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FCA's figures for authorisation applications leave many unanswered questions

09 July 2015

Amongst the many topics covered within the FCA's annual report there is a frustratingly short section concerned with the efforts being made to deal with all of the applications for authorisation by consumer credit firms.

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Blog

Pension Transfers – seeing the wood for the trees – Part 1

Published on 09 July 2015. By Rachael Healey, Partner

The FCA has published changes to its regulations affecting advice on pension transfers.

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Blog

Electronic disclosure – the perils of ignoring disclosure requirements

Published on 09 July 2015. By Geraldine Elliott, Partner

In Smailes and another v McNally and another[i] the High Court refused the claimant's application for relief from sanctions, finding the claimant's failure in respect of its disclosure obligations under the relevant provisions of the Civil Procedure Rules (CPR 31) amounted to a significant and serious breach of an "unless order".

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Blog

GCs – are you future-proofing your business?

09 July 2015

In the last two blogs I looked at the Mass of Ambiguous legislation that is coming towards us as a result of the Queen's Speech and some of the Opportunities that these present for the GC who thinks like a Navigator and helps proactively and strategically to guide their CEO/Captain on the best route to their destination.

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Blog

High Court finds "without prejudice" communications with a regulator can be withheld in civil proceedings, but decides bank had lost right to do so

Published on 07 July 2015. By Davina Given, Partner

In the latest instalment of the LIBOR swaps proceedings in Property Alliance Group Ltd v The Royal Bank of Scotland plc[1], the court has held for the first time that 'without prejudice' communications with a regulator can be withheld in civil proceedings.

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Blog

Nowhere to hide: Supreme Court considers illegality defence and global application of Insolvency Act 1986 in VAT fraud case

06 July 2015

On 22 April 2015 the Supreme Court handed down its judgment in the case of Jetivia SA and another v Bilta (UK) Ltd (in liquidation) and others [2015] UKSC 23, which was heard in October last year.

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Blog

Privacy rights when you don’t expect them - the case of JR38

03 July 2015

Yesterday, the Supreme Court unanimously dismissed an appeal by an Appellant involved in rioting in Derry in 2014.

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Blog

Beyond the headlines some positive developments for depositors

03 July 2015

The PRA has today announced the existing level of deposit protection (£85,000) will be reduced to £75,000 after 31 December 2015.

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Blog

High Court refuses to grant anti-suit injunction restraining insolvency proceedings in Denmark

Published on 03 July 2015. By Alexis Armitage, Associate and Tim Brown, Partner

In SwissMarine Corporation Ltd v OW Supply & Trading[1], the High Court refused to grant an anti-suit injunction restraining Danish insolvency proceedings.

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Blog

If you insist… a review of the FCA's position on insistent clients

Published on 02 July 2015. By David Allinson, Senior Associate

On 8 June, the FCA published a fact sheet intended to provide a 'helpful reminder' of its position on 'insistent clients' (the full title being: Fact sheet 035. Pension reforms and insistent clients).

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Blog

Queen's Speech – navigating the opportunities for GCs

02 July 2015

In the first blog in this series of three I commented on the mass of ambiguous law that is coming towards us over the next five years of this parliamentary term.

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Publication

Time limit for challenges to adjudication decisions clarified

01 July 2015

Adjudication is intended to be a quick and cost-effective means of resolving a dispute. However, in its first decision concerning adjudication, handed down on 17 June 2015, the Supreme Court has reached a finding that means parties to adjudication may face a very long delay to reach a final determination of the dispute between them. The decision, in the case of Aspect Contracts (Asbestos) Limited v Higgins Construction plc, allows a respondent to adjudication to challenge the outcome any time up to six years after it makes payment to the successful referring party, thereby potentially rendering historic adjudication decisions vulnerable to further litigation.

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Blog

sPIFfing! New capital requirements for Personal Investment Firms

01 July 2015

Can the PIF pay? Personal Investment Firms (PIFs) are advisory firms responsible for around half of all regulated investment and pension sales.

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Publication

Tax update

01 July 2015

HMRC Spotlight on NICs employment allowance avoidance scheme

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Blog

Upper Tribunal confirms the FTT's decision to strike out HMRC's evidence

Published on 01 July 2015. By Adam Craggs, Partner

In HMRC v Infinity Distribution Limited (in Administration)[1], the Upper Tribunal has dismissed HMRC's appeal against that part of the decision of the First-tier Tribunal ("FTT") striking out evidence which HMRC was seeking to introduce.

