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RPC responds to PRA's consultation paper concerning powers over auditors and actuaries
In a recent blog we noted that the PRA had outlined in a consultation paper its plans to introduce two significant changes for auditors and actuaries.
Read moreClaims handling review could lead to past business reviews
The FCA's report on its thematic review into claims handling in the SME market highlights shortcomings but with reassuringly little sabre rattling.
Read moreLetting Go Of The Wheel
If you are someone who finds yourself regularly gripping the car steering wheel in frustration or mouthing obscenities at your fellow road users in a frenzied rage, then you may have welcomed the recent launch of the UK trials for driverless cars.
Read moreTribunal concludes that HMRC's information request was too vague and ambiguous
There were two matters before the First-tier Tribunal (Tax Chamber) ("FTT") in Couldwell Concrete Flooring Limited v HMRC[1].
Read moreIs credible deterrence really working? And other questions arising from a mixed week for the FCA
Even though the FCA was able to trumpet that it had imposed its highest ever fine and that it had been successful in two decisions handed down by the Upper Tribunal, things have not gone entirely the regulator's way in the past week or so.
Read moreBeyond night and day: The importance of causation
In order to succeed in a claim for professional negligence, a claimant must establish that the professional owed him a relevant duty of care, that they breached that duty and that the breach caused the loss he seeks to recover.
Read moreMeaning of information of a precise nature in market abuse clarified by ECJ
Following a recent ECJ decision, the definition of 'inside information' for the purposes of the EU's market abuse regime has been widened.
Read moreBeyond night and day: Importance of causation
In order to succeed in a claim for professional negligence, a claimant must establish that the professional owed him a relevant duty of care, that they breached that duty and that the breach caused the loss he seeks to recover.
Read moreLegislative changes in effect today: what IPs need to know
Previously under section 165 IA 86, liquidators in a voluntary winding up would have to seek sanction of the company (in members’ voluntary liquidation) or of the court or liquidation committee (in creditors’ voluntary liquidation) in order to exercise their powers to pay debts, compromise claims etc.
Read moreFinancial Litigation roundup
Welcome to the latest edition of our Financial Litigation roundup.
Read moreRecord FRC fine slashed on appeal
The Financial Reporting Council (FRC) has long followed the trend amongst financial regulators for increasing scrutiny of firms' financial and professional compliance.
Read moreAppeal court considers constructive knowledge in limitation period extension claim
The Court of Appeal* has recently held that an individual investor was too late to bring a claim in negligence and could not take advantage of the provisions of section 14A Limitation Act 1980 as she had constructive knowledge of relevant facts ascertainable during the primary limitation period.
Read moreScraping the bottom of the barrel? The uncertain future of the UK energy industry after the 2015 election
Before the Scottish independence referendum, Alex Salmond argued that an independent Scotland would benefit from a stronger economy off the back of its oil and gas resources.
Read moreExpert witnesses required to disclose professional relationship
In the recent case of EXP v Dr Charles Simon Barker [2015] EWHC 1289 (QB), the High Court has emphasized the importance of the independence of expert witnesses and of disclosing any conflicts of interests at the earliest opportunity.
Read moreFOS by numbers
The FOS has published its 2014/15 annual review, setting out a plethora of fascinating statistics about the service.
Read moreSection 14A: Equity aids the vigilant!
The recent Court of Appeal case of Chinnock –v- Veale Wasbrough [2015] EWCA Civ 441 is a stark reminder to potential claimants to seek a second opinion if they are dissatisfied with their legal advice, or risk the consequences.
Read moreNew law and regulation adding to insurers' regulatory woes
The publication of the FCA's report on the impact of consumer credit regulation on the retail general insurance market adds another interesting dimension to a sector already under increasing regulatory scrutiny following recent legal developments, such as the imminent coming into force of the Insurance Act 2015.
Read moreStill no joy for investors' mis-selling claims
In the latest alleged mis-selling case in Hong Kong, the Court of First Instance maintained a consistent approach with other recent cases, rejecting an investor's claim based on misrepresentation and suggesting that the principle of contractual estoppel is alive and well.(1)
Read moreMarketing to professional investors – the Court of Final Appeal's verdict
In Securities and Futures Commission v Pacific Sun Advisors Ltd, the Hong Kong Court of Final Appeal recently ruled that the advertisement of a collective investment scheme intended to be disposed of only to professional investors ...
Read moreFCA Authorisation team should share its findings from P2P applications
The FCA's authorisation process is quite opaque and does not give the regulator much latitude to comment upon individual applications.
Read moreSpot the Difference? Uncertainty continues for SIPP administrators and trustees in the wake of the Berkeley Burke decision
Please see our latest legal alert following the recent Pensions Ombudsman decision on the duties of SIPP Trustees when it comes to SIPP investments.
Read moreFCA finds shortcomings in premium finance services to insurance market
The FCA published earlier this week its thematic review report on the provision of premium finance to retail general insurance customers.
