Search
FCA Business Plan 2014/15 and what it means for the general insurance market
Fewer than 8 lines into the FCA's Business Plan for 2014/15, Martin Wheatley reminds us of just some of the regulator's work over the past year. Interest only mortgages, add on insurance, introductory rates of interest on accounts. He goes on to say "there must be no let up to the pace of our activities for 2014/15."
Read moreTribunal decides that taxpayers must attempt to obtain information held by trustee!
In the recent case of H A Patel & K Patel (a partnership) v HMRC [1], the First-tier Tribunal (Tax Chamber) (‘FTT’) dismissed an appeal by the taxpayers that information and documents held by a trustee were not ‘in their possession or power’ for the purpose of paragraph 18, Schedule 36, Finance Act 2008.
Read morePersistent breaches of the partnership agreement? – don’t slice the salami
The recent Court of Appeal decision in Bishop v Golstein[1] has provided welcome clarification on the way to bring a traditional partnership to an end, when one party has breached the partnership agreement repeatedly.
Read moreRMB exchange rate causing distress: Recent depreciation risks significant losses under exotic currency derivatives
The renminbi (RMB) appreciation over the last several years appears to have halted for now (at least in the short-term), which has taken much of the market by surprise.
Read moreThe Law of Confidence – Where are we now?
Our latest article, which first appeared in the March 2014 issue of PLC Magazine, ...
Read moreA continuation on a thematic review: insurance broker fined for ABC systems failings
Such is the seeming regularity with which insurance brokers face censure from the FCA for failings in their anti-bribery and corruption systems and controls that the £315,000 fine dished out to Besso Limited this week may not be considered by some as blog-worthy (particularly when that blog is introduced with such an awful pun).
Read moreCourt of Appeal confirms no general duty to advise on sophisticated tax planning
Last year the High Court's decision in Mehjoo v Harben Barker gave rise to plenty of lurid headlines.
Read moreBudget 2014 - update
Last week's Budget announcements were light on the property tax front.
Read moreBudget 2014 - update
Last week's Budget announcements were light on the property tax front.
Read moreDifferent Emails, Read Together, Can be a Qualifying Whistleblowing Disclosure
In the case of Norbrook Laboratories (2B) Limited v Shaw the EAT considered whether emails sent to different recipients could be taken as a whole to amount to a qualifying disclosure for the purposes of a whistleblowing claim.
Read moreMarket manipulation: why you should give a Forex
Allegations of manipulation in the Forex market have the potential to give rise to both regulatory fines and legal claims dwarfing those relating to LIBOR –
Read moreHMRC lose FURBS appeal
In HMRC v Forde and McHugh Limited [2014] UKSC 14, the Supreme Court has dismissed HMRC's appeal and reinstated the decision of the Upper Tribunal.
Read moreRelief from sanctions: round-up of recent decisions
Please click here for our latest article which looks at three recent decisions concerning relief from sanctions following the much publicised changes in April 2013 and the seminal case of Mitchell v News Group Newspapers Ltd [2013] EWCA Civ 1537.
Read moreCompany succeeds in overturning section 419 ICTA assessment
The First-tier (Tax Chamber) Tribunal ('FTT') has decided in RKW Limited v HMRC [2014] UKFTT 151 (TC) that consideration payable by an individual in future instalments for subscribing for shares in an unconnected close company, as defined in section 414 Income and Corporation Taxes Act 1988 ('ICTA'), is not a loan or debt within the meaning of section 419 ICTA ('section 419').
Read moreGeographical indication: food for thought
Food manufacturers and retailers engage with consumers on a variety of levels in order to stand out in an increasingly crowded marketplace.
Read moreDeal or No Deal: FOS recommends taking legal advice following Clark v In Focus
Reacting to the decision in Clark v In Focus, FOS has updated its technical notes to help guide complainants who might have previously sought to top up their award in Court.
