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BHS directors ordered to pay over £100m in respect of trading misfeasance redress
On 19 August 2024, the High Court handed down its quantum decision in Wright v Chappell [2024] EWHC 2166 (Ch), which for the first time sets out the method for quantifying loss relating to "trading misfeasance" claims.
Read moreFCA market study into protection product commissions
The Financial Conduct Authority (FCA) has announced a market study into the commission structure associated with protection products. It aims to assess whether the commissions paid to advisors for recommending such products deliver value for money and ensure positive outcomes for consumers. The study will be launched later this year.
Read morePensions Ombudsman publishes corporate plan 2024/25
The Pensions Ombudsman (TPO) has recently released its Corporate Plan for 2024/25 which sets out key priorities aimed at addressing the increasing demand for its services and the challenges that come with it.
Read moreTribunal allows taxpayer's appeal in part in case concerning deliberate and/or careless errors
In Shaun Harte v HMRC [2024] UKFTT 00493 (TC), the First-tier Tribunal reduced HMRC's assessments to income tax, penalties and VAT. It also considered HMRC's application of the 'presumption of continuity' in relation to deliberate and/or careless errors.
Read moreAGA Saga – AGA retrofitter liable for trade mark infringement, but Lifestyle Equities saves director from joint tortfeasorship
In AGA Rangemaster Group v UK Innovations Group, [2024] EWHC 1727 (IPEC), AGA Rangemaster UK Ltd (AGA), brought a successful claim against UK Innovations Group Ltd (UK Innovations) and its director Michael McGinley for trade mark infringement in relation to their marketing and sales of AGA cookers that had been "retrofitted" with electrifying control panels, using UK Innovations' specialised "eControl System".
Read moreGovernment Details Scope for 'Phase One' of Pensions Review
The Government has published its 'terms of reference' for phase one of its wide-ranging review into the UK pensions industry. This development is relevant to those working in the pension industry (actuaries, lawyers, administrators and investment consultants) as well as pension scheme trustees and, with that, their PTL insurers.
Read moreW&I insurance: Key lessons from recent case law
Recent case law has highlighted the importance of understanding how a buyer on a share or asset sale has valued the target business and the clear drafting of exclusions. This blog considers the key takeaways for both warranty and indemnity (W&I) insurers and insureds.
Read moreContentious Tax August 2024
Contentious Tax Quarterly Review - Adam Craggs and Harry Smith examine developments in relation to open justice, access to pleadings and the taxation of carried interest.
Read moreICO Processor fine – the ICO's approach to assessing technical standards and its impact
The ICO recently confirmed its provisional decision to fine Advanced Computer Software Group £6.09 million following a data breach that it suffered in 2022.
Read moreSRA introduces new rules to restrict fees recoverable in financial mis-selling claims
The SRA has taken steps to bring law firms and CMCs into line through the introduction of a cap on fees solicitors are able to recover from their clients when acting on their behalf in relation to financial mis-selling claims.
Read moreMyth busting and moving the dial in DEI
This article is a summary of a session delivered by Kelly Thomson (Partner, Employment, Engagement & Equality and ESG Strategy Lead at RPC) and Rachel Pears (Head of Responsible Business at RPC), at the second Annual D&I Conference, in partnership with the British Retail Consortium (BRC). During this particular session, common myths and misconceptions surrounding Diversity, Equity and Inclusion (DEI) were discussed and different sides of various issues were dissected, drawing out the nuances of seemingly polarised positional statements. Below, we address a handful of these myths, offering a balanced perspective on the complexities of DEI and exploring how to drive meaningful progress in our organisations.
Read moreAPPY result in infringement and invalidity proceedings relating to "Builder" trade marks for app-building software
In Engineer.AI Global Ltd v Appy Pie Ltd, HHJ Melissa Clarke held that the claimant's registered trade marks for BUILDER (and variations thereof) for app-building software were partially invalid and not infringed by the defendants. This decision also provides a useful summary of the law on the key principles of trade mark disputes and also a look at targeting, trade marks relating to AI and the costs capping regime in the IPEC.
