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FCA set to expand climate-related reporting rules
The FCA has revealed it will consult on plans to require asset managers, life insurers and FCA-regulated pension schemes to meet climate-related disclosure rules. In doing so, the FCA is expanding the scope of firms required to report on climate-related risks in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).
Read morePure Legal interest only mortgage claim – judgment in favour of the mortgage broker on limitation grounds as judge finds the damage was patent not latent
The first judgment following trial in a Pure Legal interest only mortgage claim has now been handed down, with the judge dismissing the claim on the basis that it was out of time, with the claimants having all requisite knowledge of the material facts of the damage from the outset of taking out the interest only mortgage. The judge also found the advice was not negligent.
Read moreWhen is a complaint a complaint under DISP?
A Court of Appeal judgment has recently addressed what constitutes a complaint for the purposes of DISP [Clive Davis v Lloyds Bank [2021] EWCA Civ 557]. It is important to identify when a complaint is made as a regulated firm for two primary reasons: first, a complaint triggers the dispute resolution procedure under DISP of the FCA's Handbook and second, it stops time running for the purposes of time bar when it comes to a complaint to FOS.
Read moreAdditions to FCA DB Transfer Guidance Published
The FCA have published finalised guidance regarding defined benefit pension transfers. The latest publication amends and adds to the draft published in June 2020.
Read moreAdams v Carey – where does the Court of Appeal's decision leave the SIPP market?
The Court of Appeal has today dismissed Mr Adams' appeal against Carey in respect of COBS 2.1.1R. However, the appeal in relation to s.27 FSMA has been upheld. We discuss the background to the proceedings, the Court of Appeal decision and where it takes the SIPP (and wider financial services) market.
Read moreFCA publishes finalised guidance for firms on the fair treatment of vulnerable customers
In February 2021, the FCA published guidance on the fair treatment of vulnerable customers with the aim of improving their customer experience.
Read moreFOS and the Adams v Carey decision – where are we as the Court of Appeal hearing starts?
Read more800 DB Transfer complaints to the FOS: A 44% increase in one year
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.
Read moreCovid-19 vaccines: an injection of politics
A legacy of the pandemic will be greater debate, amongst politicians and the public, about how life sciences products are brought to the market.
Read moreThe Nocebo Effect: study into statins signals a timely warning
New study into statins highlights issue of the Nocebo Effect with implications for manufacturers, insurers and society
Read moreSMCR: an effective deterrent?
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.
Read moreBuyer Beware: NHSX Guidance on Artificial Intelligence
NHSX Guide on AI is a useful resource for manufacturers and insurers in mitigating litigation risks
Read morePart 36: avoid a storm, use the form!
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.
Read moreParents contest NICE Cannabis Guidelines at Court
A family is seeking judicial review of NICE guidelines in the hope that doctors are more likely to prescribe cannabis-based medicines. The outcome could have significant consequences for the healthcare sector.
Read moreCalls for increased regulation following rise in FSCS bills
The FSCS levy for the 2020/2021 was released earlier this year, causing frustration amongst many advisors in the sector. That frustration continues, with the FSCS making large compensation payments in respect of defined benefit (DB) transfers where many question the lack of earlier FCA intervention, which might have alleviated the problems in this area.
Read moreInvest in due diligence for dubious schemes
The SRA provides updated guidance for firms to avoid becoming involved in dubious investment schemes.
Read moreWhere there's a will there's a remote possibility of a way
In the face of the global COVID-19 pandemic the government has acted to change the law to allow wills to be witnessed remotely.
Read moreTax incentives for HK Insurance market
First proposed in December last year, the Hong Kong Legislative Council has now passed a measure that will reduce profits tax on several insurance businesses.
Read moreIs more co-operation the new normal?
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.
Read moreFCA appoints new CEO
The Financial Conduct Authority (FCA) has appointed Nikhil Rathi, the UK head of the London Stock Exchange, as its new permanent chief executive, making him the first BAME leader of the UK's city regulator.
Read moreRelief from sanction: claimant being forced to pursue his solicitors for negligence is not desirable
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.
