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FX market manipulation claims: ongoing developments
Recent settlements give impetus to claims
Read moreSearching Requirements when applying for Search Warrants
The Divisional Court (Davis LJ and Hickinbottom J) has confirmed, in [2015] EWHC 1283 (Admin), that state agencies applying for search warrants have a duty to make full disclosure to the court and the court should take an inquisitive approach when considering any such application.
Read moreThe Catalyst effect: ping pong between the FCA and Upper Tribunal?
The recent judgment of the Upper Tribunal in relation to the conduct of two directors of Catalyst Investment Group Limited serves as a reminder to those working in the financial services sector about the potential ramifications for individuals should consumers be misled.
Read moreTianjin explosions leave insurers exposed to claims
On 12 August 2015, multiple explosions occurred in the Chinese city of Tianjin, a major industrial port and goods gateway to Beijing.
Read moreTransparency by design – putting FOIA at the forefront of public sector outsourcing contracts
Earlier this year, the Information Commissioner's Office (ICO) published a guidance document recommending some steps for public authorities (Authorities) to take when entering into outsourcing arrangements to help them comply with their freedom of information obligations.
Read moreTaxpayer's application to have HMRC's winding-up petition dismissed fails due to lack of evidence
In Winnington Networks Communications Ltd v HMRC[1], the Chancery Division Companies Court (Nicholas Le Poidevin QC) refused the taxpayer company's application to have HMRC's winding-up petitions dismissed ...
Read moreModern slavery – what will you be declaring from this October onwards; and how will you be ensuring that actions and words align?
Much of the news of the last couple of weeks has been dominated by the migrant situation in Calais and the knock-on effect this side of the tunnel.
Read moreCourt confirms its wide discretionary power to extend time in consent orders
In Safin (Fursecroft) Limited v The Estate of Dr Said Ahmed Said Badrig (Deceased)[1], the Court of Appeal considered the principles that apply to an application for extension of time for compliance with obligations set out in a consent order.
Read moreReminder: new GAP insurance rules in force from 1 September 2015
The FCA's new rules on the sale of Guaranteed Asset Protection (GAP) insurance will come into force in a fortnight's time on 1 September 2015.
Read moreService charge interpretation and the cautionary tale of Arnold v Britton
In the recent case of Arnold v Britton[1], the Supreme Court considered the meaning of a service charge clause in a long lease which would result in the tenant paying service charges of over £550,000 per annum by 2072.
Read moreNo relief for late commencement of arbitration
Once upon a time, if one was unfortunate enough to miss a contractual, as opposed to statutory, time limit for commencing arbitration, relief could be sought and often obtained from the High Court under Section 27 of the Arbitration Act 1950.
Read moreFCA's new referral criteria: Are they really that transparent?
An updated set of enforcement referral criteria has been published by the FCA in response to recommendations made by HM Treasury at the end of last year.
Read moreBusiness Rates: Don't pull the Woolway over your eyes
A recent Supreme Court decision on business rates had the RPC Real Estate team talking, and not just because it related to our second & sixth floor neighbours, Mazars.
Read moreCourt of Appeal rejects HMRC's appeal and application for a stay in judicial review proceedings
The Court of Appeal (Arden LJ, Black LJ and Floyd LJ) recently confirmed the circumstances in which the Court will exercise its case management powers and grant a stay where a taxpayer is pursuing both an appeal before the First-tier Tribunal ("FTT") and judicial review ("JR") proceedings in the Administrative Court.
Read moreThe risk of a pyrrhic victory for claimants relying on damages clauses for the calculation of compensation in the absence of actual loss
The Supreme Court has handed down a unanimous decision which confirms that clauses which provide a contractual mechanism for the calculation of damages remain subject to standard rules of construction.
Read moreAsos Supreme- what will a change in the law mean?
Earlier in April, we wrote an article on the Court of Appeal decision in the Assos v Asos trade mark dispute.
Read moreLive to Work or Work to Live
“But what are the hours really like?” is a question that all trainees have been asked at some point, either by fresh faced law graduates sizing up the right firm for them, or by colleagues in other seats assessing their next move.
Read moreFinancial Advice Market Review – Bridging The "Advice Gap"?
HM Treasury have embarked on what they call a "major new review to radically improve access to financial advice".
Read moreComplaints handling: Key amendments announced by the FCA
Our recent blog highlighted the key changes made to DISP rules by the ADR Directive.
Read moreThe better part of discretion is – an implied term?
In Portsmouth City Council v Ensign Highways Ltd [2015] EWHC 1969 (TCC), the High Court implied a term imposing limits on a party's contractual discretion, ...
Read moreHong Kong: legal advice privilege – important development for corporates
In an important judgment, the Hong Kong Court of Appeal has recently decided that legal advice privilege (often referred to as “solicitor-client” or “attorney-client” privilege) can extend to confidential internal communications ...
Read moreHigh Court dismisses investors' judicial review challenge to the legality of APNs in Rowe and Others v HMRC
The eagerly awaited judgment of the Administrative Court (Mrs Justice Simler) in Nigel Rowe and Others v HMRC[1], was handed down last Friday.
Read moreThe Scotland Bill - a soon to be taxing issue
The Scotland Bill, is currently making its way through the legislative process and many of its powers will come into force at the start of the next tax year.
Read moreLord Justice Jackson tackles Costs Management
The post-Jackson costs management regime celebrated its second birthday earlier this year.
