Professional and financial risks
Court of Appeal gives judgment on the potential liability of solicitors for a non-party costs order
In two joined cases , the Court of Appeal considered the potential liability of solicitors for a non-party costs order, if they fund disbursements.
Read moreNEWS: Scullion appeal to Supreme Court withdrawn – no duty of care owed by mortgage valuer to BTL investors – relief for valuers and their insurers
The appeal by buy-to-let (BTL) investor Mr Scullion – due for hearing at the Supreme Court today – was withdrawn on confidential terms this morning.
Read moreThe official line – how Judges are being instructed to implement Jackson costs reforms
A recent speech at the Judicial College by the Master of the Rolls (Lord Dyson) shows precisely how Judges are being instructed to implement two key aspects of the Jackson costs reforms:
Read moreFollow landmark valuers 'duty of care' hearing (Scullion) live next week
In 2011 the Appeal Court decided unanimously that the valuer's duty of care, when reporting to its lender client, should not extend to cover a buy-to-let investor (as distinct from a residential purchaser):
Read moreThe trigger for liability coverage - actual liability or reasonable settlement?
On 28 February 2013 judgment was delivered in the case of AstraZeneca Insurance Company Limited v XL Insurance (Bermuda) Limited and ACE Bermuda Insurance Limited [2013] EWHC 349.
Read moreRobust judicial case management in action
In a Judgment handed down on 14 March 2013, the Court has sent a powerful message to all parties, and to their solicitors, about the immediate and painful financial consequences of 'manoeuvring' and seeking to frustrate effective judicial case management.
Read moreLSB request rejected: SRA confirm no review into separate business rule
The Solicitors Regulation Authority ("SRA") have rejected the Legal Services Board ("LSB") request that they conduct a review of the separate business rule ("SBR"), as it is not in the public interest to do so and the necessary resources are not available.
Read moreNo Fishing!
A recent High Court decision has reminded Claimants that pre-action disclosure applications cannot be used as fishing expeditions to form or strengthen any unsubstantiated claims.
Read moreNew Sanctions Guidance For Accountants and Actuaries' Investigations
The Financial Reporting Council ("FRC") has published its first Sanctions Guidance for individuals and member firms under investigation.
Read moreThe rush for ATE – and the risk of claims arising
After-the-event insurance premiums have been a plague to surveyors, who have borne the brunt of claims arising from the property crash.
Read moreFlood risk insurability – are you exposed?
On 1 July 2013, barring unexpected developments, flood risk insurance for residential property will move to the open market leaving an estimated 200,000 properties exposed to the possibility of severe capital value reductions.
Read moreFinal curtain call
On 14 February 2013 the Court of Appeal in Miller v Sutton [2013] EWCA Civ brought to an end a long running campaign by Mr Miller against his former solicitor in relation to his failed business selling Jimi Hendrix CDs.
Read moreTake care of your letterhead ...
In UCB Home Loans Corporation Ltd v Soni & Co the Court of Appeal has found that a partner in a solicitor's firm was not liable under the S14 Partnership Act 1980 for fraudulent representations made by another partner to a mortgage lender.
Read moreLenders' contributory negligence - a blunted blade?
Notwithstanding the growing impact of limitation defences, many UK lenders' portfolios remain exposed.
Read moreClarification of solicitors' breach of trust claims in a re-mortgage situation
The Court of Appeal on 8 February 2013 in AIB Group (UK) plc v Mark Redler & Co [2013] EWCA Civ 45 has provided further clarification of the necessary ingredients to establish breach of trust by solicitors in a lender's claim.
Read moreEngineer held liable for losses caused by the fall in property values
An engineer may be liable to his client for losses caused by a fall in property values. So held the Court of Appeal in the case of John Grimes Partnership Ltd v Gubbins.
Read moreAnnual Review 2012/13
2013 is set to be a turbulent year across many classes of insurance business, especially those which will be affected by the Jackson Reforms revolution in the UK.
Read moreRICS guidance note on Risk
As a profession, surveyors (and their insurers) have been hit very badly as a result of claims arising from the credit crunch.
Read moreNew standard terms for Bar creating controversy
The Law Society yesterday issued a practice note on the new standard contractual terms for the supply of legal services of barristers. These rules are due to come into effect in January 2013.
Read moreThe Court of Appeal's decision in Henry v News Group Newspapers: costs budgeting
Costs budgeting is one of the key planks of the Jackson reforms due in force on 1 April 2013.
Read moreHave you notified a claim?
How precise do you need to be when notifying your professional indemnity insurers of a possible claim?
Read moreLegal advice privilege remains for qualified lawyers only
The Supreme Court has today rejected an attempt to extend legal advice privilege to legal advice given by professionals other than lawyers.
