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You're Hired! (Because I like you)

31 October 2014

It is often said that a company's employees are its most valued asset.

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Crestfallen claimants: High Court upholds bank disclaimers in claim for negligent advice

31 October 2014

In the latest in a line of court rulings upholding disclaimers, the High Court, in the recent case of Crestsign v NatWest & RBS, held that, as a result of careful disclaimer wording, the banks did not owe a common law duty of care to their customer not to provide negligent advice.

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Tax Tribunal confirms the time period in which HMRC must open an enquiry

30 October 2014

As readers will be aware, HMRC generally has twelve months from the date a company files a return to open an enquiry[1].

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Blog

Bribes and Undisclosed Commissions to Agents: Supreme Clarity.

Published on 29 October 2014. By Jake Hardy, Legal Director

In late July, the Supreme Court of England and Wales handed down a succinct judgment on a topic which, while narrow, is of considerable importance in its sphere.

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Blog

Project Innovate: an incubator for growth?

Published on 29 October 2014. By Tom Lloyd, Senior Associate

The FCA launched its new Innovation Hub yesterday, with the aim of fostering support to businesses looking to benefit consumers in the financial services sector.

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Blog

Court's firm stance refusing to extend valuer's duty of care in tort beyond his contractual duty

Published on 28 October 2014. By Helene Lee, Legal Director

In the case of Freemont (Denbigh) Ltd v Knight Frank LLP [2014] EWHC 3347 (Ch), a landowner instructed a valuer to prepare a valuation report for a plot of land.

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Arguing until Blue(fin) in the face: Court tells FOS that beneficiaries under a D&O policy are not consumers

24 October 2014

The Financial Ombudsman Service has suffered a major defeat in the Administrative Court which will come as a relief to D&O insurers and brokers.

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Blog

FTT prevents HMRC from having two bites of the cherry!

Published on 22 October 2014. By Dan Wyatt, Senior Associate

In Lady Henrietta Pearson v HMRC [2014] UKFTT 890 (TC), the First-tier Tribunal (Tax Chamber) ('FTT') concluded that HMRC had "ignored" its previous decision by seeking to reduce the amount of a VAT refund ...

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Blog

FTT prevents HMRC from having two bites of the cherry!

Published on 22 October 2014. By Dan Wyatt, Senior Associate

In Lady Henrietta Pearson v HMRC [2014] UKFTT 890 (TC), the First-tier Tribunal (Tax Chamber) ('FTT') concluded that HMRC had "ignored" its previous decision by seeking to reduce the amount of a VAT refund which it had ordered HMRC make to Lady Henrietta Pearson ('the taxpayer').

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Blog

FCA approves 'independent' use of internal specialist advisers

Published on 17 October 2014. By Sarah Dowding, Senior Associate

Ever since RDR 'independence' rules were introduced nearly two years ago, financial advisers have sought clarification on referring clients to internal specialists within their firm for expert advice.

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Blog

Cultural Revolution: FCA offers re-education in the provinces

17 October 2014

In a speech at Mansion House last night, Martin Wheatley announced a masters degree in regulation in conjunction with Henley Business School which, he said, will "set the global standard".

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Blog

FCA approves 'independent' use of internal specialist advisers

Published on 17 October 2014. By Sarah Dowding, Senior Associate

Ever since RDR 'independence' rules were introduced nearly two years ago, financial advisers have sought clarification on referring clients to internal specialists within their firm for expert advice.

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Blog

Changes to the UK Corporate Governance Code – real change?

Published on 17 October 2014. By Tom Lloyd, Senior Associate

The UK Corporate Governance Code (the Code) sets out principles of good governance for premium listed companies in the areas of board composition and development, remuneration, shareholder relations, accountability and audit.

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Blog

GMAC's strategy for limiting VAT payments proved lawful in ECJ

Published on 16 October 2014. By Robert Waterson, Partner

The following is taken from an article by Robert Waterson and Nigel Brook, originally published in International Tax Review (12 September 2014).

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Blog

FOS is not unfair; it just doesn't apply the law

16 October 2014

The new CEO of FOS, Caroline Wayman, gave evidence to the Treasury Select Committee yesterday, including (reportedly) in response to a poll that revealed 58% of advisers considered FOS unfair in its decisions on financial advice.

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Blog

Content Clergy, Satisfied Solicitors, and Bitter Barmen

Published on 15 October 2014. By William Jones, Senior Associate

A recent study by the Cabinet Office has found that the Solicitors' profession is the 44th most content in the UK*. We will all be pleased to hear that accountants trail behind at 45th.