Read moreConstruction and Engineering Law 2024
We are delighted to have contributed once again to ICLG's Construction and Engineering Law guide for 2024. The comprehensive guide delves into the multifaceted world of construction and engineering law, providing an essential reference for understanding and comparing the handling of common legal challenges across various jurisdictions.
Read moreUpper Tribunal confirms that anti-abuse provision in UK/Ireland double tax treaty did not apply
In HMRC v Burlington Loan Management DAC [2024] UKUT 152 (TCC), the Upper Tribunal held that the anti-abuse rule in the UK/Ireland double tax treaty did not apply to deny the withholding exemption, when a Cayman Islands company assigned the benefit of a debt to an Irish company.
Read moreFinal UK listing rules: modified transfer process for issuers in transition category
On 11 July 2024, the FCA published the final UK Listing Rules (UKLR) which came into effect on 29 July 2024 (Implementation Date). The UKLR are broadly in line with the FCA's previous proposals.
Read moreNavigating the advice-guidance boundary continued...
In December 2023, the FCA released a Policy Paper (the Paper) which included its proposals for closing the gap between 'holistic advice' and 'information and guidance'. The intention was to "smooth the cliff edge between holistic advice and information and guidance to create a continuum of support." Recent reports indicate that the FCA will shortly be announcing its plan to address this gap.
Read moreGenerating competition: What is driving competition regulators to focus on AI?
It would be an understatement to say that AI has grown in popularity for businesses and consumers alike and this evolving technology is now expected to contribute an eye-watering $15.7 trillion to the global economy by 2030.
Read moreConstruction disciplinary trends analysis #3: fraud and dishonesty
This article is the third instalment in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.
Read moreFurther welcome news from the FCA – this time on co-manufacturing
Following on from our earlier blog, our review of the FCA's 'Discussion Paper' (DP24/1) continues, this time considering the rules relating to co-manufacturers of insurance products.
Read moreUpper Tribunal confirms it’s the end of the road for HMRC's "fishing expedition"
In the recent Hitchins case, the Upper Tribunal confirmed that it was the end of the road for HMRC's "fishing expedition" and ordered it to close its enquiries.
Read moreSupply chain sustainability: new rules, new risks
On 25 July 2024, the EU's new flagship supply chain law, the Corporate Sustainability and Due Diligence Directive (CSDDD), came into force.
Read moreThe BSPS saga: the redress scheme two years later
The Financial Conduct Authority (FCA) has reported that fewer than one third of former British Steel Pension Scheme (BSPS) members deemed to have received unsuitable advice to transfer out have actually received redress following the introduction of the redress scheme under s.404 of FSMA. Of the £49m the FCA anticipated would be paid out through the scheme (this of itself being a revised figure), only £8.7m has so far been paid out to affected members.
Read morePotential deregulation and a pragmatic approach to commercial insurance – welcome news from the FCA
The FCA has published a 'Discussion Paper' (DP24/1) seeking feedback on its rules on commercial insurance including in respect of the types of commercial customers in-scope, co-manufacturing of products and bespoke insurance products.
Read moreThe road lengthens for vehicle finance complaints - FCA consults on extending timeframes further
The FCA has published a consultation paper inviting discussion on a further extension to complaints handling rules for motor finance complaints. This comes as a result of the FCA admitting that it will not be able to set out the next steps they intend to take in this area by the anticipated deadline of 24 September 2024.
Read moreClosure notices and the appeals process
In this article we consider the process by which a taxpayer can bring a protracted HMRC enquiry to and end and appeal against a closure notice issued by HMRC.
Read moreA round-up of Ofcom's Children's Harms consultation
Ofcom's consultation on children's harms under the Online Safety Act (OSA) recently closed. It is the second of four key consultations under the OSA and follows the consultation on illegal harms duties published in October last year. We explore what Ofcom's guidance may mean for in-scope service providers.
