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Perspective - Blog

FCA issues Final Report in the Wholesale Insurance Broker Market Study

Published on 20 Feb 2019. By Matthew Griffith, Partner and Jonathan Charwat, Partner

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.

Perspective - Blog

Accountants, auditors and actuaries beware: the FRC continues to show its teeth, as its future stands in the balance

Published on 18 Jul 2018. By Rachel Ford, Partner

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.

Perspective - Blog

The future of SIPPs – FCA responds to the Work and Pensions Committee

Published on 05 Jul 2018. By Rachael Healey, Partner

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.

Perspective - Blog

PRA consultation to promote diversity on boards of large insurers

Published on 06 Jul 2017.

The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.

Profile

Sarah Chiang

Associate

Perspective - Blog

Court of Appeal finds that Bitcoin's developers may owe fiduciary duties to bitcoin owners

Published on 08 Feb 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

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.

Press and Media

Legal claims against banks expected following collapse in Sterling

Published on 06 Dec 2022.

Legal disputes between banks and their business customers are expected following the collapse in the value of sterling against the U.S. Dollar and the volatility of other currencies, says international law firm RPC.

Perspective - Blog

Litigation risk arising from recent LDI related disruption in the UK gilt market

Published on 18 Oct 2022. By Simon Hart, Partner, Head of Banking & Financial Markets Disputes and Daniel Hemming, Partner and Charlotte Henschen (née Ducker), Partner and Tim Potts, Senior Associate

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.

Perspective - Blog

Competing subordinated debts – the lessons learnt from Lehmans' insolvency

Published on 08 Jul 2022. By Jake Hardy, Partner

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.

Perspective - Blog

High Court decides that reviving proceedings automatically stayed under CPR 15.11 requires relief from sanctions

Published on 29 Jun 2022. By Daniel Hemming, Partner and Tim Potts, Senior Associate

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.

Perspective - Blog

APP fraud: Commercial Court considers approach to unjust enrichment and knowing receipt claims

Published on 15 Jun 2022. By Jonathan Cary, Partner

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.

Perspective - Blog

Are you a "person discharging managerial responsibility"? High Court clarifies meaning of PDMRs under FSMA

Published on 23 May 2022. By Jake Hardy, Partner

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").

Perspective - Blog

Privy Council decides that banks owe no Quincecare duty to a beneficial owner of monies in an account

Published on 17 May 2022. By Tom Hibbert, Partner, Global Head of Commercial Disputes and Jonathan Cary, Partner and Alan Williams, Partner and Jake Hardy, Partner and Chris Ross, Partner and Olivia Dhein, Knowledge Lawyer

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.

Perspective - Blog

Court of Appeal strikes out defences that funds' losses resulting from FX manipulation have been passed on to investors following redemption

Published on 06 May 2022. By Simon Hart, Partner, Head of Banking & Financial Markets Disputes and Christopher Wheatley , Senior Associate and Olivia Dhein, Knowledge Lawyer

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.

Perspective - Blog

Court of Appeal holds that Quincecare duty can arise in principle where customer gives instructions in authorised push payment fraud

Published on 21 Apr 2022. By Jonathan Cary, Partner and Olivia Dhein, Knowledge Lawyer

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.

Perspective - Blog

Court of Appeal draws distinction between claims for recovery of tax and restitution for tax paid out fraudulently

Published on 07 Apr 2022. By Alan Williams, Partner

In Skatteforvaltningen v Solo Capital Partners,(1) the Court of Appeal investigated in detail the operation of rule 3(1) of Dicey, Morris & Collins on the Conflict of Laws (edition 15) (Dicey rule 3), which provides that English courts do not have jurisdiction over actions for "the enforcement, either directly or indirectly, of a penal, revenue, or other public law of a foreign State". The Court decided that the Danish tax authority's claim did not fall within Dicey rule 3 as it concerned the restitution of monies misappropriated by fraud rather than enforcement of tax.