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Blog

Content Clergy, Satisfied Solicitors, and Bitter Barmen

Published on 15 October 2014. By William Jones, Senior Associate

A recent study by the Cabinet Office has found that the Solicitors' profession is the 44th most content in the UK*. We will all be pleased to hear that accountants trail behind at 45th.

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Blog

The importance of commercial considerations in contractual construction

Published on 13 October 2014. By Chris Ross, Partner

The principles governing contractual interpretation under English law are reasonably well-established.

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Blog

Don't (Calder) bank on an analogy to the Part 36 regime

Published on 10 October 2014. By Laura Stocks, Senior Associate

When a party makes a Part 36 Offer, the consequences are clear. The rules and sanctions for failure to beat a Part 36 Offer are set out in the Civil Procedure Rules.

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Blog

Market Misconduct Tribunal gives Tiger Asia the "cold shoulder"

Published on 10 October 2014. By Jonathan Cary, Partner

Hong Kong's Market Misconduct Tribunal (the MMT) has banned Tiger Asia Management LLC (a hedge fund based in New York) and one of its principal officers from dealing in Hong Kong securities for four (of a maximum five) years.

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Blog

HMRC lose employment status case

Published on 09 October 2014. By Kristiana Reynolds, Senior Associate

In the recent case of EMS (Independent Accident Management Services) Limited v HMRC [2014] UKFTT 891 (TC), the First-tier Tribunal (Tax Chamber) ("FTT"), found in favour of the taxpayer on the question of whether or not an employment relationship existed.

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Blog

New UK Procurement Rules Published for Consultation

Published on 09 October 2014. By Mark Crichard, Partner

Draft new Public Contracts Regulations 2015 and a Consultation Document on UK Transposition of the new EU Procurement Directives have recently been published by the Cabinet Office. This paves the way for the 2014 Directives to be implemented in the UK early next year.

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Blog

FCA COMPLETES THEMATIC REVIEW OF MOBILE BANKING AND PAYMENTS

Published on 07 October 2014. By Mark Crichard, Partner

The Financial Conduct Authority (FCA) has recently published its findings following its thematic review of mobile banking and payments.

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Blog

No loss of confidence – causation in confidential information claims

Published on 07 October 2014. By David Cran, Partner and Louise Morgan, Senior Associate

Richmond Pharmacology Ltd v Chester Overseas Ltd, Milton Levine and Larry Levine [2014] EWHC 2692 (Ch)

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Blog

Leveling the playing field - SFC conclusions on professional investor regime and client agreements

Published on 03 October 2014. By Jonathan Cary, Partner

Despite the ongoing political noise coming out of Hong Kong, commercial life and the operation of the financial markets continue unabated.

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Blog

Unlimited leave = unlimited productivity?

02 October 2014

‘We should focus on what people get done, not on how many hours or days worked. Just as we don’t have a nine-to-five policy, we don’t need a vacation policy.’

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Blog

Unlimited leave = unlimited productivity?

02 October 2014

‘We should focus on what people get done, not on how many hours or days worked. Just as we don’t have a nine-to-five policy, we don’t need a vacation policy.’

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Blog

Tribunal allows taxpayer to make a late appeal and rejects HMRC's overly formalistic approach

01 October 2014

In Chirag Patel v HMRC[1] the First-tier Tribunal ('FTT') decided that a letter from the taxpayer's accountant constituted a late appeal against a discovery assessment, despite it not being expressed as such.

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Blog

EU Consultation on Cloud Computing and Software

Published on 30 September 2014. By Mark Crichard, Partner

The EU has opened a public consultation to help define future research priorities in the areas of Cloud Computing and Software (including Open Source). Any and all stakeholders are invited to submit their views by 10 October 2014.

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Blog

Ammunition for Defendants: Claimants may have to waive privilege to prove mitigation

30 September 2014

The High Court recently found in a solicitors negligence claim that a claimant acted unreasonably in (1) settling an arbitration and then (2) refusing to waive privilege such that the Court could assess the reasonableness of the settlement.

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Blog

Brand & Khan obtain continuing "anti-harassment" order against masseuse

Published on 29 September 2014. By Oliver Murphy, Associate

The High Court has recently granted an extension to an anti-harassment injunction taken out by Russell Brand and Jemima Goldsmith, otherwise known as Jemima Khan (the Claimants), against a masseuse (the Defendant).

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Blog

SRA's compensation fund to provide cover for negligence claims against uninsured firms

Published on 29 September 2014. By Philip McCormack, Associate

A recent article in Legal Futures suggests that it will cost contributors to the SRA's compensation fund £2.5m in the 2014/15 year in order to cover negligence claims against uninsured firms following the ARP's closure last September.

