Search results
3999 results ordered by
What impact will the Employment Rights Bill have on the hospitality sector?
The Employment Rights Bill (the Bill) - championed as "the biggest upgrade to workers' rights in a generation" - introduces 28 individual employment law reforms. The key changes of relevance to the hospitality sector include the implementation of "day one" rights, including unfair dismissal protection, and the end of zero-hour contracts.
Read moreAcceptable levels of consumer harm – the FCA seek guidance in balancing risk with reward
The chief executive of the Financial Conduct Authority (FCA), Nikhil Rathi, has called for the UK government to define an 'acceptable level of consumer harm' in response to the government's demand for reduced regulations.
Read moreThe FCA reveals its new strategy for supervision of wholesale brokers
On 24 January 2025, the Financial Conduct Authority (FCA) published a portfolio letter setting out their new strategy for supervising wholesale brokers.
Read moreUndertakings and summary judgment
The recent decision in the case of Social Money Limited v Attwells Solicitors LLP [2024] EWHC 3288 (Ch) provides some interesting considerations on a number of matters relating to the giving of undertakings and attempts to seek to obtain summary judgment in that regard.
Read moreNavigating PRA's data request for crypto-asset exposure
On Dec. 12, the Prudential Regulation Authority issued a data request to identify firms' current and expected future crypto-asset exposures. In this blog, we discuss the request, and what implications may arise for financial institutions and their insurers.
Read moreGood reason or not? Court of Appeal clarifies rule on non-party access to court documents
The Court of Appeal has confirmed that a non-party does not have a right of access to documents on the court record by default (Derek Moss v The Upper Tribunal). Rather, the non-party must articulate a "good reason" for wishing to obtain the documents, by reference to the principle of open justice, explained in this blog.
Read moreProtecting commercial secrets: High Court allows redaction of documents for non-party access under CPR 5.4C
In WH Holding Ltd v E20 Stadium LLP [2024] EWHC 817 (Comm), the High Court examined the rights of non-parties to obtain copies of statements of case under CPR 5.4C. It decided that the appropriate balance between the interests of individuals and the public interest in the maintenance of open justice could be struck by the redaction of the monetary sums from the claim form should a non-party obtain a copy of the statement of case.
Read moreRegulators support government growth objective and aim to reduce regulatory burden
Since the general election, the new Labour government has been signalling its intentions for financial services as a key driver of its economic growth agenda and, following the Autumn Budget, HM Treasury launched a call for evidence which outlined the government's plans for its Financial Services Growth & Competitiveness Strategy (Strategy).
Read moreKey cyber developments: looking back over 2024
For the cyber market, 2024 brought with it many legislative and regulatory changes, as well as sophisticated cyber-attacks and ground-breaking law enforcement activity.
Read moreHMRC’s enquiry and correction powers
A key consultation on proposed reforms to HMRC’s enquiry and correction powers closed today. Dubbed the "Tax Administration Framework Review – New Ways to Tackle Compliance", this consultation is the latest in a series aimed at streamlining the UK’s tax system. The goal? To make it easier for taxpayers while enabling HMRC to allocate resources more effectively.
Read moreUpper Tribunal considers when a dividend becomes 'due and payable' for tax purposes
In HMRC v Gould [2024] UKUT 00285 (TCC), the Upper Tribunal dismissed HMRC's appeal and confirmed that an enforceable debt arises when a company pays an interim dividend to one shareholder but not another of the same class.
Read moreHMRC launches new R&D voluntary disclosure platform amid increased enforcement and compliance efforts
HMRC has introduced a new specialist research and development (R&D) voluntary disclosure platform. This development follows a surge in HMRC R&D compliance activity, including a number of high-profile raids and arrests. It is estimated that over £1 billion has been lost to the Exchequer in recent years due to speculative or fraudulent R&D claims, prompting HMRC to take decisive action.
Read moreRIAAT and retirement income advice – looking forward to 2025
Retirement income advice has been a particular focus of the Financial Conduct Authority in recent years. Looking forward into 2025, there are many challenges and risks facing firms in respect of their provision of retirement income advice.
