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The beginning of the end to mis-selling claims?

Published on 22 December 2014. By Davina Given, Partner

Mis-selling of interest rate products to unsophisticated customers has been the subject of intense regulatory scrutiny, with the banks paying out over £1.5bn to around 10,000 customers in the course of the Financial Conduct Authority's Interest Rate Hedging Product Review which began in May 2013.

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Financial Reporting has received its fair share of column inches in recent weeks

Published on 18 December 2014. By Tom Lloyd, Senior Associate

Headlines have, for obvious reasons, been grabbed by issues with Tesco's financial reporting. Indeed, the fallout from the scandal is still being felt -

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Defend and submit: Challenging the jurisdiction of the Court

Published on 18 December 2014. By Jonathan Cary, Partner

A defendant who wishes to challenge the civil jurisdiction of a Hong Kong court should not file and serve a defence pending the outcome of the challenge.

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Out of the frying pan, back to a FIRE economy…

Published on 16 December 2014. By Constantine Christofi, Associate

We have just come through the 'Great Recession' where between 7 – 8% of our national GDP was wiped out and we witnessed the first true existential crisis of our current capitalist system.

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2014 – The year that was

16 December 2014

Seasonal greetings to all of our readers! 2014 has been another busy year for the RPC Tax Take team.

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How far will the FCA stretch FIT?

16 December 2014

Yesterday's Burrows final notice is a further sign that the FCA will look at the personal conduct of Approved Persons outside of their roles in financial services in order to assess their fitness and propriety.

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Occupy Central: Civil disobedience and civil remedies

16 December 2014

The "Occupy Central" movement in Hong Kong has involved large numbers of protesters occupying major roads in Hong Kong, particularly in the areas of Admiralty (on Hong Kong Island) and Mong Kok (on the Kowloon Peninsula).

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Senior insurer managers – all change!

16 December 2014

The Prudential Regulation Authority (PRA) has recently announced proposals for a new regime for "senior insurance managers", designed to reflect Solvency II governance requirements.

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Diva's trade mark fever – Rihanna bolsters brand with new applications

15 December 2014

Having already succeeded in protecting the use of her image in the English High Court Rihanna has now taken steps to broaden the protection of her brand with the filing of 12 separate trade mark applications at USPTO for the word FENTY in conjunction with other words including apparel, beauty, clothing and lingerie.

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Would you like fries with your happy deal? – Moschino and McDonalds unveil unlikely licensing deal

15 December 2014

When Italian fashion house Moschino unveiled their A/W 14 Collection it turned heads in an unlikely sector… the legal sector.

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Singapore High Court allows extension of time in collision case despite multiple opportunities to arrest.

15 December 2014

Following a collision between ORINOCO STAR and MELODY in Nigerian waters on 20 June 2011 and subsequent unsuccessful settlement negotiations between the parties, owners of the vessel MELODY issued a writ and proceeded to arrest ORINOCO STAR on 6 December 2013.

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A blue print for brand protection – CJEU approves Apple's trade mark for store layout

15 December 2014

The Court of Justice of the European Union (CJEU) has recently held in Apple Inc v. Deutsche Patent-und Markenamt that the representation of a layout of a retail store may be registrable as a trade mark under Articles 2 and 3 of the Trade Marks Directive (Directive 2008/95/EC).

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Tribunal adopts a literal interpretation of the provisions in allowing the taxpayer's appeal

11 December 2014

In Philip Shirley v HMRC, [1] the First-tier Tribunal (Tax Chamber) (FTT) concluded that a provision in a statute rewritten as part of the Tax Law Rewrite Project should be literally interpreted as the wording in question was clear and unambiguous.

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SFO makes first use of Bribery Act in prosecution for fraudulent UCIS

Published on 11 December 2014. By George Smith, Senior Associate

The SFO's recent prosecution in relation to a fraudulent UCIS ...

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SFO makes first use of Bribery Act in prosecution for fraudulent UCIS

Published on 11 December 2014. By George Smith, Senior Associate

Earlier this week three individuals were sentenced at Southwark Crown Court following the first prosecution by the SFO under the Bribery Act 2010.

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Blog

The Commercial Court assesses the power and limitations of "Chabra" jurisdiction

Published on 08 December 2014. By Adam Forster, Senior Associate

The Commercial Court has recently considered[1] that it did not have jurisdiction to grant a freezing order to assist in the enforcement of an arbitration award against subsidiaries of the first defendant, which were incorporated outside the jurisdiction and had no assets or other presence in England.

