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Arbitration awards and fraud revisited
The English Court of Appeal has rejected a further attempt by the buyers of goods to set aside enforcement of a CIETAC arbitration award on grounds of fraud.
Read moreFSCS – reviewing the funding of the fund of last resort
In its third consultation paper on this topic, the FCA has recently confirmed that: - FSCS claims in respect of investment advice will benefit from an increased compensation cap, from £50,000 to £85,000; - product providers will have to start making contributions to FSCS funding for insurance and investment advice claims; and - it proposes new rules to prevent personal investment firms' insurers excluding cover for claims where the firm or a third party becomes insolvent.
Read moreLife After Death…
How was a baby born four years after the death of his parents? And what does this mean for IVF providers in the UK?
Read moreProfessional negligence adjudication – it's all part of the Protocol
On 1 May 2018, an amendment to the Professional Negligence Pre-Action Protocol saw a further attempt to encourage parties to use the professional negligence adjudication scheme first devised as a pilot scheme in February 2015.
Read moreCryptocurrency pre-ICO funding – a regulatory overview
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.
Read moreSippchoice Ltd: Taxpayer can claim income tax deduction for contribution in specie to SIPP
In Sippchoice Ltd v HMRC [2018] UKFTT, the First-tier Tribunal (FTT) has held that a taxpayer can obtain tax relief at source in respect of contributions made to s Self-Invested Pension Plan (SIPP) settled in the form of unquoted shares.
Read moreUnlocking blockchain in the insurance industry
While many tout blockchain networks as being the biggest technological breakthrough of a generation, we take a look at whether the technology is ready to take the insurance industry by storm.
Read moreThat's not fair (market value)
Court of Appeal rules on application of GMRA close-out provisions in a distressed market. Icelandic bank LBI ehf (LBI) appealed against the High Court decision in its case against Raiffeisen Bank International AG (RZB) regarding the interpretation of the term "fair market value" in the close-out provisions of a repo agreement. The Court of Appeal rejected LBI's arguments that "fair market value" should preclude the use of prices, quotations and other pricing evidence obtained in a distressed or illiquid market and dismissed the appeal.
Read moreA valuer does not owe a duty of care to the directors of a borrower
The High Court has held that a valuer who prepares a valuation for a lender does not owe a duty of care to the directors of the borrower who claim they have suffered loss as a result of relying on that valuation.
Read moreTax update May 2018
In this month’s update we report on HMRC’s recently published guidance relating DOTAS for inheritance tax, its guidance for the GAAR and a new consultation relating to tax avoidance involving Profit Fragmentation.
Read moreGame theory and the art of litigation settlement (Part 3)
This article is the third in a series targeted at litigators that consider the issue of settlement in litigation through a game theoretical lens.
Read moreCorporate tax update
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly.
Read moreGeneral liability newsletter April 2018
Employees owe a duty to their employers to carry out their work with reasonable care so as to avoid accident and injury. Employers are vicariously liable for the negligence of their employees but are entitled to claim a contribution or indemnity from their negligent employee in appropriate circumstances.
Read morePension transfers
The FCA tries again to get it right with new rules and a further consultation paper.
Read moreValue Added – New VAT "joint liability" risk for online marketplaces
The flow of goods cross-border has increased significantly as a result of the inexorable rise of the online marketplace. Policing the tax aspect of online businesses has created numerous difficulties for national authorities. In no area is this felt more than VAT, where many online traders (both inside and outside the EU) have opted wittingly or otherwise to evade tax by simply not registering or accounting for VAT in any jurisdiction.
Read moreOnillon – Failure to take Follower Notice 'corrective action' reasonable in all the circumstances
In Onillon v HMRC [2018] UKFTT 33 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeal against a penalty imposed for failing to take corrective action following the issue of a Follower Notice (FN) as it was reasonable in all the circumstances for the taxpayer not to take such action.
Read moreGame theory and the art of litigation settlement (Part 2)
This article is the second in a series targeted at litigators that consider the issue of settlement in litigation through a game theoretical lens.
Read moreA Virtual Reality Check
Article exploring the growth of virtual reality (VR) and the legal issues which are emerging including product liability, data and privacy risks, and the 'laws' of the virtual world as a jurisdiction in itself.
Read moreVAT update April 2018
In this month’s update we report on the publication of the draft agreement on the UK’s withdrawal from the EU; the Government’s “split payment” collection model for online sales by non-UK sellers; and HMRC’s revised guidance on the cost sharing exemption.
Read moreAsia Insurance Bulletin 2018
Our Asia Insurance Bulletin is now available. The bulletin contains a number of articles written by our lawyers discussing a variety of issues relevant to the Asia region.
Read moreThe FCA publishes its 2018/19 Business Plan
On 9 April 2018 the FCA published its Business Plan for 2018/19, demonstrating its continued focus on culture and governance in firms, tackling financial crime and the role of technology in the financial services industry.