Read moreFCA consults on new reporting obligations for (i) incidents and (ii) third party arrangements
On 13 December 2024, the FCA published consultation paper CP24/28 (the CP) on proposals for firms to report on operational incidents and, separately, on material third party arrangements. The CP mirrors similar proposals put forward by the PRA and Bank of England on the same day and is designed to align with current international standards (e.g. the EU Regulation on digital operational resilience (DORA)).
Read moreFormalities – not so formal?
In two cases – one recent, one not so recent – the High Court looked at and got around formalities; (1) to find a claim in time for limitation purposes by concluding that an agreement had been executed as a deed and (2) by rectifying a signature block so that an amendment to a pension scheme's rules took place as intended. These cases potentially show the courts taking a more lenient approach to formalities and may assist in professional negligence claims arising where documents are considered invalid for failing to follow relevant formalities.
Read moreSky trademark ruling suggests strategy tips for brands
In a judgment handed down in SkyKick UK Ltd. v. Sky Ltd. on Nov. 13, the U.K. Supreme Court held that various trademarks for "Sky" owned by Sky were partially invalid due to their having been filed in bad faith, on the basis that Sky lacked a genuine intention to use the marks in all the classes for which they had been registered.
Read moreLoan Charge regime - High Court strikes out taxpayers' Part 8 claims as abuse of process
In allowing HMRC's appeal, the High Court determined that the taxpayers' claims in respect of the Loan Charge should be struck out as an abuse of process.
Read moreAn update to the FCA's "polluter pays" framework – accountability for harm caused to consumers.
The Financial Conduct Authority (the FCA) has issued updated guidance on its "polluter pays" framework. In an update published on 14 January 2025, the FCA provided further information on the framework, which could lead to firms compensating consumers when they provide poor advice, products or services.
Read moreA guide to buying and selling English residential property
We are seeing increased positivity in the English residential property market. In 2024, inflation reached the Bank of England’s 2% target, down from 11.1% in 2022, which was a significant factor in the return of consumer confidence and economic growth. Mortgage rates are falling slightly with approval rates at their highest level since 2022 as buyers continue to respond to increased certainty post-election. Property values are again on the rise while demand continues to outstrip supply.
Read moreOmbudsman decision – clarifying liability where there are delays in the pension administration process
When delays occur in pension transfers, the implications for members can be significant—but how far does a provider’s responsibility extend? A recent determination by the Pensions Ombudsman in the case of Mr R offers important clarification. Whilst the Ombudsman recognised some administrative shortcomings, the decision reaffirmed that providers are not liable for all financial consequences arising from delays, particularly when those consequences result from a member’s own actions.
Read moreIs time up for the Shareholder Rule? High Court departs from the century-old principle
In a recent decision, the High Court departed from a century-old precedent in ruling that the so-called 'Shareholder Rule' – the principle that a company cannot assert privilege against its own shareholders save for communications regarding litigation between the company and the shareholder – does not exist in English law. Justice Picken, in making this departure, has significantly limited the circumstances in which a claimant shareholder may be able to obtain disclosure of privileged information.
Read moreUpper Tribunal allows taxpayers' appeals on 'deliberate' behaviour
In the Outram case, the Upper Tribunal overturned the First-tier Tribunal's decision concluding that it had erred in law when deciding that the taxpayers had deliberately filed an inaccurate return without considering the subjective knowledge and intention of the taxpayers concerned.
Read moreFOS complaints on the rise – is enough being done?
The Financial Ombudsman Service (FOS) has recently published its yearly complaint data, revealing that complaints regarding fraud, scams, current accounts and credit cards between July and September 2024 hit record levels, rising more than 50% compared to the same period in 2023. The data provides a breakdown of the areas where complaints appear to have increased the most.
Read moreThe Consumer Duty – a theme running through 2024 and one to continue for 2025
The Consumer Duty has made a lot of headlines this year and as we enter 2025 its unlikely to change anytime soon. The FCA continues to publish its findings as part of its review of firms' compliance with the Consumer Duty and its most recent publication addresses the FCA's findings when reviewing firms' approaches to complaints and root cause analysis. This publication again highlights good practices for firms and areas for improvement.
Read moreSanta Claus and Section 32 of the Limitation Act – a lot in common?