Read moreWhen within Rome I or II, do as your EU counterpart might (or might not) do but not in quite the same way they would do it.
It seems fairly uncommon[1] for a personal injury action to become a precedent of interest to, and significance for, commercial lawyers.
Read moreFCA's first market study finds little value-add in uncompetitive insurance add-ons market
The FCA is proposing to make dramatic changes to the £1 billion insurance add-ons market in order to protect consumers, according to its market study report released yesterday.
Read moreLitigation privilege in liquidations
The recent Court of Appeal decision in Rawlinson and Hunter Trustees SA & others v Akers & another [2014] serves to emphasise that third party reports commissioned by liquidators to enable them to consider whether litigation should be commenced ...
Read moreScottish integration?
In December we commented on the regulatory position of Scottish insurers post-independence (should this come to pass).
Read moreTTIP of the iceberg - EU/US trade negotiations
How will the Transatlantic Trade and Investment Partnership (TTIP) - currently being negotiated between the EU and the US - impact on the insurance market?
Read moreHMRC blunder prevents it from collecting tax
The Upper Tribunal ('UT') has recently held in Bristol & West plc v HMRC [2014] UKUT 73 (TCC) that closure notices that HMRC had mistakenly sent to a taxpayer were valid and could not therefore be amended.
Read moreThe Cost of Redress: Citizens Advice Bureau reveals £5 billion cost of CMCs
Last week we reported Lady Justice Arden's fears about the "development of a claims industry… that increases the cost of obtaining financial advice".
Read moreTop tips for corporates on conducting internal investigations
The ability to conduct and manage an internal investigation...
Read moreMisrepresentor remains in firing line following change of counterparty
In Cramaso LLP v Ogilvie-Grant, Earl of Seafield and others[i] the Supreme Court considered whether a party could be liable for a negligent pre-contractual misrepresentation in circumstances where the party to which the representation was originally made was not the ultimate contracting party.
Read moreCatch the pigeon - Jack Wills clips House of Fraser's wings in trade mark dispute
Well-known retail brand Jack Wills has successfully relied on its community trade mark of a pheasant (below and left) in infringement proceedings against House of Fraser's use of a pigeon logo (below and right).
Read moreTop tips - internal investigations
The ability to conduct and manage an internal investigation in a way which is proportionate to the issue which has arisen as well as timely and cost effective is a skill not to be under-estimated.
Read moreDefinitive Guideline published for sentencing corporates
To coincide with Deferred Prosecution Agreements (DPAs) going live earlier this week, the Sentencing Council recently published a Definitive Guideline on the appropriate penalties for corporates convicted of fraud, bribery and money laundering.
Read moreNo need to plead and no need for CMCs
Those celebrating the common sense decision of the Court of Appeal in Clark v In Focus will have an additional reason to smile when they read comments in the leading judgment of Lady Justice Arden on the purpose of FOS and the role of CMCs.
Read moreReflective loss – Court of Appeal decision mirrors the position in Gardner v Parker
In the case of Malhotra v Malhotra & Anor[1], the claimant, Mr Rakesh Malhotra, had given a cross-undertaking in damages in support of a without notice injunction, which was later discharged.
Read moreFirst-tier Tribunal confirms compromise agreement is binding on HMRC
The recent case of Southern Cross Employment Agency Ltd v HMRC [2014] UKFTT 088 (TC) considers HMRC's ability (or, in certain cases, their inability) to revoke a decision after a claim has been finalised and paid.
Read moreDeferred Prosecution Agreements (DPAs) go live
The Director of the Serious Fraud Office, David Green, regards DPA s as "a welcome addition to the prosecutor's tool kit" but nevertheless has confirmed that "Prosecution remains the preferred option for corporate criminality".
Read moreCommercial Court confirms principles relating to law governing arbitration agreements
The case of Habas Sinai v VSC Steel Company[1] reinforces the importance of providing for a governing law in contracts, particularly if the parties want an arbitration agreement to be governed by a different law from the law of the seat of the arbitration.
