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Under pressure: will the FOS provide Accelerated Dispute Resolution?
The FOS will soon be under increased pressure to reduce the time it takes to reach its decisions following the implementation of the EU Alternative Dispute Resolution (ADR) directive in three months' time.
Read moreCyber Insurance: A Critical Weapon In The War On Cyber Attack
It will have been hard to have missed the reports of the recent surge in high profile cyber attacks – whether in relation to the Kaspersky Labs $1bn cyber robbery, points stealing from British Airways' air-miles accounts or the Sony Pictures hack following controversy over the film The Interview.
Read moreTaxpayer succeeds in his application for judicial review of HMRC's decision not to return overpaid income tax
In R (on the application of Andrew Michael Higgs) v HMRC [2015] UKUT 0092 (TCC), the Upper Tribunal ("UT"), exercising its jurisdiction to consider judicial review proceedings, has granted relief in favour of a taxpayer in a dispute in which HMRC refused to repay overpaid income tax.
Read moreOxford solicitor receives biggest SDT fine yet
Former solicitor Nigel Harvie has been ordered to pay £305,000 by the Solicitors Disciplinary Tribunal ("SDT") – the biggest fine (by a long way) ever imposed by the tribunal.
Read moreWatch where you work
Recently, I attended a law fair on behalf of RPC and was asked an interesting question.
Read moreFraud Alert 3 – a new weapon
In July 2014 and February 2015 we warned about fraudsters targeting law firms client accounts, especially on Friday afternoons.
Read moreUpper Tribunal imposes penalty in excess of £1 million on QC for failure to comply with information notices
In HMRC v Romie Tager [2015] UKUT 0040 (TCC), the Upper Tribunal (Judge Colin Bishopp) ("UT"), has considered tax related penalties under paragraph 50, Schedule 36, Finance Act 2008, for failure to comply with an information notice.
Read moreKey Reforms to CPR Part 36
Part 36 is a crucial tool in litigation. Most claims end in a settlement and the incentives and penalties within Part 36 help to encourage parties to make/accept sensible offers.
Read moreHave the pension reforms lived up to eggs-pectations?
It was widely reported that this Easter anyone over the age of 55 would be considering their nest eggs, rather than chocolate ones, in the wake of the new pension reforms which came into force on Monday.
Read moreFirms in danger where data breach causes distress
Hot on the heels of the launch of the pensions wave of the FCA's ScamSmart (as discussed by Sam's post), last Sunday a Daily Mail expose revealed that private pension data is being passed on by data firms without their customers' knowledge.
Read moreSuccess for successor company in tax appeal
In Leekes Limited v HMRC [2015] UKFTT 0093 (TC), the First-tier Tribunal (Tax Chamber) ("FTT") has held that a taxpayer that succeeded to a trade was entitled to set carried-forward pre-succession losses ...
Read moreNew Compulsory Marine Liability Insurance Gives Shipowners and their Insurers the Blues
The Nairobi International Convention on the Removal of Wrecks 2007 comes into force later this month (18 April 2015 and 17 May 2015 for Malta and Tuvalu respectively, but 14 April 2015 for all other contracting states, including the UK).
Read moreFriends without benefits – what happens when investments go wrong?
Investors have had something of a hard time suing financial institutions or financial advisers in Hong Kong for alleged claims sounding in breach of contract or negligence.
Read moreProfessional Indemnity insurance for financial advice: is the market broken?
In yesterday's New Model Adviser, Mark Neale has urged advisers to put pressure on professional indemnity insurers to fix a market he has described as a 'broken reed'.
Read moreGoogle v Vidal-Hall: the rise and rise of data protection rights
In an important decision handed down on Friday, the Court of Appeal confirmed that misuse of private information is a tort, and that claimants may recover damages under the Data Protection Act 1998 (the "DPA") for distress without also proving pecuniary losses.
Read morePrecarious parties and general uncertainty – will the UK election lead to EU ejection?
The general election is fast approaching and once again it's causing headaches in the world of business. It's been the highlight of the political calendar since 1802, but it still manages to instil fear into the heart of every business leader. Why?
Read moreSupreme Court clarifies the limits on contractual discretion
A recent decision of the Supreme Court1 has confirmed that the limits on contractual discretion include a requirement to take relevant issues into account and that the discretion is not exercised irrationally.
Read moreExtending the PRA's powers over auditors and actuaries
Auditors and actuaries are used to being overseen by the Financial Reporting Council (FRC).
Read morePensions, pensions, and yet more pensions in the FCA's Business Plan
The FCA has published its Business Plan for 2015/2016.
Read moreRegistering the effects of the MLRs
A recent case is a stark reminder of the wide-reaching impacts of the Money Laundering Regulations 2007.
Read moreLitigation meets regulation
In an ever more regulated world, commercial litigators need to be aware of both the risks and opportunities regulation may bring.
Read moreNon-exclusive jurisdiction clauses in cross-border agreements
Hong Kong courts adopt robust approach to uphold parties' contractual bargain as to their choice of forum
Read moreAvoidance scheme effective despite HMRC's attempt to rely on Ramsay
In Gemsupa Limited and Consolidated Property Wilmslow Limited v HMRC [2015] UKFTT 0097 (TC) ...
Read moreDo not-so smart pension reforms mean FCA wants pensioners to be ScamSmart?
Less than two weeks after Martin Wheatley's speech identifying April's 'big bang' pension reforms as "[t]he defining challenge of our time" ...
Read moreBudget 2015 - impact on insurance
George Osborne's announcement on Wednesday set out at least two areas of potential impact for the insurance industry.
