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FCA winning its battle to name and shame
Last week the Court of Appeal handed the FCA a significant fillip in what has become a notable goal of the regulator – to see that those subject to its disciplinary proceedings are exposed to public scrutiny.
Read moreWhen the levee breaks
Whilst the stalled talks between ABI and Government have recently re-started, in less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.
Read moreTempered approach by Singaporean regulator into LIBOR equivalent reveals inconsistencies in approach to global rate rigging scandal
On Friday 14 June, the Monetary Authority of Singapore ("MAS") announced that it had completed its year-long review into the Singaporean equivalent of LIBOR – the Singapore Interbank Offered Rate ("SIBOR").
Read moreInsurer collapse adds to mounting financial pressures within the legal sector
Latvian insurer Balva announced yesterday that it has called in liquidators, leaving approximately 1,300 firms of solicitors across England and Wales effectively without PI insurance cover.
Read moreRedress for unsuitable mortgage advice set to increase as Court of Appeal upholds High Court decision in Emptage v Financial Services Compensation Scheme
The Court of Appeal has today dismissed the appeal in the case of Emptage v Financial Services Compensation Scheme.
Read morePunched drunk by ICOBS and CIDRA? FCA proposes sobering detox
There has been surprisingly little fuss about the new Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA) that came into force 6 April.
Read moreTribunal allows taxpayer's appeal in share options case and criticises HMRC's 'mechanistic' approach to statutory interpretation
The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Bennedict Manning v HMRC.[1]
Read moreSubstantial delays and the FOS - R (on the application of CALLAND) v FINANCIAL OMBUDSMAN SERVICE LTD (2012)
The court has recently decided that a six and a half year delay between the FOS receiving a complaint from an investor and making a final decision against an IFA did not breach the IFA's rights under Article 6 of the ECHR.
Read moreThe Goldman Sachs settlement – 'not a glorious episode in the history of the Revenue'
I commented, in my blog on 15 May 2013 on the continuing controversy surrounding HMRC's deal with Goldman Sachs, in which a large amount of interest that was properly recoverable from the bank was written off by HMRC.
Read moreFlood risk insurance open market – countdown to 31 July
In less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.
Read moreWhen the going gets tough, the tough must keep their standards….
The Solicitors Regulation Authority (SRA) yesterday warned solicitors of the danger of the non-compliance trap in tough financial times.
Read moreCompetition and cartel law reform edges closer
After more than two years of Government consultation, the Enterprise and Regulatory Reform Act 2013 was finally published in May, having received Royal Assent in April. Full implementation is anticipated within a year.
Read moreGrowth and Infrastructure Act 2013
The Growth and Infrastructure Act 2013 (the Act) was given Royal Assent on 25 April 2013.
Read moreInterflora v Marks and Spencer
Following years of legal wrangling between Interflora and Marks and Spencer (M&S) in respect of keyword advertising, on 21 May 2013, the High Court handed down a substantial 99 page judgment, ultimately, in favour of Interflora as trademark owner.
Read moreCPR3.9 Refusal of relief from sanction - solicitors negligence claim now pending
In Venulum Property Investments Ltd v Space Architecture Ltd & Ors, an application was made for permission to extend time for service of the Particulars of Claim as a result of the Claimant's solicitors misreading the relevant rule and failing to serve the Particulars within time.
Read moreInadequate deliberation or a case of mistake?
The so-called rule in Hastings-Bass1, which permits trustees to assert and rely on the errors of themselves or their advisors to undo actions which have unexpected tax consequences...
Read moreInterest Rate Hedging Products Mis-selling Update
(The following article by Simon Greenley/James Wickes was first published in Insurance Day (www.insuranceday.com) on 30 May 2013).
Read moreCopyright: Supreme Court Considers "Browsing Defence"
The Supreme Court has handed down its long awaited decision in the Meltwater case which addresses important questions about the application of copyright law to internet browsing.
Read moreBlog editor promoted to Partnership
I am pleased to announce that Robbie Constance has been promoted to Partner, adding further depth and breadth to our Regulatory Group.
Read moreKeeping one's (written) word
The Court of Appeal has recently applied some judicial brakes on the movement towards contextual, business common sensical, interpretations of commercial agreements.
Read moreRegulator's pursuit of market misconduct in Hong Kong – Top court delivers written judgment
As noted in my blog of 30 April, the Court of Final Appeal in Hong Kong ("the CFA") abruptly dismissed the appeal in Tiger Asia Management LLC & Ors v Securities and Futures Commission ("the SFC"), FACV Nos. 10, 11, 12 and 13 of 2012.
Read moreOutsourcing Health & Safety – a step too far?
Michael Scott & Danielle Lodge question the wisdom of outsourcing health and safety responsibilities
Read moreTax tribunal criticises HMRC's guidance in Catherine Rawcliffe v HMRC
This case1 is of interest not so much for the underlying legal issue which was determined but rather for the unusually strong criticism from the First-tier Tribunal ('FTT') of HMRC's published guidance on approved company securities option plans.
Read moreNo basis for murderer's anonymity and an alert from the bench
Four media groups[1] have successfully challenged an anonymity order and related reporting restrictions made in the course of judicial review proceedings brought by the notorious murderer, David McGreavy.
Read moreAdjudicator's Fees
The Court of Appeal has confirmed that an Adjudicator is not entitled to any of his fees in circumstances where his decision is unenforceable.
Read moreNo breach of privacy in publication of information that child's father is a prominent politician
The Court of Appeal has upheld a High Court judgment that disclosures in the Daily Mail about a child's paternity did not infringe the child's rights of privacy.
Read moreGoldman Sachs – the plot thickens!