Perspective - Blog

Where's the damage? High Court dismisses jurisdiction challenge in US$495 million claim

Published on 10 Mar 2022. By Jake Hardy, Partner and Charlotte Henschen (née Ducker), Partner

The High Court has dismissed UBS' challenge to jurisdiction in a ca. US$495 million claim – and in doing so set out useful guidance in terms of how the Court will determine "where the damage has occurred" in cases of economic loss. The judge looked for the most "natural analysis" in determining the manifestation of the loss, and broadly agreed that "the usual answer [in bad investment cases] will be that the loss occurs in, and at the place of, the bank account which was depleted."

Perspective - Blog

ESG claims in the banking and financial markets Sector: will "greenwashing" claims soon be common in the UK?

Published on 14 Feb 2022. By Chris Ross, Partner

Environmental, Social and Governance "ESG" funds are an attractive avenue for investors seeking responsible investment choices.

Perspective - Blog

No knowing receipt claim where equitable interest is destroyed: Byers v Saudi National Bank

Published on 03 Feb 2022. By Emily Saffer, Associate and Simon Hart, Partner, Head of Banking & Financial Markets Disputes

The Court of Appeal has held that a claim in knowing receipt will fail if, at the moment of receipt, the beneficiary’s equitable proprietary interest is destroyed or overridden so that the recipient holds the property as beneficial owner.

Perspective - Blog

How aware were you? High Court refuses to strike out fraudulent misrepresentation claim in VW 'Dieselgate' emissions

Published on 03 Feb 2022. By Jessica Davies, Associate and Jake Hardy, Partner

In Crossley and others v Volkswagen Aktiengesellschaft and others(1) the High Court refused to strike out or summarily dismiss the fraudulent misrepresentation claim brought by more than 86,000 vehicle owners against Volkswagen ("VW").

Perspective - Blog

High Court dismisses application for extension of limitation period on basis of fraud at summary judgment stage

Published on 20 Jan 2022. By Jake Hardy, Partner and Christopher Wheatley , Senior Associate

In Libyan Investment Authority v Credit Suisse International & Ors ([2021] EWHC 2684 (Comm), the Commercial Court granted summary judgment dismissing the Libyan Investment Authority's (LIA's) claims against Credit Suisse International (Credit Suisse) and others on the grounds that they were time-barred.

Perspective - Blog

Limitation Act 1980 s.32(1): whether a claimant could have discovered fraud with "reasonable diligence" extends to events prior to accrual of the cause of action

Published on 06 Jan 2022. By Jonathan Cary, Partner

The High Court found that, when considering the postponement of the limitation period for the purposes of Section 32(1) of the Limitation Act 1980, the question of whether the claimant could have discovered the fraud with "reasonable diligence" extends to the period before the claimant suffered a loss.

Perspective - Blog

English Commercial Court upholds the validity of swap contracts entered into by an Italian local authority

Published on 12 Nov 2021. By Tim Potts, Senior Associate and Jake Hardy, Partner

The Commercial Court has found that there was no limitation on the capacity of the Italian local authority Busto di Arsizio to enter into a valid swap contracts with Deutsche Bank.

Perspective - Publication

Retail Compass Spring 2024

Published on 15 Apr 2024. By Jeremy Drew, Partner and Karen Hendy, Partner and Ciara Cullen, Partner

Welcome to the Spring edition of Retail Compass, where we guide you through key upcoming legal and policy changes affecting retailers and consumer brands and provide our thoughts on those crucial, need-to-know issues.

Perspective - Blog

Navigating the impact of AI on work: challenges, opportunities, and the human touch

Published on 20 Mar 2024. By Patrick Brodie, Partner

The fear of job losses because of technology and automation, including artificial intelligence, has been with us since the 1960s. For some time, academics have predicted the decline of routine, rules-based and process-driven roles.

Press and Media

Thaler v Comptroller [2023] UKSC 49: the UKSC rules that AI cannot be an 'inventor'

Published on 10 Jan 2024. By Matthew Jones, Partner

To the surprise of no one, the UK Supreme Court (UKSC) has finally ruled that an artificial intelligence (AI) cannot be an inventor for the purposes of UK patent law. This judgment accords with the decisions of the lower courts in the UK and the initial ruling of the UKIPO. It also reflects similar findings from most of courts around the world where the claimant, Dr Thaler, brought similar actions.