Read moreAccountants' Duty of Care to Third Parties
In a welcome reminder of a long established principle, the High Court decision in the October 2012 case of Arrowhead Capital Finance Limited v KPMG
Read moreThe dangers of being helpful with evidence…
Developers' fraud proceedings against Chartered Surveyors struck out as "unjust harassment"
Read moreLegal Ombudsman scheme rules revision
The Legal Ombudsman is about to make significant changes to its role, widening its current powers and coming into line with the role of the Financial Ombudsman.
Read moreBreach of trust: the new contributory negligence avoidance scheme for lenders
In the current climate, the majority of claims we are instructed to defend solicitors against, are being brought by lenders, in the conveying context.
Read moreNon-Party Costs Order against Solicitors acting on CFAs
In the recent case of Tinseltime Limited, the Defendants made an application for a non-party costs order against the Claimant's solicitor.
Read moreWhen a financial adviser will be liable for the full extent of a client's losses
For banks, investment advisers, and their professional indemnity insurers, the Court of Appeal ruling in Rubenstein v HSBC
Read moreBump-up claims: the next wave of US shareholder litigation against US-listed Chinese companies?
A growing number of US-listed Chinese companies have had enough of being sued by their American shareholders.
Read moreLIBOR Update
On 27 June, it was revealed that Barclays had agreed to pay fines totalling £290 million ...
Read moreThe Cost of Regulation in the Legal Profession
The Legal Services Board ("LSB") was created by the Legal Services Act 2007 and became fully operational on 1 January 2010.
Read moreThe FSA shifts its focus to individuals
As part of its response to the Financial Crisis, the FSA is determined to pursue directors and senior managers and hold them to account for their company's failings.
Read moreInterest Rate Hedging Products Mis-selling
On Friday 29 June 2012, the FSA published its initial report on the mis-selling of Interest Rate Hedging Products ("IRHP") to SME businesses, following a two month investigation.
Read moreNo Cherry Picking documents by claimants once privilege has been waived
In cases where solicitors are sued by their clients, a common issue to arise is the extent to which the privilege attaching to the solicitor's papers is waived as a result of the Claimant's allegations.
Read moreInsurance broker commissions in the headlines in Hong Kong
Insurance broker commissions in Hong Kong are attracting more attention in Hong Kong than, perhaps, the market would like.
Read moreLeo's "name and shame": The right approach?
The Legal Ombudsman (LEO) was established by the Office for Legal Complaints under the Legal Services Act 2007 to try and simplify the system and make sure consumers have access to an independent expert to resolve complaints.
Read moreDuties of a Project Manager
The recent judgment of HHJ Keyser QC in the TCC in The Trustees of Ampleforth Abbey Trust v Turner & Townsend Project Management Ltd [2012] EWHC 2137 (TCC) provides helpful guidance on the duties of a project manager ...
Read moreDelay claims under NEC3
In order to prove a delay claim under NEC3, a contractor must follow a two step-process to show that (i) a compensation event has occurred; and (ii) that this event caused a delay to the completion of the project.
Read moreThe FSA wants further enforcement powers – take note
In submissions to the Parliamentary Commission on Banking Standards (published today), the FSA has made a request for wider enforcement powers, which directors and officers and employees of regulated entities, and their insurers, should take notice of.
Read moreLender claim founders – losses "caused" by underlying fraud
Surveyors come out on top. Judgment was recently given inPlatform Funding v Anderson Associates, a civil claim by the mortgage lender for alleged negligence against a valuer arising from a July 2006 mortgage valuation of a single new-build flat.
Read moreWho Knows?
As part of its consultation paper, 'Insurance Contract Law: The Business Insured's Duty of Disclosure and the Law of Warranties', the Law Commission has made some interesting comments on the imputation of knowledge to companies for the purposes of the duty of disclosure under section 18(1) of the Marine Insurance Act 1906.
Read moreCollateral Warranties – Tips and Pitfalls
Collateral warranties are extremely common in the construction industry.
Read moreSolicitors not under a duty to ensure that court staff issue in time
This case Page v Hewetts Solicitors caused a stir back in November when the high court held that a claim form was statute barred notwithstanding evidence it had been received by the court in time.
Read moreCausation key to failure of lender's claim against solicitors
Causation was the key factor in the failure of a claim brought by mortgage lender Godiva, against its solicitors, Keepers Legal.
Read moreSolicitors not under a duty to ensure that court staff issue in time
This case Page v Hewetts Solicitors caused a stir back in November when the high court held that a claim form was statute barred notwithstanding evidence it had been received by the court in time.
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