Read moreHome is where you hang your medical test
At-home medical tests can be useful diagnostic tools, but this carries risks for patients or insurers. Medical malpractice and product liability insurers need to plan for the future.
Read moreCourt of Appeal's history lesson for claimants bringing personal injury claims
Healthcare providers and manufacturers of medical products will welcome a judgment from the Court of Appeal that found against a claimant for failing to give notice of funding in time.
Read moreUnregulated cryptocurrencies – an end in sight?
Since their creation, cryptocurrencies have been somewhat of an enigma. Decentralised digital currencies such as Bitcoin have remained unregulated, despite becoming more prevalent in our day-to-day lives. That could be about to change with the FCA announcing plans to include them as part of their other regulated products or services.
Read moreFCA success in the High Court: Compensation of £16.9m awarded to misled investors
A five-year court battle between the Financial Conduct Authority ("FCA") and Capital Alternatives Limited concluded on 26 March 2018 when the High Court used its restitution powers under the Financial Services and Markets Act 2000 to award compensation to investors who lost money invested with Capital Alternatives.
Read moreConstruction newsletter April 2018
The first quarter of 2018 has been a challenging one for the construction industry. It saw a further decline in construction output in January, with the Office of National Statistics reporting that construction output fell by 3.4% in January from December.
Read moreHargreaves: Loyalty pays
In Hargreaves Lansdown Asset Management LTD v HMRC [2018] UKFTT 127 (TC) TC06383, the First-tier Tribunal (FTT) has found that loyalty bonus payments paid to investors were not "annual payments" for the purpose of section 683, ITTOIA.
Read moreSnapshots - Spring 2018
This is your roundup of all recent legal updates spanning advertising & marketing, commercial cases,technology / digital, data protection and intellectual property.
Read moreUpdate of the Guidance for Traders on Pricing Practices
What changes have been made to the guidance since the latest version was published in December 2016?
Read moreGovernment publishes Digital Charter
On 25 January 2018, the Department for Media Culture and Sport ("DCMS") published the Digital Charter that was announced in the 2017 Queen's speech.
Read moreConfidential information / trade secrets
IPO publishes consultation on Trade Secrets Directive (EU/2016/943)
Read moreTrade marks / passing off
Can localised goodwill prevent the registration of a UK trade mark?
Read moreDoes the rule against penalty clauses apply to repayment obligations?
Holyoake and another v Candy and others [2017] EWHC 3397 (Ch)
Read moreContractual interpretation / limitation of liability
How will the Court interpret limitation of liability clauses?
Read moreContractual interpretation / implied terms
How will the Court approach interpretation of related agreements and implying terms for "business purposes"?
Read moreAssessing damages for termination
How will the Court assess damages for termination on an express contractual right?
Read moreASA ruling on Ryanair's claim: "Europe's number one airline"?
How will the ASA interpret a claim to be "number one" in the context of widespread negative publicity?
Read moreASA call for evidence on recognition and labelling of online ads
Do consumers have a clear understanding of the labelling used for online ads?
Read moreASA ruling on Amazon TV ad interacting with AI
Was a TV ad which interacted with an Amazon device to place an unwanted order socially irresponsible?
Read moreKey principles of ad disclosure
What are the rules around disclosure of marketing communications?
Read moreASA guidance on promotional marketing for subscription models
What guidance does the ASA provide regarding advertising for 'free trials' (and similar promotional techniques) for subscriptions?
Read moreArticle 29 Working Party publishes guidelines on data breach notifications under the GDPR
What data notification procedures should data controllers and processors have in place by 25 May 2018?
Read moreArticle 29 Working Party publishes draft guidelines on transparency under the GDPR
In accordance with the GDPR's new obligation of transparency, what do the WP29 draft guidelines suggest you put in your organisation's privacy policy and other privacy notices?
Read moreICO fines Carphone Warehouse £400,000 following systemic data failures
Need an example of how not to protect your customers' and employees' data? Then, read on!
Read moreICO publishes draft guidance on children and the GDPR
What extra requirements must be met when processing the personal data of a child under the GDPR?
Read moreCourt of Appeal declares the Data Retention and Investigatory Powers Act 2014 unlawful
Is section 1 of the Data Retention and Investigatory Powers Act 2014 (DRIPA) inconsistent with EU law?
Read moreVicarious liability for deliberate data breaches
Can a business be held vicariously liable for the actions of an employee who deliberately breaches its employer's data protection policies and data protection law?
Read moreArticle 29 Working Party publishes guidelines on consent under the GDPR
What exactly are the higher standards of consent under the GDPR?
Read moreArticle 29 Working Party adopts guidelines on Data Protection Impact Assessments
When should a data controller conduct a Data Protection Impact Assessment (DPIA)?
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