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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

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

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 - Blog

MiFID II & Inducements

Published on 21 Sep 2017. By Matthew Watson, Partner

FCA MiFiD Inducements Consultation Paper

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Perspective - Blog

Compulsory mediation in small claims: a quick guide for the busy lawyer

Published on 28 Jun 2024. By Kirstie Pike, Partner

A new pilot scheme requiring parties in money claims valued at up to £10,000 to take part in a compulsory free one-hour mediation appointment, provided by HMCTS' Small Claims Mediation Service – before the claim can then proceed to Court if no settlement is reached.

Perspective - Blog

No bouncing back for directors

Published on 20 May 2024. By James Wickes, Partner and Adam Craggs, Partner and Catherine Zakarias-Welch, Knowledge Lawyer

Banned! Fraudsters! – Terms used by the Insolvency Service for directors who abused the government backed loan scheme which was put in place to help businesses struggling during the pandemic.

Perspective - Blog

Key considerations crime and D&O insurers cannot a-fraud to ignore

Published on 15 Nov 2023. By James Wickes, Partner and Jessica Pease, Associate

The UK government is committed to reforming corporate criminal liability and making it "quicker and easier" to prosecute companies involved in fraudulent conduct. These reforms will no doubt be welcomed by many where the nature and scale of fraud in the UK has evolved significantly and now constitutes more than 40% of all offences in England and Wales. However, it will inevitably have an impact on insurers, especially the D&O insurance market.

Perspective - Blog

Overview of the key risks affecting the Professional and Financial Risks market

Published on 11 Oct 2023. By Will Sefton, Partner and Head of Professional and Financial Risks and Scott Ashby, Partner and Graham Reid, Partner and Richard Breavington, Partner and Ben Goodier, Partner and Tom Green, Partner and Laura Stocks, Partner and Kirstie Pike, Partner and Robert Morris, Partner and Tom Wild, Senior Associate

Last month RPC's Professional and Financial Risks team hosted a panel discussion to address the evolving challenges and responsibilities faced by professional clients in the current economic landscape. Access our document to explore the key insights from the session.

Perspective - Blog

What the fix?! Get up to speed in 10 minutes with our new video

Published on 29 Sep 2023. By Shauna Giddens, Associate and Scott Robins, Associate and Chris Gower, Associate and Aimee Talbot, Knowledge Lawyer

The first video in our new Getting Up To Speed series is now available below.

Perspective - Podcast

The Month That Was – June 2023 – Equity Release – the next emerging risk?

Published on 27 Jun 2023.

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

Perspective - Blog

The Building Safety Act 2022: a guide for conveyancers

Published on 26 Jun 2023. By Rhian Howell, Partner & Head of Office, Bristol and Daniel Charity, Associate

We explain below how the BSA is intended to protect leaseholders, what steps solicitors can take to ensure purchasers and lenders are protected and what to do if that protection cannot be obtained.

Perspective - Blog

Duties to third party investors in tax avoidance schemes following McClean

Published on 20 Jun 2023. By Nick Bird, Partner

We analyse the Court of Appeal's recent decision in David McLean and others v Andrew Thornhill KC in which the court considered the circumstances in which duties are owed to non-clients in the context of legal advice made available to investors in tax schemes.

Perspective - Blog

What the fix?!

Published on 15 May 2023. By Will Sefton, Partner and Head of Professional and Financial Risks and Aimee Talbot, Knowledge Lawyer

Fixed recoverable costs in professional negligence claims: new rules applicable from 1 October 2023

Perspective - Blog

Wasted costs – some comfort for legal professionals

Published on 09 May 2023. By Nick Bird, Partner

In its recent judgment in Anthony King and others v Barry Stiefel and others the Commercial Court has considered the circumstances in which wasted costs orders can be made against the legal representatives of a defeated party to a claim. The court dismissed the applications saying that wasted costs applications should only be made in respect of straightforward applications which can be dealt with summarily.

Perspective - Podcast

The Month That Was – May 2023 – Developments for Directors and Officers liability

Published on 04 May 2023.

