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High Court rejects interest rate swap misselling claim
In Thornbridge Limited v Barclays Bank PLC the High Court considered a claim for the missale of an interest rate swap based on several different causes of action, all of which were unsuccessful.
Read moreNew EU data protection rules (finally!) agreed
On the 17th of December, and after much negotiation, a final draft of the new General Data Protection Regulation (GDPR) was approved by the Civil Liberties, Justice and Home Affairs (LIBE) committee of the European Parliament.
Read moreEU in or EU out?
The UK will soon be faced with a question that may well have a profound impact on its future and materially shape its place in the world, namely: should the UK remain in or out of the European Union.
Read moreDelay not a bar to obtaining freezing injunction
The High Court has granted three insolvent Cayman companies (each in liquidation) a worldwide freezing order in support of proceedings against Mr Terrill, an individual who operated behind the companies' respective corporate directors as their sole director and shareholder.
Read moreGetting ahead of the curve: EBA consults on 'robo-advisers'
Technology will transform the financial advice world, and this transformation has already begun.
Read moreFinancial Litigation roundup
Welcome to the latest edition of our Financial Litigation roundup. In this edition, we consider recent judgments and ongoing cases from the banking and financial world in the UK and Asia, as well as regulatory developments in those jurisdictions
Read moreFinancial Litigation roundup
Welcome to the latest edition of our Financial Litigation roundup. In this edition, we consider recent judgments and ongoing cases from the banking and financial world in the UK and Asia, as well as regulatory developments in those jurisdictions
Read moreEmployment update, November 2015
Penalty clauses: what is the test where a clause is claimed to be unenforceable?
Read moreShow me the money: new capital requirements for PIFs
Last week the FCA released its Policy Statement PS15/28: Capital resources requirements for personal investment firms (PIFs) updating rules that set the amount of capital to be held by directly authorised PIFs which date back to 1994.
Read moreHely-Hutchinson - taxpayer wins legitimate expectation judicial review
In R(oao Hely-Hutchinson) v HMRC [2015] EWHC 3261 (Admin) ...
Read moreAnti-suit injunctions – do not delay
The recent judgment of the English Commercial Court in Essar Shipping Ltd v Bank of China Ltd[1] has highlighted the importance of applying for anti-suit injunctions swiftly once the dispute arises.
Read moreLitigation privilege: A tangled web unwoven
Deception undermines the "dominant purpose" necessary for a claim to litigation privilege in the most recent instalment in the ongoing saga of Property Alliance Group Ltd v Royal Bank of Scotland Plc.
Read moreIFAs quizzed by FCA over insistent clients
The FCA has asked IFAs to explain how they deal with situations where clients wish to act against advice on pension transfers.
Read moreBallast Water Management Convention likely to come in 2016
Three countries, Monaco, Indonesia and Ghana, ratified the IMO Ballast Water Management (BWM) Convention, during the recent IMO Biennial Assembly Meeting, in London.
Read moreNational Grid Gas plc hit with £2m fine for health and safety breach
National Grid Gas plc hit with £2m fine for health and safety breach
Read moreNational Grid hit with £2m fine for health and safety breach
A sign of things to come?
Read moreNo returns for M&S following Supreme Court ruling
The Supreme Court has upheld the decision of the Court of Appeal in the case of Marks and Spencer plc (M&S) v BNP Paribas Securities Trust Company (Jersey) Ltd (BNPP).
Read morePRA fines bank for outsourcing failures
Last week, the PRA announced that it had imposed a fine of over £1.2 million on R. Raphael & Sons plc.
Read moreDiscovery assessments - HMRC fails to discharge burden of proof
The following is taken from an article originally published in Tax Journal
Read moreFCA frustrated by continuing shortcomings in wealth management sector but must accept subtleties of suitability
The FCA's thematic review report published today expresses concern about some wealth management firms who are still not getting suitability right despite five years of regulatory 'communications'.
Read moreLawyer v lawyer: where there's blame there's a claim?
Dissatisfied clients of law firms have probably never had so many ways to complain about their solicitor.
Read moreChina's Two Child Policy: Too Little Too Late?
Announced in a very 21st century way, China's official news agency recently tweeted that China will be implementing a policy allowing couples to have two children.
Read moreSerbian forum shopper in disclosure breach of duty has privacy and libel action struck out
On 23 November 2015 Sir Michael Tugendhat set aside an order for service out of the jurisdiction of proceedings for the misuse of private information and libel which had been made by Master Roberts on 31 March 2015 in respect of an article in Politika,
Read moreThe Supreme Court restates the rule on penalties
The Supreme Court has recast the test for penalties to bring it into line with modern commercial practices. The new test is less formalistic and leaves the courts with greater discretion to look at the commercial rationale for a clause.
