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What does crime have to do with it…?

21 June 2013

Two important recent developments touch upon a crucial issue: to what extent should misconduct or misbehaviour in the City sound in the criminal law?

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FCA winning its battle to name and shame

20 June 2013

Last week the Court of Appeal handed the FCA a significant fillip in what has become a notable goal of the regulator – to see that those subject to its disciplinary proceedings are exposed to public scrutiny.

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Blog

When the levee breaks

20 June 2013

Whilst the stalled talks between ABI and Government have recently re-started, in less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.

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Tempered approach by Singaporean regulator into LIBOR equivalent reveals inconsistencies in approach to global rate rigging scandal

19 June 2013

On Friday 14 June, the Monetary Authority of Singapore ("MAS") announced that it had completed its year-long review into the Singaporean equivalent of LIBOR – the Singapore Interbank Offered Rate ("SIBOR").

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Insurer collapse adds to mounting financial pressures within the legal sector

Published on 19 June 2013. By Sally Lord, Senior Associate

Latvian insurer Balva announced yesterday that it has called in liquidators, leaving approximately 1,300 firms of solicitors across England and Wales effectively without PI insurance cover.

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Redress for unsuitable mortgage advice set to increase as Court of Appeal upholds High Court decision in Emptage v Financial Services Compensation Scheme

Published on 18 June 2013. By Robert Morris, Partner

The Court of Appeal has today dismissed the appeal in the case of Emptage v Financial Services Compensation Scheme.

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Punched drunk by ICOBS and CIDRA? FCA proposes sobering detox

17 June 2013

There has been surprisingly little fuss about the new Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA) that came into force 6 April.

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Tribunal allows taxpayer's appeal in share options case and criticises HMRC's 'mechanistic' approach to statutory interpretation

14 June 2013

The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Bennedict Manning v HMRC.[1]

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Substantial delays and the FOS - R (on the application of CALLAND) v FINANCIAL OMBUDSMAN SERVICE LTD (2012)

Published on 13 June 2013. By David Allinson, Senior Associate

The court has recently decided that a six and a half year delay between the FOS receiving a complaint from an investor and making a final decision against an IFA did not breach the IFA's rights under Article 6 of the ECHR.

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Blog

The Goldman Sachs settlement – 'not a glorious episode in the history of the Revenue'

Published on 06 June 2013. By Adam Craggs, Partner

I commented, in my blog on 15 May 2013 on the continuing controversy surrounding HMRC's deal with Goldman Sachs, in which a large amount of interest that was properly recoverable from the bank was written off by HMRC.

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Blog

Flood risk insurance open market – countdown to 31 July

06 June 2013

In less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.

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Blog

When the going gets tough, the tough must keep their standards….

Published on 06 June 2013. By Sally Lord, Senior Associate

The Solicitors Regulation Authority (SRA) yesterday warned solicitors of the danger of the non-compliance trap in tough financial times.

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Blog

Competition and cartel law reform edges closer

05 June 2013

After more than two years of Government consultation, the Enterprise and Regulatory Reform Act 2013 was finally published in May, having received Royal Assent in April. Full implementation is anticipated within a year.

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Growth and Infrastructure Act 2013

05 June 2013

The Growth and Infrastructure Act 2013 (the Act) was given Royal Assent on 25 April 2013.

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Blog

Interflora v Marks and Spencer

Published on 31 May 2013. By Paul Joseph, Partner

Following years of legal wrangling between Interflora and Marks and Spencer (M&S) in respect of keyword advertising, on 21 May 2013, the High Court handed down a substantial 99 page judgment, ultimately, in favour of Interflora as trademark owner.

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Blog

CPR3.9 Refusal of relief from sanction - solicitors negligence claim now pending

Published on 31 May 2013. By Sally Lord, Senior Associate

In Venulum Property Investments Ltd v Space Architecture Ltd & Ors, an application was made for permission to extend time for service of the Particulars of Claim as a result of the Claimant's solicitors misreading the relevant rule and failing to serve the Particulars within time.

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Blog

Inadequate deliberation or a case of mistake?

30 May 2013

The so-called rule in Hastings-Bass1, which permits trustees to assert and rely on the errors of themselves or their advisors to undo actions which have unexpected tax consequences...

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Blog

Interest Rate Hedging Products Mis-selling Update

Published on 30 May 2013. By James Wickes, Partner

(The following article by Simon Greenley/James Wickes was first published in Insurance Day (www.insuranceday.com) on 30 May 2013).

