main Market, are also affected by these new Listing Rules.
Read moreSilicon Valley, Signature and Credit Suisse: what do they all share(holder) in common?
In what has been termed "the biggest banking crisis since 2008", both Silicon Valley Bank (SVB) and Signature Bank have collapsed, and Credit Suisse has been rescued. Whether more banks are to follow suit is yet to be seen.
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 moreIs the FCA to blame for BSPS? MPs seem to think so
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.
Read moreSIPPs 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 moreThe CAT's new approach: I can't afford a carriage (dispute)
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.
Read moreFOS complaints and hindsight – categorical statement from the Chief Ombudsman
The FCA has been producing a range of temporary measures with the aim of ensuring that firms can work at pace during the pandemic for the benefit of customers. However, where procedures are bypassed or corners cut what will FOS do in response? The response from FOS to that questions raises another – the use of hindsight when coming to its decisions.
Read moreBossing the rules
Watch out for RPC's new blog mini-series on the SRA Standards and Regulations 2019.
Read moreFCA issues Final Report in the Wholesale Insurance Broker Market Study
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.
Read moreAccountants, auditors and actuaries beware: the FRC continues to show its teeth, as its future stands in the balance
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.
Read moreThe future of SIPPs – FCA responds to the Work and Pensions Committee
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.
Read morePRA consultation to promote diversity on boards of large insurers
The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.
Read moreUnpacking the Building Safety Act's industry overhaul
On June 28, 2022, the Building Safety Act 2022 received royal assent, bringing about the biggest change to building safety in 40 years.
Read moreConstruction disciplinary trends analysis #2: engagement letters – worth more than the paper they're written on!
This article is the second in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.
Read moreConstruction disciplinary trends analysis #1: continuing professional development
This article is the first in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.
Read moreThe El Niño year and impact on subsidence claims
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.
Read moreBuilding on renewable energy #3 – Anaerobic Digestion
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.
Read moreCourt of Appeal finds that Bitcoin's developers may owe fiduciary duties to bitcoin owners
In a highly anticipated judgment, the Court of Appeal has handed down its decision in Tulip Trading Limited v van der Laan and others [2023] EWCA Civ 83, allowing the claimant's appeal. The court found that the developers looking after Bitcoin arguably owed fiduciary duties in tort to an owner of bitcoin, and whether such a duty did arise in the specific proceedings would depend on the facts established at trial.
Read moreLitigation risk arising from recent LDI related disruption in the UK gilt market
In this bulletin, we examine the role of Liability Driven Investment (LDI) in the widely publicised disruption experienced in the UK gilts market in recent weeks and consider the disputes which might result.
Read moreCompeting subordinated debts – the lessons learnt from Lehmans' insolvency
Some 13 years ago, Lehman Brothers' sudden and unexpected insolvency sent ripples across the banking and financial services market, some of which are still felt today. The Court of Appeal's decision in the consolidated cases of Lehman Brothers Holdings Scottish LP 3 v Lehman Brothers Holdings plc (in administration) and others [2021] EWCA Civ 1523 was the latest in a long line of cases seeking to unwind the issues arising from Lehman Brothers' unexpected collapse.
Read moreHigh Court decides that reviving proceedings automatically stayed under CPR 15.11 requires relief from sanctions
In a recent judgment, the English Commercial Court in Bank of America Europe DAC v CITTA Metropolitana Di Milano has provided guidance on the "automatic stay" provisions of CPR 15.11 and the circumstances in which parties can revive dormant proceedings subject to such an automatic stay.
Read moreAPP fraud: Commercial Court considers approach to unjust enrichment and knowing receipt claims
The recent Commercial Court decision of Tecnimont Arabia Limited v National Westminster Bank PLC(1) considered the court's approach to a claim for unjust enrichment against a recipient bank in an authorised push payment (APP) fraud context. In particular, the Court examined whether the enrichment can be said to be at the 'expense' of the claimant, what factors amount to enrichment being 'unjust' and when the defence of 'change of position' is available. In relation to knowing receipt, the court considered the question of when property is 'trust property' for the purposes of the cause of action.
Read moreAre you a "person discharging managerial responsibility"? High Court clarifies meaning of PDMRs under FSMA
In a recent interim decision in Allianz Global Investors GmbH and Ors v G4S Ltd (formerly G4S plc) [2022] EWHC 1081 (Ch), Mr Justice Miles clarified the scope of the expression "persons discharging managerial responsibility" ("PDMRs") for the purpose of establishing liability under s.90A and Schedule 10A of Financial Services and Markets Act 2000 ("FSMA").
Read morePrivy Council decides that banks owe no Quincecare duty to a beneficial owner of monies in an account
A bank does not owe the beneficial owner of account monies any duty of care in negligence, including any Quincecare duty: this was the conclusion of the Privy Council in the Isle of Man case Royal Bank of Scotland International Ltd v JP SPC4 and another. The appeal concerned a fraud where the account holder had defrauded the beneficial owner of the monies, an investment fund, by paying funds out of the relevant bank accounts in contravention of a legitimate investment scheme.
Read moreCourt of Appeal strikes out defences that funds' losses resulting from FX manipulation have been passed on to investors following redemption
In Allianz Global Investors GmbH & Ors v Barclays Bank PLC & Ors(1), the Court of Appeal allowed an appeal by the claimant funds (the Funds) and struck out defences by the Defendant banks (the Banks) that losses incurred by the Funds had been avoided or passed on upon redemption by their investors.
Read moreCourt of Appeal holds that Quincecare duty can arise in principle where customer gives instructions in authorised push payment fraud
The Court of Appeal has clarified in Philipp v Barclays Bank UK Plc [2022] EWCA Civ 318 that the Quincecare duty, which requires a bank to refrain from acting on a payment instruction and to make inquiries when it is on notice of a serious possibility of fraud, can arise for a bank even where it is the customer themselves giving instructions to pay money out of their account to a fraudster.
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