Read moreBroker M&A – indemnity revisited
Last year, we reported on a High Court decision on the proper interpretation of an indemnity in a share sale agreement relating to an insurance broker.
Read moreHong Kong: legal advice privilege – important development for corporates
In an important judgment, the Hong Kong Court of Appeal has recently decided that legal advice privilege (often referred to as “solicitor-client” or “attorney-client” privilege) can extend to confidential internal communications between employees of a client organisation, provided those communications were created for the sole or dominant purpose of obtaining legal advice.
Read moreTransfers, exit fees and financial advice - what next for the pension freedoms?
What do exit charges, the pension transfer process and financial advice all have in common?
Read moreLimiting liability in standard terms: cause for concern?
Practitioners may wish to reconsider their approach to drafting standard terms after the High Court found that various limitation of liability clauses in standard term business-to-business contracts were unreasonable under the Unfair Contract Terms Act 1977 (UCTA)[1].
Read morePower to the Pensioners?
It has been customary in recent years for George Osborne to pull a proverbial rabbit out of his red ministerial box.
Read moreEntrepreneurs' relief not available for disposal of syndicate capacity by a Lloyd's name
In Carver v HMRC [2015] UKFTT 0168 (TC), the First-tier Tribunal (FTT), has provided helpful guidance on the key requirements of entrepreneurs' relief (ER), under section 169H, Taxation of Chargeable Gains Act 1992 (TCGA).
Read moreNo way out: a recent Supreme Court decision re-states the principles of contractual interpretation and provides a salutary reminder that the English Courts are wary of re-writing "bad bargains"
The Supreme Court's decision in Arnold v Britton provides a salutary reminder of the reluctance of the English Courts to re-write "bad bargains" even if they have catastrophic unforeseen commercial outcomes for one of the contracting parties.
Read more"That don’t distress me much …"
George Osborne's pledge to tackle the housing crisis, if acted on, should see an increase in housebuilding.
Read moreGetting Over Time
The five day working week is the norm in the professional services sector, but is it the most effective basis for structuring our time? After all, professional services do not roll off the end of a production line.
Read moreLEO intent on including Third Party Debts
Following on from my post earlier this year, it seems that LEO is set to go ahead with plans to consult on its vision of dealing with third party complaints.
Read moreWhere there's a will there's a way? The Court of Appeal awards an estranged daughter £164,000 from her mother's estate
The Court of Appeal this week handed down its hotly debated landmark decision in Ilott v Mitson & Others, causing many to query the purpose of making a will at all.
Read moreFeast your eyes on this! ASOS and Wall's collaboration a trade mark success?
Back in December 2014 Retail Therapy featured an article on the surprising collaboration between McDonalds and Moschino.
Read moreBreaking China – does the PRC market crash leave your supply chain exposed?
While European media has been in a frenzy for the last few weeks over the deal or no deal implications of a bailout of the $238bn Greek economy, rather less attention has been paid until very recently to the $10.36tn Chinese economy which has been suffering its own economic turmoil.
Read moreCourt of Appeal rules on liability of partner unaware of fiduciary breach of another partner
Court of Appeal reverses decision of lower Court to find that a partner who had been unaware of the wrongful conduct of the second partner in a business was nonetheless jointly and severally liable for the defaulting partner's liability to a third party for breach of fiduciary duty.
Read moreLate appeals: Tribunal confirms the correct approach to procedural errors in Citipost Mail v HMRC
The approach to procedural errors, such as the late filing of appeals and non-compliance with directions, has been the subject of a number of decisions over the past 18 months.
Read moreIncompetence as a defence? Stick to what you know!
Branching out into an unknown area of law as a favour to one of your well-respected clients may seem like a natural extension to the "all-round client service" that you are accustomed to providing.
Read moreReferendum – what's in it for EU?
The referendum question is quite simple – "should the UK remain a member of the EU"?
Read moreADR Directive: the key changes to the DISP rules
The Financial Ombudsman Service (FOS) has amended the Dispute Resolution: Complaints sourcebook (DISP) in the FCA Handbook.
Read moreHong Kong courts clarify personal data concerns in civil litigation
In a series of cases in Hong Kong in the last year or so, the courts have brought some welcome clarification to the vexed issue of the interaction between disclosure of relevant documents in civil disputes and balancing competing confidentiality and personal data concerns arising out of the contents of such documents.
Read morePrivate Copying Exception is deemed unlawful
In October 2014, the eagerly anticipated copyright exceptions came into force via a series of amendments to the Copyright Designs and Patents Act 1988.
Read morePlay nicely, children
Litigation is, by its very nature, an adversarial process. But as the court has made clear in the case of Simon Gotch & Susan Linda Gotch v Enelco Limited , litigants should also co-operate, to ensure the swift and cost-effective resolution of their disputes.
Read moreTaxpayer not careless in share options case
In Alistair Norman v HMRC1, the First-tier Tribunal ("FTT") found that a taxpayer who wrongly recorded gains made after exercising a share option granted by his employer as capital, rather than income, was not "careless" for the purposes of paragraph 1(1), Schedule 24, Finance Act 2007.
Read moreNew financial super court to further enhance London's profile as a financial dispute hub
After a period of consultation, the Lord Chief Justice announced at his Mansion House speech on 8 July 2015 that a new specialist list dealing with high-value, ...
Read morePreparing for the devolution revolution
For me – and I think for all business people – the two biggest spectres cast by this year's Queen's Speech were proposed increases in national and regional devolution within the UK and the certainty of an in/out referendum on the UK's membership of the EU.
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