Read moreSRA consults the legal sector on proposed changes to their fining framework
The SRA is conducting a consultation from the 28 June to 20 September 2024 on their proposed changes to the SRA Fining Guidance. The regulator is seeking feedback in response to the new unlimited fining powers granted under the Economic Crime and Corporate Transparency Act (ECCTA 2023).
Read moreMcDonald's BIG MAC trade mark – General Court gives decision on evidence of genuine use
In a decision that, practically, provides for only a tiny loss of protection for the behemoth brand and trade mark, on 5 June 2024 the European General Court (General Court) partially revoked McDonald's BIG MAC trade mark (the EUTM) in the EU (Supermac's (Holdings) Ltd v EUIPO (Case T 58/23)).
Read moreRight language, right place: What King Trader can teach us about the placement of language within insurance policy wordings
The recent High Court judgment of MS Amlin Marine NV on behalf of MS Amlin Syndicate AML/2001 -v- King Trader Ltd & others (Solomon Trader) [2024] EWHC 1813 (Comm) is the latest in a string of recent decisions that shine a light on the construction of insurance policy wordings.
Read moreThe High Court continues interim anti-harassment injunction
At a return date hearing on 12 July 2024, Aidan Eardley KC (sitting as a Deputy High Court Judge) continued until trial or further order an anti-harassment injunction granted to prevent the Defendant from, amongst other things, approaching or contacting the Claimant.
Read moreHNWs: Understanding HMRC's Offshore Information Gathering Capabilities
Wealthy individuals have long been the focus of a substantial part of HMRC’s compliance activities, but a difficult economic climate together with a looming general election and possible change of government is likely to lead to even greater scrutiny of HNWs by HMRC in the short term.
Read more"Let form follow function" in insurance policy drafting: Technip, Project Angel and … the Bauhaus?
The Bauhaus is a fascinating art movement that emerged in Germany from the dying embers of the first world war. Showing up in architecture and product design primarily, at its heart were the principles of simplicity and usefulness and the imperative to create beautiful things through purposeful utilitarianism. A now ubiquitous phrase, that is a lasting legacy of the Bauhaus, underpinning many fundamental design ideas is this: "let form follow function".
Read moreThe EU's Green Claims Directive
The EU's proposed Green Claims Directive (GCD) sets out expansive new rules for companies making green claims in the EU.
Read moreTribunal refuses HMRC's application for specific disclosure from taxpayer
In Coopervision Lens Care Ltd v HMRC [2024] UKFTT 00351 (TC), the First-tier Tribunal (FTT) refused HMRC's application for specific disclosure finding that the order sought by HMRC was unclear, disproportionate and inappropriate in the circumstances.
Read moreHigh Court permits enforcement of foreign judgment in crypto recovery case
Tai Mo Shan Ltd v. Persons Unknown [2024] EWHC 1514 (Comm)
Read moreNo objection: When is a party barred from challenging jurisdiction where it continues in the arbitration?
The High Court has provided invaluable guidance on the factors that it will consider when determining when a party is barred from challenging jurisdiction under s. 67 of the Arbitration Act 1996 (the Act) by failing to raise an objection while continuing to take part in the arbitration.
Read moreEmbracing digital change: the new reporting functions for the Financial Reporting Council
The Financial Reporting Council (FRC) has announced two new functions, to better understand its existing market intelligence and to deliver on UK growth and competition. However, following the King's speech this week, and with the industry expecting a new, more powerful regulator in the Audit, Reporting and Governance Authority (ARGA) under this new Labour government, are these new functions simply a steppingstone to wider auditing reform?
Read moreWhat might the new Labour government mean for UK business?
On 4 July 2024, the Labour party won a landslide general election victory – its first since 2005. In the run up to the election, Labour billed itself as the party of "wealth creation", with Keir Starmer hailing this his "number one mission." Starmer stated that his plan for growth was “pro-worker and pro-business”.