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Blog

Taking the credit: FOS tackles broking and middlemen

30 June 2015

The impact of FCA rules on credit brokers has been significant, with a number of credit brokers having left the market since April 2014.

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Blog

UCIS in focus at FOS

Published on 26 June 2015. By George Smith, Senior Associate

FOS' latest edition of Ombudsman News contained some interesting insights into its approach to complaints concerning advice relating to UCIS investments.

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Blog

The Internet of Things

25 June 2015

If you believe the hype, the “Internet of Things” (IoT) is about to take over the world.

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Publication

Client update – Littlewoods

25 June 2015

This note reports on the decision handed down yesterday by the Court of Appeal in Littlewoods Limited and Others v Commissioners for HMRC.

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Publication

VAT update

25 June 2015

Compound interest on overpaid VAT: HMRC seeking to appeal against Littlewoods

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Blog

Excuses, excuses – Tribunal considers 'reasonable excuse' and allows taxpayer appeal

Published on 25 June 2015. By Robert Waterson, Partner

In Barking Brickwork Contractors Limited v HMRC[1], the First-tier Tribunal ("FTT") decided that a taxpayer had a reasonable excuse for late filing and set aside the penalties which had been charged by HMRC pursuant to Schedule 55, Finance Act 2009.

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Blog

Sanctioned offers and old-style Calderbank offers

Published on 25 June 2015. By Antony Sassi, Managing Partner, Asia

Following the introduction of formal sanctioned payments and sanctioned offers pursuant to the civil justice reforms adopted in April 2009, it has not been entirely clear to what extent pre-trial Calderbank offers (without prejudice save as to costs) still provide costs protection for an offeror.

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Blog

(MxA)x(O/T)=E&S: a formula for successful in house lawyers

24 June 2015

E=MC2 is one of the most famous equations in history. WikiHow helpfully explains that the formula describes how Mass can be turned into Energy, and vice versa.

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Blog

Hong Kong courts clarify personal data concerns in civil litigation

Published on 23 June 2015.

In a series of cases in Hong Kong in the last year or so, the courts have brought some welcome clarification to the vexed issue of the interaction between disclosure of relevant documents in civil disputes and balancing competing confidentiality and personal data concerns arising out of the contents of such documents.

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Blog

UK goodwill still reigns Supreme

Published on 22 June 2015. By David Cran, Partner and Ben Mark, Partner

The question to the Supreme Court was whether a claimant in a passing off action needs to have actual customers in the UK or whether it is sufficient to demonstrate that it has a reputation in the UK and internationally.

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Video

Legal Leaders: knowing and identifying where you can make a strategic difference

18 June 2015

Legal Leaders General Counsel Forum reviews the evolving role of the GC as more than just the Manager of a legal function.

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Blog

Upper Tribunal prevents HMRC from reneging on a settlement agreement – Southern Cross Employment Limited

Published on 18 June 2015. By Nicole Kostic, Senior Associate

In our blog of 27 February 2014, we commented on the decision of the First-tier Tribunal ("FTT") in Southern Cross Employment Agency Limited v HMRC[1].

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Publication

Play nicely, children

17 June 2015

Litigation is, by its very nature, an adversarial process. But as the court has made clear in the case of Simon Gotch & Susan Linda Gotch v Enelco Limited1, litigants should also co-operate, to ensure the swift and cost-effective resolution of their disputes.

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Blog

Pushing the (tonnage) limits

17 June 2015

This update highlights two recent changes in tonnage limits – one international, the other in Hong Kong.

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Blog

Forfeiture ... that's a relief

17 June 2015

A landlord's right to forfeit for breach of covenant by the tenant is a useful remedy commonly found in leases.

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Blog

Out with the new, in with the old?

Published on 16 June 2015. By Rebecca Rose, Associate

'The best moments in reading are when you come across something – a thought, a feeling, a way of looking at things – that you'd thought special, particular to you. And here it is, set down by someone else, a person you've never met, maybe even someone long dead. And it's as if a hand has come out, and taken yours.' Alan Bennett, The History Boys

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Blog

The Queen's Speech – what does it mean for GCs?

