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Parliamentary 'wash up' – which Bills made it through?
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.
Read more'Nosecco' is a no-no, says the High Court
In recent years, health and wellbeing has been big business in the UK. The COVID-19 outbreak has only further stoked the desire to obtain and maintain healthy minds and bodies and the trend looks set to continue, across the retail sector.
Read moreFurther welcome news from the FCA – this time on co-manufacturing
Following on from our earlier blog, our review of the FCA's 'Discussion Paper' (DP24/1) continues, this time considering the rules relating to co-manufacturers of insurance products.
Read morePotential deregulation and a pragmatic approach to commercial insurance – welcome news from the FCA
The FCA has published a 'Discussion Paper' (DP24/1) seeking feedback on its rules on commercial insurance including in respect of the types of commercial customers in-scope, co-manufacturing of products and bespoke insurance products.
Read moreFix up, look sharp: FRC update
What's the latest on fixed recoverable costs in professional negligence claims?
Read moreOfcom's 'Roadmap to Regulation' underway with its consultation on illegal harms duties under the Online Safety Act
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.
Read moreThe Online Safety Bill is set to become law
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.
Read moreThe Online Safety Bill and the risk of unintended consequences
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.
Read moreThe EU's Green Claims Directive
The EU's proposed Green Claims Directive (GCD) sets out expansive new rules for companies making green claims in the EU.
Read moreConsumer friendly compliance – guidance for retailers and consumer brands on the DMCC Bill
Following receipt of some 372 responses to the "Smarter Regulation: Improving consumer price transparency and product information for consumers" Consultation, the government has published its response in which it proposes significant amends to the Price Marking Order alongside new additions to the DMCC Bill.
Read moreHigher stakes cybercrime – prepare now
Cybercrime continues to increase and shows no signs of stopping.
Read moreFood and beverage 2050: The transition to net zero
Following publication in October 2023 of its final Disclosure Framework for private sector entities to transition to a net zero economy, the TPT published draft Food & Beverage Sector Guidance in November 2023.
Read moreVirtual advertising: a glimpse into the future
Virtual advertising and experiences are transforming the way real world property can be used by turning it into a canvas for digital content.
Read moreThe rise of recommerce
Recommerce (which includes reselling, renting, refilling, repairing or reusing goods) is already an extremely valuable business model, estimated by Barclays to be worth almost £7bn in the UK alone and expected by Visa to increase to £82bn by 2030. This growth – particularly in respect of resale – is widely regarded as being driven by Gen Z consumers, over two thirds of whom now prefer to buy second-hand over new goods, in part, due to sustainability concerns.
Read moreGreen claims: key takeaways from the CMA's first investigation
After much anticipation, the Competition and Markets Authority (CMA) has finally published the results of its investigation into green claims made by ASOS, Boohoo and George at Asda. All three retailers have signed undertakings committing to change the way they promote their green credentials and to set up robust internal processes to ensure future green claims are not misleading.
Read moreProgress on sustainability in fashion: the move to circularity
According to the WRAP report, it is estimated that the fashion and textiles sector accounts for up to 8% of global greenhouse gas emissions and uses 93 billion cubic meters of water each year.
Read more12 top tips for using AI in retail and consumer businesses
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?
Read moreCode of Conduct for Leasing of Retail Premises to take effect from 1 February 2024
Following from the passing of the Lease Agreements for Retail Premises Bill which mandates compliance with the Code of Conduct for Leasing of Retail Premises in Singapore ("Code") for qualifying leases of retail premises earlier this year, the Lease Agreements for Retail Premises Act ("Act') is expected to take effect from 1 February 2024.
Read moreWhat if the CEO asks me about… preparing for new sustainability reporting requirements?
There is an increasingly complex web of sustainability reporting requirements for companies across the world (either in force or in the pipeline). The ISSB standards seek to set a global baseline for sustainability reporting to ensure consistency and comparability of companies' disclosures. With UK implementation of the standards expected next year, retailers and consumer brands should take steps now to prepare. We outline the current plans for sustainability reporting under the ISSB standards in the UK and flag practical steps that businesses should take to prepare.