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Blog

Copyright: Supreme Court Considers "Browsing Defence"

Published on 28 May 2013.

The Supreme Court has handed down its long awaited decision in the Meltwater case which addresses important questions about the application of copyright law to internet browsing.

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Blog

Blog editor promoted to Partnership

24 May 2013

I am pleased to announce that Robbie Constance has been promoted to Partner, adding further depth and breadth to our Regulatory Group.

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Blog

Keeping one's (written) word

24 May 2013

The Court of Appeal has recently applied some judicial brakes on the movement towards contextual, business common sensical, interpretations of commercial agreements.

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Blog

Regulator's pursuit of market misconduct in Hong Kong – Top court delivers written judgment

Published on 23 May 2013. By David Smyth, Senior Consultant

As noted in my blog of 30 April, the Court of Final Appeal in Hong Kong ("the CFA") abruptly dismissed the appeal in Tiger Asia Management LLC & Ors v Securities and Futures Commission ("the SFC"), FACV Nos. 10, 11, 12 and 13 of 2012.

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Blog

Outsourcing Health & Safety – a step too far?

22 May 2013

Michael Scott & Danielle Lodge question the wisdom of outsourcing health and safety responsibilities

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Blog

Tax tribunal criticises HMRC's guidance in Catherine Rawcliffe v HMRC

22 May 2013

This case1 is of interest not so much for the underlying legal issue which was determined but rather for the unusually strong criticism from the First-tier Tribunal ('FTT') of HMRC's published guidance on approved company securities option plans.

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Blog

No basis for murderer's anonymity and an alert from the bench

Published on 22 May 2013. By Keith Mathieson, Partner

Four media groups[1] have successfully challenged an anonymity order and related reporting restrictions made in the course of judicial review proceedings brought by the notorious murderer, David McGreavy.

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Blog

Adjudicator's Fees

Published on 20 May 2013.

The Court of Appeal has confirmed that an Adjudicator is not entitled to any of his fees in circumstances where his decision is unenforceable.

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Blog

No breach of privacy in publication of information that child's father is a prominent politician

Published on 20 May 2013. By Keith Mathieson, Partner

The Court of Appeal has upheld a High Court judgment that disclosures in the Daily Mail about a child's paternity did not infringe the child's rights of privacy.

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Blog

Goldman Sachs – the plot thickens!

Published on 15 May 2013. By Adam Craggs, Partner

Readers of our blog will be familiar with the controversy surrounding the now retired Dave Hartnett, former Permanent Secretary for Tax at HMRC (see postings of 19 December 2011 and 21 December 2011).

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Blog

Unravelling Transactions – The Party's Over

Published on 13 May 2013. By Simon Laird, Global Head of Insurance

The Supreme Court upheld the Court of Appeal's decision in Futter v Futter and Pitt v Holt as to the scope of the rule In re Hastings-Bass, but has overturned the Court of Appeal's decision on the application of mistake in Pitt.

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Blog

China Arbitration Update - a local (international) difficulty

Published on 10 May 2013. By Jonathan Wood, Head of International Arbitration

The on-going dispute between, on the one hand, CIETAC and, on the other, SHIAC (the new Shanghai International Arbitration Center1) and SCIA (the new Shenzhen Court of International Arbitration), unfortunately, shows no sign of abating for now.

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Blog

FCA launches thematic probe into 'transition management' in asset management sector

Published on 09 May 2013. By James Wickes, Partner

It has been reported in the FT overnight that the FCA is swooping on the London offices of the world’s biggest banks and asset managers in a new probe aimed at a widespread (and lucrative) business known as "transition management".

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Blog

"Transition management" – possible notifications from FCA investigations

Published on 09 May 2013. By James Wickes, Partner

It has been reported in the FT overnight that the FCA is swooping on the London offices of the world’s biggest banks and asset managers in a new probe aimed at a widespread (and reportedly lucrative) type of business known in the industry as "transition management".

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Blog

Termination payments: don't forget the breakdown

Published on 08 May 2013. By Dan Wyatt, Senior Associate

In an encouraging win for taxpayers, the First-tier Tribunal ('FTT') in Johnson v HMRC[1] allowed an appeal relating to a termination payment under a compromise agreement.

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Blog

Causation Basics: The breach must cause the loss

Published on 07 May 2013. By Sally Lord, Senior Associate

In the recent case of Clack v Wrigley Solicitors LLP, the Courts have reaffirmed the principles set down in SAAMCO and Nykredit; liability for loss is limited to the loss attributable to the misconduct.

