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Competing agendas? How the FCA, PSR and CMA plan to work together

04 March 2015

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.

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Tax avoidance scheme succeeds before the Upper Tribunal

Published on 04 March 2015. By Robert Waterson, Partner

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).

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ICO fines online travel insurer £175,000 for failing to keep customers’ personal information secure

Published on 03 March 2015. By Oliver Bray, Partner

Green tint 3

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.

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Blog

Pensions Freedoms and the Second Line of Defence – some flesh on the bone

Published on 02 March 2015. By Rachael Healey, Partner

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.

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Taxpayer successfully relies on human rights argument to defeat HMRC following the taxation of the same profits twice

27 February 2015

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").

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Senior insurance managers regime – proposals for NEDs

Published on 27 February 2015. By Jonathan Charwat, Senior Associate

Last year, we reported on proposals for a new senior insurance managers' regime ('Senior insurance managers - all change!').

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Blog

Shared parental leave: switching the boardroom for baby care

Published on 26 February 2015. By Rachael Ellis, Associate

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?

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Blog

An uncharacteristic appeal: Ocean Victory decision reversed

24 February 2015

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.

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Blog

A step closer to ring-fencing of banking activities?

Published on 23 February 2015. By Matthew Watson, Associate

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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Blog

The fraudsters are back – they never left!

Published on 20 February 2015. By Jonathan Wyles, Legal Director

In July 2014 we warned about fraudsters targeting solicitors to gain access to their client account

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Blog

Scheming for foreign companies

Published on 19 February 2015.

In the recent case of Re LDK Solar Co Ltd,(1) Justice Lam considered the approach that the court should take in deciding whether to invoke its jurisdiction to approve an arrangement or compromise between a foreign company and its creditors or members.

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Blog

High Court criticises HMRC's conduct and compels it to honour its undertakings

Published on 19 February 2015. By Kristiana Reynolds, Senior Associate

The published judgment in Abbey Forwarding[1] will not make for comfortable reading for HMRC.

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Publication

Apps: regulators globally push for data transparency

16 February 2015

“Not in front of the telly: Warning over ‘listening’ TV”.

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Blog

"Horse play" – Tribunal concludes that racehorse ownership was a gamble and not a trade and rejects the taxpayer's loss relief claim

13 February 2015

In recent years, there has been a seemingly unending string of cases relating to whether certain activities constitute trading.

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Blog

Taking the parody?

Published on 13 February 2015. By Cristina Faro, Associate

In October last year, the time honoured British tradition of taking the mickey became enshrined within our legal system as the law was updated to include a parody exception to copyright infringement.

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Blog

UK VAT changes following Skandia decision

Published on 12 February 2015. By Ben Roberts, Senior Associate

On Tuesday this week, HMRC confirmed a change to the UK VAT treatment of intra-entity supplies of services, from 1 January 2016.

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Blog

Civil Appeals - one shot as of right only

10 February 2015

The right of appeal to the Court of Final Appeal (CFA) with respect to final judgments of the Court of Appeal amounting to HK$1 million or more has been repealed as of 24 December 2014.

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Blog

High street consumers grant HMV a second chance

Published on 10 February 2015. By Henry Priestley, Senior Associate

Music and entertainment retailer HMV has posted a 17.5 percent increase in sales for 2014, making it the UK's biggest seller of physical music and signalling a triumphant comeback following its decline into administration in 2013.

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Blog

SFC provides further guidance on Corporate Professional Investor Regime

Published on 09 February 2015. By Jonathan Cary, Partner

As noted in my blog dated 3 October 2014 concerning the SFC's conclusions on professional investors and client agreements (link), the SFC is looking to enhance the protection afforded to professional investors who are not institutional investors.

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Blog

A perk too far?

09 February 2015

Tech companies have become known for their unconventional benefits packages, which seem to attract envy and disdain from the general public in equal measure.

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Blog

Out of court settlement may lead to adjustment in CGT liability

Published on 05 February 2015. By Robert Waterson, Partner

The Court of Session has found in favour of the taxpayer in Sir Fraser Morrison v HMRC[1] ...