Read moreTribunal confirms no tax due on disposal of property held on trust for taxpayer's brother
In Raveendran v HMRC [2024] UKFTT 273 (TC), the First-tier Tribunal allowed the taxpayer's appeal against HMRC's discovery assessment in relation to the disposal of a property because it was held on trust for his brother.
Read moreThe Supreme Court clarifies the law on the recovery of damages for non-pecuniary damage arising out of a maliciously false statement
The Claimant was an employee of the second defendant, LCA, a recruitment agency owned and operated by the first defendant. After leaving LCA, the Claimant was employed by another recruitment agency and began targeting LCA's clients. LCA's owner told two third parties, one of whom was the Claimant’s new line manager and the other a client of LCA, that by doing this the Claimant was in breach of her contract of employment with LCA. In fact, there was no term of that contract (as the owner of LCA knew) which prohibited the claimant from soliciting business from LCA’s clients.
Read moreEmployer lessons from teacher's menopause bias win
On May 31, a Scottish employment tribunal made its decision in Allison Shearer v. South Lanarkshire Council and awarded a teacher over £60,000 ($77,829) for disability discrimination and unfair dismissal, following her dismissal for ill health after a period of long¬term sickness absence.
Read moreAI in Construction
There is a lot of discussion around Artificial Intelligence ("AI") and its application to industry. We have considered what AI is, the benefits and risks, how it fits into the construction industry, the effect on insurers and what the future holds.
Read moreThe What, the How, and the Responsibility – Liability of Principals for actions of Appointed Representatives under FSMA s39
The Court of Appeal has recently affirmed the views of the lower court on the liability of principals for their appointed representatives' actions in KVB Consultants Limited v Jacob Hopkins McKenzie Limited and others.
Read moreTribunal confirms loans from remuneration trust were disguised remuneration
In allowing HMRC's appeal in part, the Upper Tribunal determined that payments received under a remuneration trust scheme were caught by the anti-avoidance provisions in Part 7A of the Income Tax (Earnings and Pensions) Act 2003.
Read moreFCA Review of Consumer Duty Outcomes Monitoring Across the Insurance Industry
In this blog we take a look at the FCA's recent review of Consumer Duty outcomes monitoring across the insurance sector.
Read moreUK government updates NSIA market guidance and statement on call-in powers
Recent developments such as the removal of Huawei from the UK's 5G networks and President Biden's 2023 executive order on outbound investment in sensitive technologies have brought into focus potential national security risks arising from global trade and investment.
Read moreCrypto damages quantification: valuation at the date of breach or date of judgment?
In Southgate v. Graham [2024] EWHC 1692 (Ch), the High Court addressed an appeal from the County Court concerning inter alia the appropriate date for assessing damages in a cryptocurrency loan dispute. Initially, the County Court determined that the damages should be based on the cryptocurrency's fiat value at the breach date. Due to the volatility of the cryptocurrency, this decision would have resulted in significantly lower fiat damages award than if the valuation were based on a later date. The High Court allowed the valuation date part of the appeal, directing a further hearing to establish the appropriate date.
Read moreThe Corporate Sustainability Due Diligence Directive expert briefing
The Corporate Sustainability Due Diligence Directive (CSDDD) was adopted on 24 May 2024 and was published in the Official Journal of the EU on 5 July. It entered into force on 26 July, and will apply to companies from 26 July 2028.
Read moreAI in auditing: Embracing a new age for the profession
Artificial Intelligence (AI) is a rather new concept for many (ignoring those versed in 80’s Sci-Fi movies); it’s something many don’t know much about and certainly don’t use in our day-to-day lives (or at least appreciate we are using). However, that’s not the case for everyone. Auditors have long been reaping the benefits of AI, but are auditors just scratching the surface of what AI can offer and what impact will an increased use have on their insurance requirements and claims they face?
Read moreWhat does a new Labour government mean for the management liability market?
We have a new government and the first Labour government for 14 years. What does it mean for the management liability market? We look at what Labour has promised and with that the areas those in the market will want to consider across directors and officers, employment liability and pensions.
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