Perspective - Blog

12 top tips for using AI in retail and consumer businesses

Published on 18 Dec 2023. By Praveeta Thayalan, Knowledge Lawyer

Last year, we set out our top ten tips for retailers entering the metaverse. This year, AI is the hot topic in retail and pretty much everywhere else! AI is redefining the retail and consumer industry. It can improve consume engagement, aid decision-making, curate tailored promotions, improve efficiencies, and reduce costs. So what do retailers and consumer bran need to be mindful of when deploying AI?

Perspective - Publication

Retail Compass Autumn 2023

Published on 17 Oct 2023. By Jeremy Drew, Partner and Karen Hendy, Partner and Ciara Cullen, Partner

Welcome to our Autumn edition of Retail Compass, where we guide you through the key legal and policy changes affecting retail and consumer brands and provide our thoughts on those crucial, need-to-know issues.

Perspective - Blog

EU AI ACT-ion stations

Published on 29 Sep 2023. By Helen Armstrong, Partner and Charles Buckworth, Partner

The EU is forging ahead with its vision for AI. With wrapping up talks on the EU AI Act between the EU governments, the Commission and the parliamentary negotiators imminent, we bring you up to date on the EU's risk based approach, the scope of the Act, a timeline, key points that will form the basis of the discussions and next steps.

Perspective - Blog

What To Know About AI Fraudsters Before Facing Disputes

Published on 29 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Fraudsters are quick to weaponise new technological developments and artificial intelligence is proving no exception, with AI-assisted scams increasingly being reported in the news, including most recently one using a likeness of a BBC broadcaster.

Perspective - Publication

Retail Compass Spring 2023

Published on 27 Apr 2023. By Jeremy Drew, Partner and Karen Hendy, Partner

Welcome to our Spring edition of Retail Compass, where we guide you through the key legal and policy changes affecting retail and consumer brands and provide our thoughts on those crucial, need-to-know issues.

Press and Media

RPC reacts to UK Government White Paper on AI

Published on 30 Mar 2023. By Jon Bartley, Partner and Ciara Cullen, Partner and Richard Breavington, Partner and Kelly Thomson, Partner, ESG strategy lead and Helen Armstrong, Partner and Patrick Brodie, Partner and Mamata Dutta, Partner

RPC reacts to UK Government White Paper on AI

Perspective - Publication

What if the CEO asks me about... using Artificial Intelligence in our Retail stores?

Published on 28 Mar 2023. By Paul Joukador, Partner

The term "artificial intelligence" (AI) describes a range of technologies that enable machines to perform tasks that typically require human intelligence, such as the ability to comprehend, act and learn.

Perspective - Snapshot

ICO publishes guidance on AI decision making

Published on 02 Nov 2020. By Oliver Bray, Senior Partner

How can companies comply with data regulation when using AI to make decisions affecting individuals?

Event

RPC @ London Tech Week 2024

12 Jun 2024

We are delighted to announce that we will once again be hosting several in-person official fringe events around London Tech Week in June 2024.

Perspective - Blog

Digital Markets, Competition and Consumers Act becomes law

Published on 04 Jun 2024. By David Cran, Partner, Head of IP & Tech and Chris Ross, Partner and Leonia Chesterfield, Of Counsel and Melanie Musgrave, Of Counsel

Following the announcement of a date for the general election, the Digital Markets, Competition and Consumers Act (DMCC) rapidly sped through the final stages of parliamentary processes to become law on 24 May 2024

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 - 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.

Press and Media

Fast-growing IP and tech practice at RPC welcomes Caroline Tuck as Partner

Published on 16 Oct 2023. By Caroline Tuck, Partner

International law firm RPC is pleased to announce the appointment of Caroline Tuck as a Partner in its Intellectual Property and Technology (IP & Tech) team. Caroline Tuck joins RPC from Deloitte, where she was a Director in the Disputes team.