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Blog

An Enterprising look at survey evidence

Published on 05 February 2015. By David Cran, Partner and Ciara Cullen, Partner

True to form, Mr. Justice Arnold's recent judgment in Enterprise Holdings Inc v. (1) Europcar Group UK Limited (2) Europcar International SASU [2015] EWHC 17(Ch) runs to an extensive 227 paragraphs.

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Blog

PI Insurer Liable to indemnify firm of solicitors in respect of loans made to its clients by a finance company

Published on 04 February 2015. By Sally Lord, Senior Associate

The Court of Appeal has this week handed down its decision in Impact Funding Solutions Ltd v Barrington Support Services Ltd, which is a case that has sparked a lot of interest since the first instance judgment was delivered back in December 2013.

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Blog

Sharing is caring (with a fee)

04 February 2015

Sleeping on a stranger’s sofa; sharing a ride; borrowing a dog for the day. These seem like rather strange concepts, but they are all examples of a huge new "sharing economy" where people rent beds, cars, boats and other assets directly from each other via the internet.

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Blog

New powers to audit NHS authorities' data protection compliance

Published on 04 February 2015. By Mark Crichard, Partner

From 1 February 2015, the ICO will be able to subject public healthcare organisations to compulsory audits of their data protection compliance under section 41A of the Data Protection Act 1998.

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Blog

High Court considers jurisdiction over non-EU defendant in proceedings also including domestic defendants

Published on 30 January 2015. By Andy McGregor, Head of Civil Fraud

The decision in Jong v HSBC Private Bank (Monaco) SA and others[i]serves as a useful reminder that the Court will be guided by the substance, and not the form, of proceedings when considering questions of jurisdiction.

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Blog

No discretion to extend time to appeal registration of foreign judgments

Published on 29 January 2015. By Dan Wyatt, Senior Associate

In Taylor-Carr -v- Howkins & Harrison LLP[1], it was held that the English courts have no power to extend the time for appealing against the registration of a foreign judgment under Council Regulation 44/2001, which permits judgments in one member state to be enforced in another.

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Blog

FTT decision pays dividends for Mr and Mrs Jones

29 January 2015

In Richard Jones, Julie Jones v HMRC[1], the First-tier Tribunal (Tax Chamber) (FTT) has decided that the owners of an insolvent recruitment consultancy do not have to pay employment taxes in respect of dividends paid to them which they subsequently reclassified as salary.

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Blog

Costs warning: unreasonable incurred costs could reduce overall budget

Published on 29 January 2015. By Victoria Sugden, Senior Associate

The recent Judgment of Steven Redfern v Corby Borough Council [2014] EWHC 4526 (QB) is one of the first reported appeals against a decision by a Master in relation to a Costs Management Order.

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Blog

Is that your final answer? – FCA introduces "second line of defence" ahead of pension freedoms

Published on 28 January 2015. By George Smith, Senior Associate

In a 'Dear CEO' letter to pension providers published on Monday the FCA set out new protections that will constitute a "second line of defence" for customers seeking to access their pensions.

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Blog

Brrr! Office chills getting you down? Why office temperature is a burning issue for business

28 January 2015

Winter has settled in across the country and found its way into our workplace. Colourful sweaters, scarves and gloves adorn the office floor.

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Blog

Injunctions: Hearsay evidence and dissipation risk considered

Published on 27 January 2015. By Geraldine Elliott, Partner

The case of JSC Bank & anor v Sergei Pugachev[1] serves as a useful reminder of the need to take care with the use of hearsay evidence and the standard and evidence required of the dissipation of assets.

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Blog

LEO's future to include Third Party complaints

Published on 26 January 2015. By Sally Lord, Senior Associate

The Office for Legal Complaints board meeting before Christmas revealed that there is potential for redress for third parties as long as complaints could be 'clearly and tightly defined'. Currently, the Legal Ombudsman will only consider complaints made by a firm's direct client.

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Blog

Compareasolicitor.com: Simples?

Published on 26 January 2015. By Sally Lord, Senior Associate

The SRA has announced that soon law firms may be featuring on comparison websites. The SRA is currently collating information about law firms for use on such websites.