16 June 2015

“So how is the Queen’s Speech going to affect my one, three and five year business plans?” your CEO asks you, the GC, next time you meet.

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Blog

Misselling liabilities under portfolio transfers

16 June 2015

In 2006, a transferor and transferee entered into a portfolio transfer under Part VII of FSMA in respect of all of the transferor's general insurance business.

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Blog

Invalidity of buyer's notice sinks warranty claim

Published on 15 June 2015. By Tim Brown, Partner

In Ipsos SA v Dentos Aegis Network Limited, the Defendants obtained judgment in the High Court against the Claimants in respect of their claim for breach of warranty for failure to comply with contractual notification requirements set out in a share purchase agreement.

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Publication

Wyscout Forum London 2013 - Image is everything

12 June 2015

What are image rights?

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Publication

Virtual roundtable with Corporate Livewire: Sport Law 2015

12 June 2015

In our Sports Law Roundtable we spoke with four experts from around the world to discuss recent regulatory changes and interesting developments across their field of work.

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Blog

A sting in the tail: ACAS Early Conciliation requirements take their toll on unwary Claimants

Published on 11 June 2015. By Claire Revell, Senior Associate

The ACAS Early Conciliation Scheme came into force in April 2014 and has been lauded for its part in the significant reduction in Employment Tribunal claims in the last year.

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Blog

Tribunal confirms tax relief for expenditure incurred on R&D

Published on 10 June 2015. By Adam Craggs, Partner

In Pyreos Ltd v HMRC[1], the taxpayer has successfully appealed HMRC's decision to disallow tax relief for expenditure incurred on research and development ("R&D").

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Blog

One-stop adjudication – the rational approach to dispute resolution

Published on 10 June 2015. By Simon Hart, Partner

The Commercial Court has found[1] that an arbitration clause in a consultancy services agreement was superseded by a dispute resolution clause in a later settlement agreement;...

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Blog

MGN appeals against hacking awards in Gulati case

Published on 10 June 2015.

MGN today sought permission to appeal against the very large awards of damages made by Mr Justice Mann in the eight test claims in the hacking litigation arising out of voicemail interception at Mirror Group Newspapers.

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Blog

Private Equity Acquisitions - Asset Stripping Rules

05 June 2015

It is almost a year since the Alternative Investment Fund Managers Directive (AIFMD) became fully effective in the UK.

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Publication

Tax update

03 June 2015

Types of financial insitutitons and automatic exchange of information

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Publication

Getting to Level 2

03 June 2015

What insurers should look out for in BIM project management

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Blog

Defendants receive custodial sentences for contempt of court in VAT case

03 June 2015

In the recent case of HMRC v Munir & Others[1], HMRC successfully applied to the Court for committal of three company officers for contempt of court where an order appointing a provisional liquidator was knowingly breached.

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Blog

Two jurisdictions for the price of one? The English Court of Appeal provides guidance on conflicting jurisdiction clauses in related contracts

Published on 03 June 2015. By Davina Given, Partner

In Trust Risk Group SpA v AmTrust Europe Limited[1] the Court of Appeal has rowed back from the presumption that parties who have agreed differing jurisdiction arrangements for their disputes intended their disputes to be governed by one regime.

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Publication

Getting to Level 2

03 June 2015

What insurers should look out for in BIM project management

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Publication

Flood Re: the impact of the scheme on surveyors and valuers

02 June 2015

The catastrophic impact that flooding can have on property owners has been seen all over the news for the past decade. In particular, 2012 saw some of the wettest weather for a century and left thousands of households struggling to find insurance cover for their properties.

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Publication

Flood Re and the impact on surveyors and valuers

02 June 2015

The catastrophic impact that flooding can have on property owners has been seen all over the news for the past decade. In particular, 2012 saw some of the wettest weather for a century and left thousands of households struggling to find insurance cover for their properties.

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Blog

Can concessions heal the high street?

Published on 02 June 2015. By Henry Priestley, Senior Associate

Typically, concessions are used by retailers to incorporate third party brands into their retail space and broaden the range of products on offer to their target consumers.

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Blog

Good news from Geneva for Geographical Indications

Published on 29 May 2015. By Paul Joseph, Partner

A Diplomatic Conference held in Geneva in May 2015 has resulted in a new act being adopted which will revise the Lisbon System and provide additional protection and an international registration system for Geographical Indications.

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