Read moreTimely reminder of risks in cloud contracts
Over the last decade, cloud solutions have become popular tools to facilitate the digital transformation of businesses, and the retail sector is no exception in its uptake of cloud services.
Read moreIs TikTok the key to the bricks-and-mortar retail revival?
Against the backdrop of sustainably-minded shoppers and cost-conscious consumerism, one of the key focuses for the retail sector in 2023 was (and still remains) the 'revival' of the UK high street.
Read moreWhat is driving the fashion retail insolvencies spike?
What is driving the fashion retail insolvencies spike?
Read moreTHE RISE OF THE DE-INFLUENCER: What does this mean for brands?
Over the past decade, advertisers have increasingly capitalised on the 'influence' of influencers to help shape and create consumer demand for their products and services. In turn, influencers are able to monetise their social media content and connections with brands, creating a symbiotic relationship between the two.
Read moreEU set to tackle greenwashing with Green Claims Directive
On the 22 March 2023, the European Commission published its proposal for a new 'Green Claims Directive' setting out standardised rules for the assessment, substantiation and communication of green claims.
Read moreLuxury today - go green or go home?
"Sustainability" is the new buzzword in marketing.
Read moreA bolstering of the consumer protection regime and some sharper teeth for the CMA – a first look at the new UK Digital Markets, Competition and Consumers Bill
It's been a little over a year in the making, and it's been one of the most hotly anticipated legislative updates since it was first announced in April 2022, but the first draft of the UK's catchily titled Digital Markets, Competition and Consumers Bill, is finally here.
Read moreGoing Green - Draft Sustainability Guidance from the CMA
Following its public consultation, the CMA has published its advice to government on how competition and consumer laws can help meet the UK's environmental goals.
Read moreThe ASA bites back – Burger King 'Rebel Whopper' ads ruled to be misleading and in breach of advertising rules
At the start of the year, Veganuary hit the headlines, with the British public challenged to ditch animal by-products in favour of a plant-based diet for the month of January.
Read moreNew developments in AI may put law firms at greater risk of phishing fraud
As the computing power of Artificial Intelligence continues to grow exponentially, we consider how generative technology may expand the reach of traditional phishing frauds aimed at law firms.
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 moreWhat does a new Labour government mean for the management liability market?
We have a new government and the first Labour government for 14 years. What does it mean for the management liability market? We look at what Labour has promised and with that the areas those in the market will want to consider across directors and officers, employment liability and pensions.
Read moreFCA responds to criticism of the Public Accounts Committee when it comes to BSPS with rejection of suggestion it should reconsider a wider defined benefit transfer review
In a July blog I reported on the House of Commons Public Accounts Committee report entitled "Investigation into the British Steele Pension Scheme". The blog set out a number of recommendations of the Committee in light of its investigations into the FCA's conduct and regulatory oversight of BSPS and, in particular, the 7,834 members that transferred out of BSPS into a personal pension scheme. We have now had a sneak preview of the FCA's response in the recent Committee minutes. Here's what the FCA had to say.
Read moreFCA consults on British Steel redress scheme
The FCA intends to open consultation on an industry wide redress scheme covering British Steel Pension transfers. This is perhaps the only option left for the regulator, but a redress scheme will heap further pressure on an area of the advice industry that is already under fire.
Read moreFCA looks to tighten up appointed representative regime
On Friday the FCA published a consultation paper on potential changes to the existing appointed representative (AR) regime.
Read moreFOS proposals to clear the back-log - attractive or not?
The Financial Ombudsman Service (FOS) has proposed a temporary approach to the classification of certain complaints in an attempt to alleviate their complaints backlog exacerbated during the COVID-19 pandemic. The approach could see firms looking to pro-actively resolve complaints before a defined cut off date before FOS reaches a decision so that the complaint is recorded separately and not as a "change in outcome" (i.e. where a complaint has been rejected by a business and upheld by FOS). The consultation was open for a short two-week period between 4 and 18 October 2021.
Read moreFCA 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 moreFCA 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 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 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 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.
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