Read moreDeferred Prosecution Agreements (DPAs) go live today
The Director of the Serious Fraud Office, David Green, regards DPA s as "a welcome addition to the prosecutor's tool kit" but nevertheless has confirmed that "Prosecution remains the preferred option for corporate criminality".
Read moreBattle lines drawn as High Court supports FCA collective investment scheme finding
Further judicial guidance has been provided on unauthorised collective investment schemes ("CISs").
Read moreThe Principle of Fundamental Rule
God ordered the world with 10 commandments, the FSA thought it would take 11 Principles and, perhaps in a statement of its omnipotence, the PRA has taken on the challenge with just 9 "Fundamental Rules".
Read moreTaxpayer establishes clean break and wins residence case before Tax Tribunal
The First-tier Tribunal (Tax Chamber) ('FTT') have decided in James Glyn v HMRC [2013] UKFTT 645 (TC) that, although Mr Glyn had retained his London house and returned to it several times during the year under appeal, he had nevertheless ceased to be UK resident for tax purposes as he had sufficiently loosened his ties with the UK to show there had been a distinct break with the UK.
Read moreAnnuities – what next for providers and advisers?
The FCA has published its of Thematic Review of Annuities having conducted a substantive review of the annuity market.
Read more'Total' win for FAGE in Greek yoghurt appeal
The Court of Appeal has recently handed down judgment in one of only two recent cases concerning a claim for extended passing off.
Read moreWhen is a solicitor acting as a solicitor?
The High Court has recently given some guidance on whether, when operating its client account, a firm is acting in its capacity as a solicitor.
Read moreMitchell: No excuse for a 'common sense' blind spot
A recent decision by Mr Justice Stuart-Smith in the TCC in The Governor & Company of The Bank of Ireland -v- Philip Park Partnership illustrates that it is possible to push strict emphasis on CPR compliance too far.
Read moreRolex ruling-CJEU gives good news to EU rights holders
This article was first published on Lexis®PSL IP & IT on 13 February 2014 and is in a Q&A format with Kate Beaumont.
Read moreBasel III – insurance as a risk mitigant?
RPC's banking team recently attended the Loan Market Association's (LMA's) seminar on "Mitigating Risk – Insurance as a Risk Mitigant" which focussed on whether insurance could be used by banks for the purpose of securing capital relief under Basel III.
Read moreFOS in focus
The Court of Appeal confirmed this morning that a FOS complainant with an award at the statutory maximum of £150k cannot sue for the balance of their losses in Court.
Read moreFOS is the one and only
After what has felt like an interminably long wait, the Court of Appeal has today allowed the appeal in Clark v In Focus.
Read moreCJEU rules that linking and framing is not copyright infringement
The CJEU handed down an important decision this morning on online copyright infringement.
Read moreFTT listens to used car salesman and allows his claim for entrepreneur's relief
In a recent decision of the First-tier Tribunal (Tax Chamber) ('FTT') it was held that a significant change in business constituted a cessation of one business and the commencement of a second business, (Jeremy Rice v HMRC [2014] UKFTT 0133 (TC)).
Read moreSEC ups the ante on audits of Chinese companies listed in US
In its "Initial Decision" No. 553, a US Securities and Exchange Commission administrative law court recently concluded that the Chinese affiliates of five international accounting firms breached section 106 of the US Sarbanes-Oxley Act 2002 ...
Read moreCompetition and Markets Authority announces its 'Vision, values and strategy'
The Competition and Markets Authority ("CMA") is the new combined successor body to the Office of Fair Trading and the Competition Commission, created by the Enterprise and Regulatory Reform Act 2013.
Read moreOffshore Ombudsman: Financial Ombudsman Service for Jersey and Guernsey on its way
With the first glimmers of spring breaking through the clouds, the Ombudsman, like many of us, is packing his bowler and planning a trip off-shore.
Read more