Readers of our blog will be familiar with the controversy surrounding the now retired Dave Hartnett, former Permanent Secretary for Tax at HMRC (see postings of 19 December 2011 and 21 December 2011).
Read moreUnravelling Transactions – The Party's Over
The Supreme Court upheld the Court of Appeal's decision in Futter v Futter and Pitt v Holt as to the scope of the rule In re Hastings-Bass, but has overturned the Court of Appeal's decision on the application of mistake in Pitt.
Read moreChina Arbitration Update - a local (international) difficulty
The on-going dispute between, on the one hand, CIETAC and, on the other, SHIAC (the new Shanghai International Arbitration Center1) and SCIA (the new Shenzhen Court of International Arbitration), unfortunately, shows no sign of abating for now.
Read moreFCA launches thematic probe into 'transition management' in asset management sector
It has been reported in the FT overnight that the FCA is swooping on the London offices of the world’s biggest banks and asset managers in a new probe aimed at a widespread (and lucrative) business known as "transition management".
Read more"Transition management" – possible notifications from FCA investigations
It has been reported in the FT overnight that the FCA is swooping on the London offices of the world’s biggest banks and asset managers in a new probe aimed at a widespread (and reportedly lucrative) type of business known in the industry as "transition management".
Read moreTermination payments: don't forget the breakdown
In an encouraging win for taxpayers, the First-tier Tribunal ('FTT') in Johnson v HMRC[1] allowed an appeal relating to a termination payment under a compromise agreement.
Read moreCausation Basics: The breach must cause the loss
In the recent case of Clack v Wrigley Solicitors LLP, the Courts have reaffirmed the principles set down in SAAMCO and Nykredit; liability for loss is limited to the loss attributable to the misconduct.
Read moreEven Consumers Can Forfeit Their Rights For Breach of Policy Conditions
The judgment of Teare J in Parker v National Farmers Mutual [2012] EWHC 2156 (Comm) is worthy of note on a number of fronts, but particularly with regard to the judge's application of ICOBS 8.1, under which an insurer cannot unreasonably reject a consumer policyholder's claim.
Read moreTribunal allows VAT appeal and accepts that letter was sent to HMRC
The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Exeter Estates Ltd v HMRC[1] against a decision of HMRC that it had opted to tax all the land and buildings on one of its sites.
Read moreProsecuting "insider dealing" in Hong Kong
Hong Kong's top court expected to confirm there is a "third way"
Read moreCut off the head but beware that the sub-licence may not die
In the recent High Court decision VLM Holdings Limited v Ravensworth Digital Services Limited [1] Mann J has ruled that a sub-licence is capable of surviving termination of its head licence in certain (albeit, fact-specific) circumstances.
Read moreTribunal rejects purposive interpretation and allows taxpayer's appeal
The First-tier Tribunal ('FTT') has held in Fidex Ltd v HMRC,1 that a loan relationship debit should not be disallowed under paragraph 13, Schedule 9, Finance Act 1996 ('Paragraph 13'),2 even though one of the main purposes of entering into the arrangement was tax avoidance.
Read moreAn ATE policy can be sufficient security
In Geophysical Service Centre Company Ltd v Dowell Schlumberger (Middle East) Inc, the claimant was successful in defending a security for costs application on the basis that, ...
Read moreProfessional indemnity insurers urged to robustly defend growing number of cases
There has been a spate of professional negligence claims lodged against the promoters of tax avoidance schemes following a clampdown on these schemes by HM Revenue & Customs (HMRC), as we have recently noted in the Financial Times.
Read moreSDLT mitigation arrangement fails before the Tax Tribunal
The First-tier Tribunal ('FTT') has dismissed the taxpayer's appeal in Edward Allchin v HMRC.[1]
Read moreUS Auditor Scandal Intensifies Calls for Tougher Regulation
The recent revelation that a partner in KPMG leaked insider information in exchange for cash and gifts may intensify calls for a shake-up in the regulation of auditors, especially in the US.
Read moreRise of accountancy profession in China
The accountancy profession is on the rise in China.
Read moreIndividual investors who "speculate" having a tough time in court
In my "blog" of 8 March 2013, I refer to a couple of cases in which individual claimants have successfully sued a bank, basically in negligence for failing preserve their wealth; for example, Deutsche Bank AG v Chang [2012] SGHC 248 (subject to appeal) and Rubenstein v HSBC Bank Plc [2012] EWCA Civ 1184 (an appeal court judgment).
Read moreClark v In Focus appeal – watch this space
In Focus has now been granted permission to appeal against the decision of the High Court in Clark v In Focus.
Read moreSize does matter – risk of potential claims against estate agents
A recent Financial Times article has highlighted a potential risk area for estate agents.
Read moreProperty Rental Business Transfers and Leases – Reclaiming VAT and SDLT
Last November, following the decision in the case of Robinson Family Limited, HMRC announced that a transfer of a property rental business can qualify as a "transfer of a going concern" (TOGC) – and therefore not attract VAT – even if the transferor retains a reversionary interest in the property.
Read moreTax tribunal finds in favour of trustee
The recent case of The Trustee of the De Britton Settlement v HMRC [2013] UKFTT 106 (TC), illustrates the importance of evidence and proper preparation in tax appeals before the First-tier Tribunal ('FTT').
Read moreCourt of Appeal's opinion on good faith clauses
In our February blog we reported on Compass Group UK and Ireland Ltd (trading as Medirest) v Mid Essex Hospital Services NHS Trust [2012] EWHC 781 (QB) and the implications of the decision on the duty to act in good faith.
Read moreCourt of Appeal gives judgment on the potential liability of solicitors for a non-party costs order
In two joined cases , the Court of Appeal considered the potential liability of solicitors for a non-party costs order, if they fund disbursements.
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