Perspective - Blog

Criminal Liability for Senior Managers under the Online Safety Act

Published on 05 Oct 2023. By Jessica Kingsbury, Associate

Under the Online Safety Act (OSA), senior managers of in-scope services could be held personally liable in certain circumstances for the company's non-compliance with obligations within the legislation.

Press and Media

Cybersecurity breaches at financial services firms more than trebles

Published on 25 Sep 2023. By Richard Breavington, Partner

Cybersecurity breaches reported by financial service providers rose from 187 in 2021/22 to 640 in 2022/23 UK pension schemes report the biggest increase, 4,000%, in data breach reports to the ICO

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 - Publication

RPC Insurtech in brief - July 2023

Published on 12 Jul 2023. By Neil Brown, Partner and William Hogarth, Partner and Lauren Murphy, Senior Associate

Welcome to the July 2023 edition of Insurtech in Brief - a selection of the latest insurtech news and developments from across the globe.

Perspective - Blog

The Online Safety Bill and the risk of unintended consequences

Published on 31 Mar 2023. By Nadia Tymkiw, Senior Associate

The Online Safety Bill was reintroduced to Parliament late last year, with new amendments receiving scrutiny in the House of Commons in December, before the bill entered the House of Lords in January. The bill continues to evolve, most notably with the government removing the requirement for user-to-user platforms and search engines to prevent adult users from encountering "legal but harmful" content, instead requiring online platforms to provide users with enhanced content controls (i.e., choice as to what content is seen), and imposing further obligations around transparency and enforcement of online platforms' terms and conditions. "Legal but harmful" obligations remain in place for under 18s. The government has recently agreed to introduce criminal sanctions for senior managers who fail to take proportionate measures to protect children from potentially harmful content.

Perspective - Blog

Silicon Valley, Signature and Credit Suisse: what do they all share(holder) in common?

Published on 28 Mar 2023. By James Wickes, Partner and Oliver Knox, Partner and Jessica Pease, Associate

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.

Perspective - Publication

RPC Insurtech in brief - March 2023

Published on 15 Mar 2023. By Neil Brown, Partner and William Hogarth, Partner and Lauren Murphy, Senior Associate

Welcome to the March 2023 edition of Insurtech in Brief - a selection of the latest insurtech news and developments from across the globe.

Perspective - Publication

RPC Insurtech in brief - February 2023

Published on 06 Feb 2023. By Neil Brown, Partner and William Hogarth, Partner and Lauren Murphy, Senior Associate

Welcome to the February 2023 edition of Insurtech in Brief - a selection of the latest insurtech news and developments from across the globe.

Perspective - Blog

New Digital Regulators on the 2023 Horizon: the Digital Markets Unit and the European Centre for Algorithmic Transparency

Published on 02 Dec 2022. By David Cran, Partner, Head of IP & Tech and Chris Ross, Partner and Leonia Chesterfield, Of Counsel

For a number of years, the UK Government has been laying the groundwork to bring in a digital markets regime to regulate digital firms designated as having ‘strategic market status’ (SMS). To be designated as having SMS, a firm must have 'substantial and entrenched market power' in at least one activity. Companies having SMS are likely to include the largest tech firms such as Amazon, Apple, Google, Microsoft and Meta (the so called 'GAMMA' firms).

Perspective - Publication

RPC Insurtech in brief - November 2022

Published on 17 Nov 2022. By Neil Brown, Partner and William Hogarth, Partner and Lauren Murphy, Senior Associate

Welcome to the November 2022 edition of Insurtech in Brief - a selection of the latest insurtech news and developments from across the globe.

Perspective - Blog

Digital services providers—Commission to focus on implementation phase of EU consumer protection legislation

Published on 31 Oct 2022. By David Cran, Partner, Head of IP & Tech and Leonia Chesterfield, Of Counsel and Ellie Chakarto, Associate

The Digital Services Act (DSA) and the Digital Markets Act (DMA) are published in the Official Journal and the plenary vote of the European Parliament on the proposed text of the AI Act is expected once amendments are agreed by negotiators. The Commission is now turning its focus to the implementation phase of these landmark regimes. So, what does the future hold for the European tech sector and how might it differ for the UK?