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Blog

Is no news always good news? Drop in complaints may hint at conclusions from over-due FCA complaints review

26 September 2014

The FCA's latest publication of complaints data has revealed a decrease of 5% in the overall number of complaints.

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Blog

Root and branch changes to EU VAT rules on intra-entity supplies?

Published on 25 September 2014. By Ben Roberts, Senior Associate

The European Court of Justice (ECJ) last week ruled that services provided by a US insurer to its Swedish branch were subject to VAT in Sweden. This widely reported decision is likely to have implications for insurers and other financial services groups across Europe.

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Blog

CMA brings car competition probe to conclusion

25 September 2014

The Competition and Markets Authority (CMA) – the UK's leading consumer and competition authority – yesterday published measures which it expects will increase competition and reduce premiums in the car insurance market.

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Blog

Tax Tribunal has no jurisdiction to consider public law issues in direct tax appeal

Published on 24 September 2014. By Adam Craggs, Partner

The following is taken from an article by Adam Craggs, originally published in Tax Journal

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Blog

Crime and privilege

Published on 23 September 2014. By Davina Given, Partner

Under English law, legal professional privilege permits a civil litigant or a defendant in criminal proceedings to withhold from the other side documents subject to the privilege.

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Blog

Brokers' Duties – Business Interruption

Published on 23 September 2014. By Ben Goodier, Partner

Whilst not exactly a reason for brokers to jump for joy, the recent case of Eurokey Recycling Limited v Giles Insurance Brokers Limited has at least reversed the trend of brokers' duties becoming more onerous with each reported case.

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Blog

Supreme Court clarifies continuing police disclosure obligations

Published on 19 September 2014.

The recent Supreme Court judgment in the case of R (on the application of Nunn) v Chief Constable of Suffolk Constabulary and another sheds further light on the continuing duty of the police and the Crown Prosecution Service to disclose information in criminal cases post-conviction.

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Blog

Supreme Court: Insurers counting the costs of negligent will drafting

19 September 2014

Insurers beware: where limited funds are available in an estate and there has been a dispute caused by solicitor negligence over a will then the usual 'loser pays' rule may not apply...

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Blog

SIPPs: FCA announces new capital framework

18 September 2014

SIPP Operators will be forced to hold an extra £18m in reserve capital under new rules outlined by the FCA last month.

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Blog

Claim for entrepreneurs' relief succeeds: Tribunal finds that the removal from the payroll did not end taxpayer's employment

17 September 2014

The First-tier Tribunal (Tax Chamber) (FTT) has decided in Corbett v HMRC[1] that removing a taxpayer from a company's payroll before a sale of that company did not end her employment for the purposes of claiming entrepreneur's relief.

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Blog

Turning the clock back

Published on 15 September 2014. By Alan Williams, Partner

A recent Court of Appeal decision[1] in a pensions' dispute provides a reminder of circumstances in which the English courts will allow a statement of case to be amended to bring a new claim which would otherwise be time barred.

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Blog

Slapdash SIPPs told to sharpen up by FCA

15 September 2014

SIPP Operators have repeatedly been in the headlines since the FCA completed its second thematic review in 2012.

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Blog

Slapdash SIPPs told to sharpen up by FCA

15 September 2014

SIPP Operators have repeatedly been in the headlines since the FCA completed its second thematic review in 2012.

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Blog

Tribunal rejects Ramsay argument and allows taxpayer's appeal in corporate bond case

12 September 2014

In Hancock & Hancock v HMRC[1] the First-tier Tribunal (FTT) has upheld the taxpayer's appeal against HMRC's decision ...

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Blog

Legal Lasers

12 September 2014

Building Information Modelling (BIM) is quickly becoming recognised as the future of design, construction and facilities management for new build projects. But what about existing buildings?

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Blog

Bank backs another winner in interest rate swaps saga – but is it luck or judgement?

11 September 2014

Despite their costly on-going review work and redress exercises, banks that sold interest rate swaps are still facing parallel court claims.

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Blog

Good or bad news on the flood insurance front?

11 September 2014

Increasingly severe flood events, climate change, new housing in flood plains, inadequate government spending on flood defences – these all point to increasing risk of flooding for more and more properties.

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Blog

Dividends under Solvency II

11 September 2014

As you will be aware, Solvency II will impose requirements as to the quality of the capital held by a firm. Core tier 1 capital is the best, and will typically be made up by ordinary share capital.

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