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Blog

Even Consumers Can Forfeit Their Rights For Breach of Policy Conditions

Published on 03 May 2013. By Ben Gold, Legal Director

The judgment of Teare J in Parker v National Farmers Mutual [2012] EWHC 2156 (Comm) is worthy of note on a number of fronts, but particularly with regard to the judge's application of ICOBS 8.1, under which an insurer cannot unreasonably reject a consumer policyholder's claim.

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Blog

Tribunal allows VAT appeal and accepts that letter was sent to HMRC

Published on 01 May 2013. By Adam Craggs, Partner

The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Exeter Estates Ltd v HMRC[1] against a decision of HMRC that it had opted to tax all the land and buildings on one of its sites.

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Blog

Prosecuting "insider dealing" in Hong Kong

Published on 30 April 2013. By David Smyth, Senior Consultant

Hong Kong's top court expected to confirm there is a "third way"

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Blog

Cut off the head but beware that the sub-licence may not die

Published on 29 April 2013. By Paul Joseph, Partner and Henry Priestley, Senior Associate

In the recent High Court decision VLM Holdings Limited v Ravensworth Digital Services Limited [1] Mann J has ruled that a sub-licence is capable of surviving termination of its head licence in certain (albeit, fact-specific) circumstances.

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Blog

Tribunal rejects purposive interpretation and allows taxpayer's appeal

26 April 2013

The First-tier Tribunal ('FTT') has held in Fidex Ltd v HMRC,1 that a loan relationship debit should not be disallowed under paragraph 13, Schedule 9, Finance Act 1996 ('Paragraph 13'),2 even though one of the main purposes of entering into the arrangement was tax avoidance.

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Blog

An ATE policy can be sufficient security

Published on 26 April 2013. By Rebecca Birkby, Senior Associate

In Geophysical Service Centre Company Ltd v Dowell Schlumberger (Middle East) Inc, the claimant was successful in defending a security for costs application on the basis that, ...

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Professional indemnity insurers urged to robustly defend growing number of cases

Published on 26 April 2013. By Robert Morris, Partner

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.

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Blog

SDLT mitigation arrangement fails before the Tax Tribunal

Published on 22 April 2013. By Adam Craggs, Partner

The First-tier Tribunal ('FTT') has dismissed the taxpayer's appeal in Edward Allchin v HMRC.[1]

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Blog

US Auditor Scandal Intensifies Calls for Tougher Regulation

22 April 2013

The recent revelation that a partner in KPMG leaked insider information in exchange for cash and gifts may intensify calls for a shake-up in the regulation of auditors, especially in the US.

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Blog

Rise of accountancy profession in China

Published on 22 April 2013. By David Smyth, Senior Consultant

The accountancy profession is on the rise in China.

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Blog

Individual investors who "speculate" having a tough time in court

19 April 2013

In my "blog" of 8 March 2013, I refer to a couple of cases in which individual claimants have successfully sued a bank, basically in negligence for failing preserve their wealth; for example, Deutsche Bank AG v Chang [2012] SGHC 248 (subject to appeal) and Rubenstein v HSBC Bank Plc [2012] EWCA Civ 1184 (an appeal court judgment).

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Blog

Clark v In Focus appeal – watch this space

18 April 2013

In Focus has now been granted permission to appeal against the decision of the High Court in Clark v In Focus.

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Blog

Size does matter – risk of potential claims against estate agents

Published on 17 April 2013. By Alexandra Anderson, Partner

A recent Financial Times article has highlighted a potential risk area for estate agents.

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Blog

Property Rental Business Transfers and Leases – Reclaiming VAT and SDLT

Published on 17 April 2013. By Ben Roberts, Senior Associate

Last November, following the decision in the case of Robinson Family Limited, HMRC announced that a transfer of a property rental business can qualify as a "transfer of a going concern" (TOGC) – and therefore not attract VAT – even if the transferor retains a reversionary interest in the property.

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Blog

Tax tribunal finds in favour of trustee

Published on 12 April 2013. By Adam Craggs, Partner

The recent case of The Trustee of the De Britton Settlement v HMRC [2013] UKFTT 106 (TC), illustrates the importance of evidence and proper preparation in tax appeals before the First-tier Tribunal ('FTT').

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Blog

Court of Appeal's opinion on good faith clauses

11 April 2013

In our February blog we reported on Compass Group UK and Ireland Ltd (trading as Medirest) v Mid Essex Hospital Services NHS Trust [2012] EWHC 781 (QB) and the implications of the decision on the duty to act in good faith.

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