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

Perspective - Blog

Costs recovered in the Small Claims Track from an unreasonable Litigant in Person

Published on 24 Jan 2023. By Rhian Howell, Partner & Head of Office, Bristol and Daniel Charity, Associate

Most (if not all) litigators will be familiar with the challenge of being on the other side of a claim brought by a litigant in person ("LiP"). The courts expect practitioners to be sensitive to their opponent's lack of legal expertise and familiarity with court rules, but judges have also been clear that they expect all parties – including LiPs – to follow the rules regardless of their legal representation.

Perspective - Blog

SRA issues Warning Notice on solicitors' involvement in SLAPPs

Published on 20 Dec 2022. By Graham Reid, Partner

SLAPPs (aka 'Strategic Lawsuits Against Public Participation') is a term coined in the USA. They are becoming the object of increasing concern over here too.

Perspective - Blog

Invest in due diligence for dubious schemes (Part 2)

Published on 24 Nov 2022. By Simy Khanna, Partner

With suspicious activity on the rise, the SRA remind firms of their anti-money laundering obligations.

Perspective - Blog

A tale of loss, limitation and a flawed transaction: why a loss may not feel like a loss

Published on 28 May 2021. By Peter Mansfield, Partner

A recent Court of Appeal decision, Elliott v Hattens [2021] Civ 720, has once again raised the vexed issue of when the limitation period starts to run in a flawed transaction case. Does it start running immediately or at some later date? .

Perspective - Blog

800 DB Transfer complaints to the FOS: A 44% increase in one year

Published on 01 Mar 2021.

The FOS have seen the number of complaints relating to defined benefit transfer advice increase by 44% since 2019. However, the proportion of decisions being upheld appears to have fallen.

Perspective - Blog

SMCR: an effective deterrent?

Published on 05 Nov 2020. By Shauna Giddens, Associate

The Senior Managers & Certification Scheme (SMCR) was introduced in early 2016 to establish "effective governance in firms by encouraging greater individual accountability". However, following a response to a recent Freedom of Information (FOI) request, questions have been raised as to its effectiveness as a deterrent.

Perspective - Blog

Part 36: avoid a storm, use the form!

Published on 23 Sep 2020. By Harriet Keltie, Senior Associate and Will Sefton, Partner and Head of Professional and Financial Risks

Pepperall J's impressively clear judgment in Essex County Council v UBB Waste (2020) makes it abundantly clear that, when it comes to Part 36 Offers, the rules are strict. If litigants wish to reap the significant rewards of this regime, the price they must pay is to ensure they (or their solicitors) follow the rules on how offers should be made.

Perspective - Blog

Invest in due diligence for dubious schemes

Published on 26 Aug 2020. By Claire Revell, Partner

The SRA provides updated guidance for firms to avoid becoming involved in dubious investment schemes.

Perspective - Blog

Where there's a will there's a remote possibility of a way

Published on 03 Aug 2020. By Simon Love, Senior Associate and Will Sefton, Partner and Head of Professional and Financial Risks

In the face of the global COVID-19 pandemic the government has acted to change the law to allow wills to be witnessed remotely.

Perspective - Blog

Is more co-operation the new normal?

Published on 07 Jul 2020. By Jonathan Wyles, Of Counsel

What keeps you as a lawyer awake at night during the coronavirus pandemic? The list is likely to be very long and the fear of making a mistake will be close to the top. Help may come from some unexpected quarters such as the Courts.

Perspective - Blog

Relief from sanction: claimant being forced to pursue his solicitors for negligence is not desirable

Published on 23 Jun 2020. By Aimee Talbot, Knowledge Lawyer and Will Sefton, Partner and Head of Professional and Financial Risks

A recent High Court decision demonstrates a common-sense, realistic approach to relief from sanctions. Solicitors might have become used to judges, when striking claims out, reassuring the claimant that they can always sue their solicitors for negligence. In a welcome judgment, Mr Justice Fancourt reversed a decision to refuse relief from sanction.

Perspective - Blog

Judicial guidance on listing of hearings remotely

Published on 22 Apr 2020. By Rhian Howell, Partner & Head of Office, Bristol and Aimee Talbot, Knowledge Lawyer

Senior judges have issued guidance to the judiciary on listing hearings in light of the current coronavirus situation. This gives litigants some clues as to how the court will approach upcoming hearings.