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Blog

HMRC's information notice was too vague

04 December 2014

This case saw the First-tier Tribunal (Tax Chamber) (FTT) uphold the appeal of the taxpayer against penalties imposed by HMRC for non-compliance with an information notice issued by HMRC pursuant to paragraph 1, Schedule 36, Finance Act 2008 (the Information Notice).

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Blog

Vestergaard – creating another buzz

Published on 04 December 2014. By David Cran, Partner and Louise Morgan, Senior Associate

This long-running case [1] has now reached a finale – a High Court decision on the assessment of damages, handed down in October 2014.

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Blog

Saved by the Cap: Third Party Costs Order

Published on 04 December 2014. By Tim Bull, Partner

On 30 June 2014 judgment was handed down by Mrs Justice Rose in Swynson Limited v Lowick Rose LLP (in liquidation)[2014] EWHC 2085 (Ch).

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Blog

Ensuring the end of terror?

04 December 2014

Last week, the Counter-Terrorism and Security Bill was published, so providing the detail behind Theresa May's bid to outlaw insurers from indemnifying ransom payments to terrorists.

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Blog

An uneasy contrast for the FCA – balancing commercial drive with cultural reform

03 December 2014

Yesterday's speech delivered by Martin Wheatley has reinforced the FCA's increasingly more collaborative approach to its engagement with financial services firms.

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Entitlement to inheritance claim not within the "wills and succession" exclusion under Article 1(2) of the "Brussels I" Regulation on jurisdiction and enforcement

03 December 2014

The High Court has recently dismissed a tortious claim[1] for conspiracy to deprive the claimant of inheriting her late father's shares on the basis that it had no real prospect of success.

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Blog

Putting all your eggs in one frozen basket

02 December 2014

Doggy day-care, unlimited holidays, and personal trainers – some companies offer their lucky employees perks which see the rest of us stare into our pre-eight-thirty porridge in a jealous rage.

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Blog

HMRC mislead appellants into believing they have a remedy in the Tribunal in contractual settlement dispute

Published on 28 November 2014. By Kristiana Reynolds, Senior Associate

In Morris and another v HMRC,[1] the First-tier Tribunal (“the FTT”) has confirmed that it does not have jurisdiction to determine a dispute relating to the correct valuation of assets which were the subject of a contractual settlement with HMRC.

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Blog

Broker M&A –how far does your indemnity go?

Published on 28 November 2014. By Jonathan Charwat, Senior Associate

A recent case in the High Court has demonstrated how a court may construe a contractual indemnity in the context of broker M&A.

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Blog

Threats in the spotlight

Published on 27 November 2014. By Jeremy Drew, Partner and Georgia Davis, Legal Director

Threats provisions remain an area of great interest and debate for many intellectual property specialists and the recent case of Cassie Creations Limited v Simon Blackmore and Mirrorkool Limited [2014] EWHC 2941 has again placed threats and their commercial application into the spotlight.

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Blog

Proposed reduction in solicitors' PII cover rejected

27 November 2014

The Legal Services Board has today refused the Solicitors Regulation Authority's proposed reduction in the minimum level of professional indemnity insurance cover from the current level of £2m to £500,000.

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Blog

FCA report on complaints handling more optimistic than many feared

24 November 2014

The FCA has finally published its report on its review of consumer complaint handling at 15 major retail financial services firms.

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Blog

OW Bunker update – Hong Kong company applies for winding-up

24 November 2014

Hong Kong Court records available publicly today show that a Petition was presented last Friday to wind up O.W. Bunker China Ltd (a Hong Kong company).

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Blog

Suited. Booted. Recruited?

Published on 21 November 2014. By Amelia Cave, Associate

As Alex Hitchens in 'Hitch', Will Smith told us that "clothes make the man". Well-dressed though he is, Will Smith did not come up with this idea on his own.

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Blog

Defendant which unreasonably refused to mediate escapes costs sanctions

Published on 21 November 2014. By Alexis Armitage, Associate

When considering costs and exercising its discretion under CPR 44.2, the court has regard to all the circumstances including the conduct of the parties before as well as during the proceedings.