Read moreEquity Release Market Under the Spotlight
Yesterday the FCA published its key findings from exploratory work involving "later life lending". This type of lending is broadly where consumers 55 and over use borrowing to access cash in later life. One of those options is equity release which was the focus of the FCA's work. The FCA's focus on equity release appears to have resulted from an initial review of the broader later life lending market, at which time the FCA identified some "poor outcomes" in equity release sales.
Read moreFCA advice checker – FCA statement on what customers should look out for in DB transfer advice
Wrapping up the documents published by the FCA on 5 June 2020 on the issue of defined benefit pension transfers (DB transfers), we address in this blog the FCA's "advice checker".
Read moreThe future of DB transfer advice - the FCA's policy statement
In part 3 of our blog series on defined benefit pension transfers (DB transfers) we look at the FCA's policy statement on changes to the DB transfer rules. The change that has attracted most press attention is the ban on contingent charging but there are other parts to the policy statement that are likely to have a much more substantive impact on the DB transfer market going forward.
Read moreDB Transfers – the FCA's views on good and bad practice
Continuing our blog series, one of the documents produced by the FCA on Friday was a guidance consultation document intended to meet requests from the industry to help advisers understand the FCA's expectations when advising on pension transfers and conversions. The document includes examples of the FCA's views of good and bad practice in the area of defined benefit pension transfers (DB transfers). The stated aim is to "improve the suitability of DB transfer advice" and "to give advisers confidence to give good advice". The FCA expects firms providing DB transfer advice to read the document and once finalised it is intended that firms use it to identify any weaknesses in their existing processes.
Read moreDB transfers – further findings from the FCA's supervisory review
The FCA produced four documents on Friday addressing defined benefit pension transfers – an update on their supervisory work, a guidance consultation setting out examples of good and bad practice, an "advice checker" for consumers (including helping them consider if they should make a complaint) and a policy statement setting out changes to the defined benefit pension transfer rules which are to largely come into force from 1 October 2020. All are essential reading for an area the FCA continues to fixate on and where it has focussed since the April 2015 pension freedoms.
Read moreUpdate on the FCA's review of Defined Benefit transfer advice
The FCA has been looking to improve the quality of pension transfer advice for some time now. However, despite the crackdown on defined benefit transfers being announced as a strategic priority earlier this year, it appears that factors, such as Covid-19 have put the FCA's investigations into advice suitability on the back foot – for now, at least.
Read moreAdams v Carey – the judgment – over 2 years in the making, where does it leave the SIPP market
More than two years since the trial in March 2018, the High Court has dismissed the claim against Carey Pensions on all counts. The landmark case is sure to have far reaching ramifications for the SIPP industry and beyond.
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 moreNew virtual insurer for Hong Kong
This month saw the award of a further virtual insurer licence in Hong Kong – this time for OneDegree (on 15 April 2020). The start-up will focus, initially, on the burgeoning Hong Kong pet insurance market, before a proposed expansion into health and cyber risk.
Read moreThe Financial Ombudsman Service's response to COVID-19
A few weeks ago, the FOS announced it was closing its office in response to government guidance but was continuing to receive and respond to complaints both old and new. The FOS' latest newsletter offers useful further insight into the FOS' response to the current crisis.
Read moreJudicial guidance on listing of hearings remotely
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.
Read moreBack to the Future: a look ahead at medical malpractice issues for COVID-19-related claims
Future issues for Insurers to consider in assessing COVID-19 medical malpractice / clinical negligence claims.
Read moreSM&CR temporary arrangements extended to 9 months for FCA solo-regulated firms
As well as giving general guidance on its expectations on how solo-regulated firms should be complying with SM&CR during the COVID-19 pandemic, the FCA has announced that it will permit unapproved individuals to cover for Senior Managers for up to 36 weeks. In a separate joint statement, the FCA and PRA confirmed that this rule change will not apply to dual-regulated firms but that the position is under review.
Read moreFCA's expectations of insurance firms
Over the last couple of weeks, the FCA has been publishing information and guidance for firms in relation to the COVID-19 crisis. In addition to its general update on COVID-19, the FCA has set out specific expectations of insurance firms.
Read moreBack to Brexit – House of Lords EU Financial Affairs Committee recommendations on financial services after Brexit
The House of Lords EU Financial Affairs Committee has published recommendations on the financial services industry post-Brexit. The Committee recognised that this may not be a government priority due to COVID19, but EU negotiations and the future of the UK's financial services industry will be important issues in future months.