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Blog

Simplified, retrospective and still inconsistent

23 January 2015

Despite laudable aims, yesterday's FCA guidance on what constitutes regulated advice was published alongside a report on the (perceived) retrospective application of rules ...

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Blog

Portfolio Transfers in 2015 - PRA Update

Published on 23 January 2015. By Vivien Tyrell, Head of Restructuring and Insolvency

On Wednesday, the PRA set out its approach to Part VII transfers for insurance business for the rest of 2015.

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Blog

CJEU confirms UK failed to comply with EU law by retroactively curtailing rights of taxpayers to recover tax unlawfully paid

22 January 2015

The European Commission has succeeded in obtaining a declaration from the CJEU that the UK Government failed to comply with its obligations, under Article 4(3) of the TEU, by retroactively curtailing the right of taxpayers to recover tax levied contrary to European law.

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Blog

IP Alert: Court of Appeal confirms Rihanna's image protected under the 'umbrella' of passing off

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

The Court of Appeal has today dismissed fashion retailer Topshop's appeal[1], confirming that Topshop's unauthorised use of an image of the famous pop star, Rihanna, amounted to passing off.

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Blog

Modified Universalism – Privy to Singular Clarification

Published on 20 January 2015. By Rebecca Wong, Senior Associate

While most jurisdictions provide liquidators with wide investigative powers to locate and realise assets locally, the exercise of such powers becomes more complicated when the assets are situated overseas.

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Publication

Annual Insurance Review 2015

16 January 2015

Landmark insurance law reform and dealing with economic recovery which remains gradual

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Blog

Annual insurance review

Published on 16 January 2015. By James Mee, Partner

I am happy to inaugurate the Corporate Insurance Hub for 2015 with RPC's annual round-up of the key legal developments in 2014. I trust you find this useful, and we look forward to keeping you informed throughout the year.

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Blog

It's just not plane sailing

14 January 2015

"The world inhabited by airlines is a glamorous one and starting your own airline has never been easier".

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Blog

HMRC Dishonesty Allegation "seriously flawed"

Published on 14 January 2015. By Kristiana Reynolds, Senior Associate

The First-tier Tribunal (Tax Chamber) ("FTT") has ruled, in Citibank NA v Revenue and Customs Commissioners[1], that HMRC's pleadings were "seriously flawed".

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Blog

FCA takes a long hard look at how insurance brokers manage the risks of bribery and corruption…

13 January 2015

Could do better, reports the Financial Crime team of the FCA on the cohort of commercial brokers who were subject to the recent thematic review on managing bribery and corruption risks (TR14/17).

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Blog

'Many eyes' approach to sanctions compliance

13 January 2015

The many eyes approach to sanctions compliance in the Lloyd's market is not just for managing agents but useful guidance for all.

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Blog

Mareva Injunctions – Substance and Form

Published on 09 January 2015.

Recent cases in Hong Kong highlight a need to exercise care when applying for a mareva (freezing assets) injunction before trial.

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Blog

Tribunal sets aside witness summonses due to misrepresentation and failure in duty to make full and frank disclosure to the Tribunal

08 January 2015

An interesting decision has recently been issued by the First-tier Tribunal (Tax Chamber) ('FTT') in connection with an application to set aside the issue of witness summonses which had been issued to two individuals who were resident in Jersey[1].

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Blog

A landmark decision for brand owners: Court rules ISP blocking orders extend to trade mark rights

Published on 08 January 2015. By David Cran, Partner and Ben Mark, Partner

The High Court [1] has recently granted Richemont a blocking order requiring the five largest ISPs in the UK to prevent access to various third party websites from advertising and selling goods which infringe Richemont's trade mark rights.

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Blog

Chickens coming home to roost: SFO's first conviction of a company for bribery after contested trial

Published on 07 January 2015. By Davina Given, Partner

Hot on the heels of the SFO's first conviction under the Bribery Act 2010, discussed in George's post, and just as some of us were disappearing for a Christmas break...

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Blog

Complaint trends for 2015

Published on 07 January 2015. By Simon Laird, Global Head of Insurance

The FOS yesterday published its 2015/16 budget consultation. In short, we can expect more of the same.

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