Read moreTribunal confirms no penalty for implementing tax avoidance scheme
In the recent case of Herefordshire Property Company Ltd v HMRC1, the First-tier Tribunal (Tax Chamber) ("FTT") allowed the taxpayer's appeal ...
Read moreSupreme caution required when applying double identity rule
A recent High Court decision1 not only demonstrates the difficulty for trade mark owners in enforcing descriptive trade marks (and the risk that those trade marks may be found to be invalid) but also highlights potential pitfalls where trade marks co-exist within the same market.
Read moreUnrealistic expectations? - FCA research highlights investors' lack of understanding of structured products
Findings published by the FCA beg the question, are firms are doing enough to ensure that customers understand structured products before investing?
Read moreFCA prepares for Consumer Rights Act
The FCA last week removed much of its unfair contract terms guidance and a number of undertakings (mainly relating to the mortgage and investment sectors) from its unfair contract terms library, citing the need to update them in light of, amongst other things, the unfair contract terms provisions in the Consumer Rights Bill and the CMA's 2015 guidance consultation on those provisions.
Read moreHong Kong expected to introduce mandatory low-sulphur fuel regulations
Many vessels currently calling to Hong Kong voluntarily burn low-sulphur fuel, in return for financial incentives under a scheme introduced by the Government in 2012.
Read moreCMA call for information on use of online reviews
Online reviews: love them or hate them, there is no escape. Products, services, large multinationals, SMEs, online or offline, almost everyone is being judged these days.
Read moreImportant judgment on liquidators' ability to obtain documents
In an important judgment handed down recently by the Court of First Instance in Hong Kong, ...
Read moreTribunal finds in favour of property developer who was not trading
In Terrace Hill (Berkeley) Ltd v HMRC[1], the First-tier Tribunal ("the FTT") rejected HMRC's arguments and concluded that a property developer's activity in relation to the development of an office property was an investment rather than a trading activity and allowed its appeal.
Read moreNew Senior Managers' Regimes to kick off in early March 2016
The FCA and PRA have taken their most significant step to date in the relentless pursuit of greater accountability of senior management and the promotion of good governance and culture.
Read moreReflex actions: Plaza BV -v- The Law Debenture Trust Corporation
The recent judgment of Mrs Justice Proudman in Plaza BV –v- The Law Debenture Trust Corporation1 illustrates and extends a line of authorities in which the English courts have sought to narrow the scope of the mandatory application of Article 2 of the Brussels Regulation 44/2001.
Read moreSolicitors' responsibility for conveyancing credit risk denied by the High Court
In a transaction the claimant's own counsel described as 'murky', the High Court has dismissed a negligence claim against solicitors for the alleged failure to make further enquiries regarding the solvency of the vendor:
Read more91 year-old activist and angry neighbour: Supreme Court looks at police retention of personal data
Case report: R (Catt) v Commissioner of Police of the Metropolis and ACPO and R (T) v Commissioner of Police of the Metropolis [2015] UKSC 9
Read moreJuncker's Utopia: a virtual Europe without borders
It is 2015 and the relentless appetite for consumption of content has never been greater.
Read morePart 36 – Make your offers early
A recent judgment has highlighted the importance of early timing in the making of Part 36 offers.
Read moreBond schemes or Bond cars?
For the ultra-wealthy, the path of pursuing traditional investments is well-trodden. From stocks and shares, to bonds and real estate, there is no shortage of ways and means to play the market.
Read moreFashioning a market – the impact of London Fashion Week on high street retailers
London Fashion Week (LFW) has closed its doors once again for another 6 months before fashion's greatest and most celebrated designers return to showcase their S/S16 collection on 18 September 2015.
Read moreCompeting agendas? How the FCA, PSR and CMA plan to work together
In mid-February, the UK investment and corporate banking sector braced itself for yet another regulatory investigation, as the FCA announced its plans to launch a wholesale market study into the industry in Spring 2015.
Read moreTax avoidance scheme succeeds before the Upper Tribunal
In Tower Radio Limited and another v HMRC[1], the taxpayers successfully utilised a scheme which was designed to take advantage of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA).
Read moreICO fines online travel insurer £175,000 for failing to keep customers’ personal information secure
The Information Commissioners Office (the “ICO”) has fined Staysure.co.uk Limited (“Staysure”), an online travel insurance company, £175,000 for its failure to comply with the seventh data protection principle, after IT security failings allowed hackers to access up to 100,000 customer financial records.
Read morePensions Freedoms and the Second Line of Defence – some flesh on the bone
In late January the FCA issued a Dear CEO letter to pension providers, proposing new protections to be provided to consumers seeking to access their pension pot when the new pension freedoms are introduced from 6 April 2015.
Read moreTaxpayer successfully relies on human rights argument to defeat HMRC following the taxation of the same profits twice
The appellant, in Ignatius v HMRC[1], has successfully fought off an attempt by HMRC to strike out his appeal, by relying on the European Convention on Human Rights ("ECHR").
Read moreSenior insurance managers regime – proposals for NEDs
Last year, we reported on proposals for a new senior insurance managers' regime ('Senior insurance managers - all change!').
Read moreShared parental leave: switching the boardroom for baby care
Nick Clegg’s new baby - shared parental leave - has been born and, would-be dads, it means you can now spend almost a year off work with your bundle of joy. Why then, are you all so keen to stay at the office?
Read moreAn uncharacteristic appeal: Ocean Victory decision reversed
Charterers (and their insurers) concerned by the first instance decision in The "Ocean Victory" may rest a little easier following the successful appeal which saw Daiichi Chuo overturn a judgment of over US$130 million against them.
Read moreA step closer to ring-fencing of banking activities?
The Government has taken some tentative steps towards ensuring ring-fenced banks cannot become liable for the pension schemes of other entities.
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