Section 32 of the Limitation Act 1980 has seen some focus in recent years and next year we could see an even sharper focus given its potential importance in the area of undisclosed commission cases dependent on the outcome of the appeal to the Supreme Court. A recent case rejecting a claimant's amendments to their pleadings on grounds they were out of time and s.32 did not save them provides a useful reminder of some of the guiding principles – but to start with what can we learn from Santa Claus when it comes to s.32.
Read moreCorporate transparency reforms: what comes next?
Last year, we reported on the impact of the Economic Crime and Corporate Transparency Act 2023 (the Act), which introduces the biggest changes to Companies House since corporate registrations were established in 1844. Companies House has now issued a transition plan for implementation of the Act, summarising the changes which have already been brought into effect and laying out Companies House's timing expectations for implementation of the remaining updates, including those relating to identity verification.
Read morePrivacy developments – looking back and looking forward
In this article, we give you a high-level snapshot of the key data protection and privacy developments in the UK and EU in 2024 as well as developments we anticipate for 2025.
Read moreWill the UK government's latest measures targeting promoters of tax avoidance and fraud be effective?
In this article, which is based on an article published in Issue 4 2024 of the British Tax Review, Adam Craggs considers whether the UK's latest measures targeting promoters of tax avoidance schemes and tax fraud will be effective.
Read moreRe KRF Services (UK) Ltd - A cautionary tale of a sole director and the Sanctions Regulations
The High Court recently handed down its decision in KRF Services (UK) Ltd [2024] EWHC 2978 (Ch), which provides a long-awaited decision to confirm that a sole director of a company with unmodified Model Articles can make decisions on behalf of the company regardless of how many directors it had in the past. The Court also held that making an administration application or order does not in principle breach The Russia (Sanctions) (EU Exit) Regulations 2019 ("Sanctions Regulations").
Read moreHigh Court overturns SRA intervention
A recent High Court decision saw the court overturn the SRA's intervention in a regulated law firm: only the second decision of its kind in 20 years.
Read moreFinancial Conduct Authority updates its perimeter report
On 9 December 2024, the Financial Conduct Authority ("FCA") published an updated version of its perimeter report, identifying investment trust cost disclosure and exclusions to regulated activities as new issues.
Read moreLessons from on high revisited: What does the recent International Entertainment Holdings coverage decision teach us about the approach to mistakes in insurance policies previously explored in George on High?
How should an insurance policy be applied when something goes wrong with the drafting of its terms? This article considers two recent cases with contrasting outcomes in which this question was explored, namely George on High Ltd & Anor v Alan Boswell Insurance Brokers Ltd & Anor [2023] EWHC 1963 (GOH v Alan Boswell) and International Entertainment Holdings & Others v Allianz Insurance PLC [2024] EWHC 124 (Comm) (IEH v Allianz).
Read moreAesthetic appeal and craftsmanship are not enough: WaterRower fails to secure copyright protection as a UK work of artistic craftsmanship
The term "artistic craftsmanship" has no statutory definition under UK copyright law – a position that has only been made more challenging by a conflict between EU and UK case law in this area. In this hotly anticipated judgment, the Intellectual Property Enterprise Court (IPEC) sought to determine what it means to be a work of artistic craftsmanship in the context of s 4(1)(c) of the Copyright Designs and Patents Act 1988 (CDPA).
Read moreCourt of Appeal Confirms Occupational Pensions Are Shielded from Creditor Claims
The Court of Appeal has recently held that occupational pensions are protected from injunctions requiring them to be made available to creditors for enforcement purposes in the judgment of Manolete v White [2024] EWCA Civ 1418.
Read moreLiquidator granted permission to disclose bank statements to an assignee to pursue a cause of action
The High Court has recently handed down its judgment in Asertis Ltd & Anor v Melhuish & Ors [2024] EWHC 2819 (Ch), granting permission for a liquidator, who had assigned his claims against former directors, to disclose bank statements obtained under section 236 of the Insolvency Act 1986 to the assignee.
Read moreKey takeaways from the Financial Ombudsman Service's Annual Report and Accounts for 2023-2024
The Financial Ombudsman Service (FOS) has published its Annual Report and Accounts for 2023-2024 (the Report) providing valuable insights into the trends and challenges faced by the financial services industry. It is important to understand these developments to proactively manage risks and ensure compliance.