Read moreDelegation of regulated activities – warning from the FCA
Adviser firms delegating regulated activities to unregulated third parties have been removed from the FCA's Christmas card list following a notice issued this week.
Read moreFCA has increasing appetite to use alternative enforcement penalties
In a recent appearance before the Treasury Select Committee the FCA has hinted that it may make further use of its restriction and suspension powers as an alternative as well as an addition to the power to impose financial penalties.
Read moreHigh Court clarifies scope of duties owed by directors to shareholders
The High Court has struck out a number of claims brought by shareholders in what was, in 2008, Lloyds TSB against its directors (Sharp & others v Blank & others).
Read moreEmployees on Social Media - Managing the Risk
Employees who actively use social media can be a fantastic 24/7 dynamic marketing tool for companies.
Read moreSmall businesses; large losses?
On Friday the FCA published a wide ranging discussion paper in which it seeks comments on proposed changes to the way in which it, and the FOS, deals with SME businesses.
Read moreSmall businesses; large losses?
On Friday the FCA published a wide ranging discussion paper in which it seeks comments on proposed changes to the way in which it, and the FOS, deals with SME businesses.
Read moreSquatting: an own goal?
In October 2015, a Manchester hotel undergoing extensive refurbishment works was occupied by squatters and housing activists.
Read moreSupreme Court broadens scope of freezing order wording
A recent decision[1] of the Supreme Court has clarified the scope of the standard form Commercial Court freezing order, holding that the right to draw down monies under a loan agreement can be an "asset" where the extended form freezing order is granted.
Read moreFCA Publish Draft Guidance on Cloud Services
The FCA has recently published draft guidance for firms outsourcing to the cloud and other third party IT services. This comes as part of the FCA's work on "Project Innovate" which aims to tackle issues stifling innovation within the regulatory sector.
Read moreTwitter found unsuitable means of communicating FOI request
The First Tier Tribunal (Information Rights) (the Tribunal) has held that a request under the Freedom of Information Act 2000 made via Twitter is not valid.
Read moreTribunal criticizes HMRC’s refusal to allow retrospective VAT group application
The First-tier Tribunal (in Copthorn Holdings Ltd v HMRC) has asked HMRC to reconsider its decision to refuse a taxpayer’s application for retrospective VAT group registration. This is the second time HMRC have been asked to “think again” on their decision.
Read moreFCA to examine use of big data in insurance
This week, the FCA has issued a "call for inputs" around how insurance firms use big data.
Read moreTim Yeo loses libel action against Sunday Times
The High Court has today dismissed an action by Tim Yeo, the former MP for South Suffolk and Chairman of the Energy and Climate Change Select Committee, against Times Newspapers Limited in an important judgment on the Reynolds defence and the scope of politicians' Article 8 rights.
Read moreSpecial relief granted for excessive tax demand
In Montshiwa v HMRC[1], the First-Tier Tribunal (FTT) allowed the taxpayer's appeal against HMRC's decision not to grant 'special relief' under Schedule 1AB of the Taxes Management Act 1970 (TMA).
Read moreCyber fraud - a new hope?
We have previously warned of the threat posed by fraudsters who are targeting solicitors’ client accounts to misappropriate funds (read our blog last February here).
Read moreEmployment update, October 2015
Whistleblowing: A dispute about terms of employment can be a matter of “public interest”
Read moreCyber fraud – a new hope?
We have previously warned of the threat posed by fraudsters who are targeting solicitors’ client accounts to misappropriate funds.
Read moreCofA upholds privacy claim by Paul Weller family
The Court of Appeal has upheld a High Court finding that the publishers of Mail Online infringed the privacy of three of Paul Weller's children by publishing unpixellated pictures of them on a family shopping trip in LA.
Read moreData leaks - a portent of the future?
The Culture, Media and Sport Committee have launched an inquiry in the wake of the recent cyber-attack on the TalkTalk website on 21 October,
Read moreCourt of Appeal upholds estoppel by convention for forgetfulness
In Dixon and another v Blindley Health Investments Ltd[1] the Court of Appeal held that a shareholder was estopped by convention from relying on a pre-emption agreement for the sale of shares which had been agreed by members informally through correspondence some 8 years previously and had since allegedly been forgotten.
Read moreWhen can a company assert legal advice privilege against its shareholders?
A High Court judge recently confirmed the general principle that a company cannot assert legal advice privilege against its shareholders, subject to one exception:
Read moreLimiting your retainer – success before the Court of Appeal for divorce lawyers
Divorce settlements have attracted a number of professional negligence claims recently.
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. In this edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2015.
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