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Blog

HMRC'S APPLICATION FOR SECURITY FOR COSTS REFUSED

19 November 2014

HMRC'S APPLICATION FOR SECURITY FOR COSTS REFUSED - GSM EXPORT (UK) LTD (IN ADMINISTRATION) AND ANOTHER v HMRC[1]

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Blog

HMRC's application for security for costs refused

19 November 2014

HMRC'S APPLICATION FOR SECURITY FOR COSTS REFUSED - GSM EXPORT (UK) LTD (IN ADMINISTRATION) AND ANOTHER v HMRC[1]

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Blog

Bunker disputes – Bankruptcy of OW Bunker A/S and associated companies

19 November 2014

We are receiving numerous enquiries regarding the fallout from the bankruptcy of OW Bunker A/S and certain associated companies.

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Blog

Injunctions - when will the court order fortification of a cross-undertaking in damages?

Published on 18 November 2014. By Geraldine Elliott, Partner

The Court of Appeal endorsed for the first time the accepted criteria that must be satisfied before the court can order an application for fortification of a cross-undertaking in damages in EVP v Malabu Oil.[1]

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Blog

Defendant which unreasonably refused to mediate escapes costs sanctions

18 November 2014

When considering costs and exercising its discretion under CPR 44.2, the court has regard to all the circumstances including the conduct of the parties before as well as during the proceedings.

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Blog

"Time's up" – limitation for a claim against a valuer

Published on 17 November 2014. By Alexandra Anderson, Partner

In a decision handed down last week, the court has provided further guidance on the limitation position for claims against surveyors.

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Blog

No anti-suit injunction for parties not subject to an arbitration agreement

17 November 2014

The importance of drafting arbitration agreements carefully and precisely has been highlighted by the Commercial Court when it rejected an application for an anti-suit injunction restraining New York court proceedings in favour of arbitration[1].

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Blog

Applicants for search warrants must make full and frank disclosure to the court

Published on 14 November 2014. By Adam Craggs, Partner

The following is taken from an article by Adam Craggs, originally published in Tax Journal on 31 October 2014.

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Blog

Applicants for search warrants must make full and frank disclosure to the court

Published on 14 November 2014. By Adam Craggs, Partner

The following is taken from an article by Adam Craggs, originally published in Tax Journal on 31 October 2014.

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Blog

Container weight fraud

14 November 2014

Container weights is a hot topic at the moment, with the IMO set to introduce new requirements for the verification of container gross mass.

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Blog

Financial Services: Minimising Risk in a Dawn of Opportunity

Published on 13 November 2014. By Simon Laird, Global Head of Insurance

The Treasury provided an unexpected opportunity for financial advisers earlier this year when they announced that, from April 2015, investors may be able to unlock their pension funds and exercise greater control over investing their hard earned wealth.

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Blog

Financial Services: Minimising Risk in a Dawn of Opportunity

Published on 12 November 2014. By Simon Laird, Global Head of Insurance

Over the last few years, firms have been asking themselves how they will make money in the post RDR world.

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Blog

In the Garden without Pay

10 November 2014

Sunrise Brokers LLP v Rodgers is the salutary tale of a broker who gambled in his decision to leave his employer for a competitor.

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Blog

Tribunal orders HMRC to pay taxpayer's costs – Ian Elder v HMRC

Published on 07 November 2014. By Robert Waterson, Partner

The decision of the First-tier Tribunal (Tax Chamber) ('FTT') in Ian Elder v Commissioners for HMRC[1] offers a useful summary of the FTT's approach on the assignment of appeals to the Complex category ...

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Blog

Tribunal orders HMRC to pay taxpayer's costs – Ian Elder v HMRC

Published on 07 November 2014. By Robert Waterson, Partner

The decision of the First-tier Tribunal (Tax Chamber) ('FTT') in Ian Elder v Commissioners for HMRC[1] offers a useful summary of the FTT's approach on the assignment of appeals to the Complex category, applications to bar a party from participating in proceeding and costs sanctions.

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Blog

Court rejects "capital" punishment

07 November 2014

Appeal considers relevance of ship sale following early redelivery

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Blog

Who dares pays

Published on 06 November 2014. By Jonathan Wyles, Legal Director

In Excalibur Ventures LLC v Texas Keystone Inc & Others [2014] EWHC 3436 the Commercial Court has given a warning to third party funders that they can be liable to pay the costs of the winning party where they fund a hopeless case.

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Blog

FCA keeps SIPP investments under close scrutiny

Published on 06 November 2014. By George Smith, Senior Associate

We blogged previously on the tougher attitude that the FCA is taking concerning the obligations of SIPP operators, and the increased focus on the suitability of underlying SIPP investments.

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