Read morePreparing for an HMRC dawn raid
How to prepare for a dawn raid by HMRC under the authority of a search warrant issued under the Police and Criminal Evidence Act 1984 (PACE), enabling them to enter and search premises to investigate suspected tax fraud.
Read moreFCA gets head start on setting Consumer Duty new year resolutions
The Financial Conduct Authority (FCA) has published their priorities under the Consumer Duty for the remainder of the 2024/2025 financial year.
Read moreThe EU's Cyber Resilience Act: 10 on the 10
Today the EU's Cyber Resilience Act (Regulation (EU) 2024/2847) ('CRA') enters into force. The CRA recognises that the continuously evolving world of smart products is frequently challenged by vulnerabilities which can potentially lead to cyber-security incidents. Whilst most of the Act's obligations will not be applicable until three years from now, 10 December is the day when the EU takes a big step towards it's ten-year Cybersecurity Strategy. To mark the occasion, we have outlined ten key points that entities in scope must be aware of in preparation for compliance with the CRA.
Read moreCompeting interests – phase two of the 'Name and Shame' proposal
On 28 November, the Financial Conduct Authority (FCA) released phase two of their consultation regarding proposals to publicise enforcement investigations, outlining the changes they propose to this so-called 'Name and Shame' proposal.
Read moreTribunal strikes out HMRC's application for a tax-related information notice penalty against Paul Baxendale-Walker
In Paul Baxendale-Walker v HMRC [2024] UKUT 00154 (TC), the Upper Tribunal granted an application by the taxpayer, under Rule 8(3)(c) of the Upper Tribunal Procedure (Upper Tribunal) Rules 2008, to strike out HMRC's application seeking a tax-related information notice penalty pursuant to paragraph 50 of Schedule 36, Finance Act 2008.
Read moreExclusive means exclusive: High Court decides that English courts have jurisdiction in Italian swaps dispute
Read moreFinancial Conduct Authority to hold roundtable discussion with IFAs to test simplified advice
On 15 November 2024, the Financial Conduct Authority ("FCA") published a feedback statement setting out the responses received on the Advice Guidance Boundary Review and what approach they will take on the proposed targeted advice and simplified advice regimes going forwards.
Read moreFCA sets out its strategy for 2025-2030
The FCA published a speech on 26 November 2024 by Emily Shepperd, FCA Chief Operating Officer, setting out the FCA's strategy for 2025 to 2030. The FCA's focus will be on economic growth and innovation, financial crime, consumer resilience, and how they can become a more efficient and effective regulator.
Read moreOakwood Solicitors Ltd v Menzies – Supreme Court decision on 'payment' of solicitors' bills
In their recent Judgment in Oakwood Solicitors Ltd v Menzies [2024] UKSC 34 the Supreme Court overturned the Court of Appeal decision. The Supreme Court held that deducting fees, payable under a statutory bill, is not a 'payment' within the meaning of section 70 Solicitors Act 1974 (the Act); even when deducted with the client's knowledge and consent.
Read moreCourt of Appeal considers HMRC's CIS powers and allows taxpayers' appeals
In Beech Developments (Manchester) Ltd & Ors v Commissioners for His Majesty's Revenue and Customs [2024] EWCA Civ 486, the Court of Appeal allowed the taxpayers' appeals, finding that HMRC does have power to issue a direction under Regulation 9(4) of the Construction Industry Scheme Regulations, where the same amount has been subject to a regulation 13 determination.
Read moreFCA reveals crypto regulation roadmap as ownership continues to surge.
With public ownership and awareness of crypto on the rise, the Financial Conduct Authority (FCA) announces its roadmap to making crypto a fully regulated asset class by 2026.
Read moreNew Data (Use and Access) Bill
What does the new Data (Use and Access) Bill (the Data Bill) mean for businesses?
Read moreTribunal finds insufficiency in taxpayer's return was not brought about "deliberately"
In allowing the taxpayer's appeal, the First-tier Tribunal determined that an insufficiency in his return was not brought about deliberately.
Read moreStay connected and subscribe to our latest insights and views
Subscribe Here