Read moreDigital content under the new Consumer Rights Act
The Consumer Rights Act 2015 (CRA) comes into force on 1 October 2015. It will reform consumer law in the UK, in particular by setting up new consumer rights and remedies in respect of digital content.
Read moreEuropean Commission announces a Digital Single Market by 2016
On 6 May 2015, the European Commission released its Digital Single Market Strategy (DSMS) for Europe.
Read moreTribunal orders HMRC to pay taxpayers' costs in avoidance case
In our blog of 3 July 2014, we reported on the decision of the First-tier Tribunal ("FTT") in R, A and M Gardiner v HMRC[1].
Read moreFCA approval times for firms expanding into new business lines up by 85% in two years
Based on information obtained from the FCA the time taken to authorise a financial services business adding an additional business line has increased by 85% in the last two years - 18.5 weeks in Q4 2014, up from 10 weeks in Q1 2013.
Read moreDiverted Profit Tax - captive insurers
Following on from our earlier blog, the HMRC has published interim draft guidance which expands on how the Diverted Profit Tax (DPT) may apply to insurance arrangements, including a number of sector-specific scenarios.
Read moreRussell Brand v Katie Hopkins
Whether we like it or not, celebrities can wield a great deal of power and influence; on the clothes we wear, the films we see or the products we buy.
Read moreCourt of Appeal issues guidance on the meaning of "sham" in pension scheme case
In R v Quillan and others [2015] EWCA Crim 538, a complex fraud case, the Court of Appeal, in ruling that there was no case to answer, provided some helpful comments on the requirements of "sham".
Read moreWe have all the time in the world: the Supreme Court rules that a wife can pursue a financial settlement from her husband 23 years after they divorce
The Supreme Court recently week handed down its decision in Wyatt v Vince, a case which has troubled both the headlines and anyone that divorced in the last decade or two.
Read moreGood Russian Service
Following the decision in Sloutsker v Romanova[1], it should now be more difficult for parties to evade the effective service of English court documents in Russia.
Read moreCarry On Constitution…
Vote on Election Day, then wake up to a new Government and new Prime Minister. That's what people in this country have been used to for the best part of 150 years.
Read moreThe National Health Service: Protecting Britain’s most precious asset
With the general election now imminent, the hot topic of the NHS is being discussed more than ever before. Which party will protect it the best? Does it need to change? Read on to see!
Read moreThe GC Excellence Report
More GCs aspire to roles on the board of their companies than ever before.
Read moreInnovation in law
At RPC we believe that the ability and willingness to innovate is crucial to remaining competitive in the modern legal environment.
Read moreThe changing role of General Counsel
The role of the General Counsel (GC) in the modern business has changed immeasurably in the years since the financial crisis took hold.
Read moreGeneral Counsel – A Changing Role In A Changing World
Increasingly I realise just how easy some of us in private practice have it compared to General Counsel (GC) and in-house lawyers.
Read moreA GC as business leader
It’s already an accepted fact that the role of the general counsel has changed fundamentally, particularly in the years since Lehmans crashed.
Read moreGeneral Counsel Power List
The publication of Legal Business' list of top 100 General Counsel – their Power List – is a real mark in the sand for the changing role that GCs play within their organisations.
Read moreAttest in haste, repent at leisure
The FCA has recently published another final notice issued to a large bank arising from LIBOR-related misconduct.
Read moreUK cyber security: insure against 'rapid, highly damaging and public' threats
Cyber attacks present a daily threat to UK businesses and have become more destructive in recent years with data breaches and hacks frequently making front page news.
Read moreThe Election: Getting the female vote
Despite women making up 52% of the electorate women are significantly less likely to vote than men - 55% of women are certain they will vote compared to 65% of men.
Read moreA test of skill
Last week, the Administrative Court granted permission to judicially review the s.166 process for reviewing redress awarded as part of the interest rate hedging product scheme.
Read moreContractual notice of warranty claim
In The Hut Group Limited v Nobagar-Cookson[2], the High Court considered what was required to comply with a provision in a share purchase agreement requiring notice to be given of a breach of warranty claim.
Read moreThe future of "Safe Harbour"
The future of the “Safe Harbor” is uncertain. Questions about its effectiveness have been brought to the fore in the wake of the privacy and data security scandal that followed Edward Snowden’s revelations about surveillance by US government agencies.
Read moreSize doesn't matter: regulating "big data" in a "small data" world
Big data is everywhere. Once the preserve of innovators and technology entrepreneurs, big data analysis is now routinely used by a wide range of public and private sector organisations. It’s a tool for planning, resource management and gaining competitive advantage.
Read moreCompensation for "distress-only" claims under DPA
In an important ruling, the Court of Appeal confirms that the cause of action for misuse of private information is a tort and rules on the meaning of “damage” under s13 of the Data Protection Act, allowing claimants to recover compensation for “distress” resulting from a breach of the Act without also having to prove pecuniary losses.
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