Latest by Robert Morris
FCA consultation on British Steel redress scheme published
The FCA has now published its consultation paper on the proposed redress scheme for British Steel Pension transfers under s.404 of FSMA. The scope of this is wider than anticipated and the proposals contain some surprises around the lack of an opt-in process and potential involvement of FOS.
Read moreAnnual Insurance Review 2020
Hello and welcome to the 2020 edition of RPC’s annual insurance review. Here you will find updates from our experts across a whole range of business classes as well as from around the world. In the articles that follow you will be able to read our take on key issues that have impacted your market in the year gone – and our thoughts on the issues likely to affect you in the year to come.
Read moreFinancial Reporting Council considers the test for "misconduct"
A recent Financial Reporting Council (FRC) Tribunal decision provides some welcomed clarity on the distinguishing features of misconduct and negligence for those in the accountancy profession.
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Scope of duty narrows for accountants
Accountants not liable for transaction losses despite negligent accounting treatment
Read moreFCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements
The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.
Read moreFCA consultation on pension transfers – what does it mean for advisers?
The FCA threatened it and now we have it – on 21 June the FCA published its consultation paper on DB transfers and safeguarded benefit conversions.
Read moreFOS backs down and agrees: award limit applies in avoidance cases
In R (on the application of Aviva Life & Pensions (UK) Limited) v Financial Ombudsman Service [2017]1 Aviva judicially reviewed a Financial Ombudsman Service decision that required them to reinstate a life insurance policy they had avoided for non-disclosure.
Read moreUncrystallised personal pensions safe from creditors
The Court of Appeal has resolved previously conflicting case law to confirm that a bankrupt cannot be obliged to crystallise his pension benefits in order to produce income to pay off creditors.
Read moreA new and better approach to claims against financial advisers?
A Judge has found in favour of Coutts in a claim for negligent investment advice for just under £3.3m plus interest. The Judge’s findings are of interest given that he refused to assess whether the investments recommended were suitable for the Claimants according to a body of accepted professional opinion (the so called “Bolam Test”). Instead, the Judge focused on whether the risks of the investments were properly explained to the Claimants, whether they could afford to take such risks and showed themselves willing to do so.
Read moreThe "new" Third Parties (Rights Against Insurers) Act and late payment of insurance claims
After a delay of just six years, it was finally confirmed this week that the Third Parties (Rights Against Insurers) Act 2010 will come into force on 1 August 2016.
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 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 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 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 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 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 moreLegal advice privilege remains for qualified lawyers only
The Supreme Court has today rejected an attempt to extend legal advice privilege to legal advice given by professionals other than lawyers.
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