Read moreCOVID-19 forces POS and FOS office closures – what does it mean for complaints?
The COVID-19 outbreak (and the subsequent UK lockdown) continues to impact our daily lives and it seems the Financial Ombudsman Service (FOS) and The Pensions Ombudsman (POS) are not immune. With office closures announced, we look at the impact this will have on outstanding complaints and those yet to be made.
Read moreNew FCA signposting travel insurance rules
Earlier this month the FCA published a policy statement detailing new requirements aimed at helping consumers with pre-existing medical conditions (PEMCs) obtain travel insurance. The new requirements demonstrate the FCA's continuing focus on improving the treatment and protection of vulnerable consumers accessing insurance and other forms of financial services.
Read moreCoronavirus/COVID-19 – Regulatory Update
Our lawyers' liability and regulatory team take a look at the areas of solicitors' regulation that are likely to be impacted by Coronavirus/COVID-19 and the consequent move towards working away from the office.
Read moreCoronavirus/COVID-19 and the Impact on Litigation
In these unusual times, we are all having to adapt our social, family and working lives to deal with an unprecedented global situation which throws up a vast number of new worries and issues to deal with. This article looks at concerns raised specifically about litigating in the current climate.
Read moreFOS warns consumers to ensure insurance applications correct
The Financial Ombudsman Service (FOS) has warned consumers of the risks in providing incorrect details in relation to insurance policies in a new insight report. The risks include policies being avoided due to misrepresentation or material non-disclosure or potentially facing a significant shortfall due to underinsurance.
Read moreBeware a broad brush approach to costs assessment
Court of Appeal dismisses former client's objection to solicitors' invoices on assessment.
Read moreThe FCA's key concerns for the pensions market in 2020
In its Sector Views published on 18 February 2020, the FCA has announced its strategic priorities for the pensions sector for this coming year. Key issues include transfer advice, which continues to be a supervision priority, and poor value products that lead to lower living standards in retirement.
Read moreDefined Benefit pension transfers and SIPP FOS complaints on the rise
Official FOS figures from the end of 2019 show Defined Benefit pension transfers and SIPP complaints are on the rise although the percentage of these complaints upheld has dropped. How will the FOS respond in an area where we have seen a heavy CMC presence?
Read moreBossing the rules - the SRAs enforcement strategy
The new SRA Standards and Regulations came into force on 25 November 2019. In this article in our 'Bossing the Rules' series, Sarah Lloyd and Graham Reid examine the SRA's enforcement strategy which sets out their approach to the new rules. Important reading for solicitors and those who insure the profession as guidance on the new rules is scarce.
Read moreLife Expectancy - What's the Big Deal?
The Prudential Regulation Authority (PRA) has updated its guidance for insurers participating in longevity risk transfers (PS1/20 and SS18/16), clarifying the risks that should be considered and its expectations of pre-notification for transactions that are large and/or complex.
Read moreCE-Filing nightmare not so scary if you act quickly…
We all know that CE-filing at court can sometimes be difficult, particularly when you are trying file documents close to the deadline. Whilst this case involves the filing of a Notice of Appointment of Administrators, this case may give solicitors comfort if something similar happens in litigation and a genuine mistake has been made in the e-filing process which, on the face of it, would mean that the document was filed out of time.
Read moreLegal advice privilege not lost by repeating the client's instructions
In Raiffeisen Bank International AG v Asia Coal Energy Ventures Ltd (1) Ashurst LLP (2) [2020] EWCA Civ 11, the Court of Appeal has confirmed that legal advice privilege over a client's instructions to their lawyers is not lost, merely because the client authorises their lawyers to repeat the substance of those instructions to another party.
Read morePatch Test: Is your GP watching Love Island?
The reality TV phenomenon Love Island returned to viewer's screens on 20 January 2020, opening to an audience of 4.8 million. One contestant's open display of contraceptive choice has caught the attention of viewers and, hopefully, some GPs.
Read moreBuilding on renewable energy
2019 was potentially a significant year for the renewable energy industry. Record temperatures and environmental catastrophes highlighted the need to reduce carbon emissions and make greater use of sources of renewable energy, and political parties championing green policies saw – for the most part – their share of the vote increase both domestically and internationally.
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