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Financial CrimeCast: Fidelis Omozuapo

Published on 19 Jan 2021.

Welcome to Financial CrimeCast. In this series, the Centre for Legal Leadership, supported by RPC, talks to leaders in the field of financial crime, compliance and ethics. Guests discuss their career journey, what they have learnt along the way and the financial crime issues they see on the horizon.

Regulatory update - December 2020

Published on 17 Dec 2020.

Welcome to the December edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators – to help you navigate the regulatory maze.

Financial CrimeCast: Lucille Dolor

Published on 14 Dec 2020.

Welcome to Financial CrimeCast. In this series, the Centre for Legal Leadership, supported by RPC, talks to leaders in the field of financial crime, compliance and ethics. Guests discuss their career journey, what they have learnt along the way and the financial crime issues they see on the horizon.

Financial CrimeCast: Andy McClarron

Published on 03 Dec 2020.

Welcome to Financial CrimeCast. In this series, the Centre for Legal Leadership, supported by RPC, talks to leaders in the field of financial crime, compliance and ethics. Guests discuss their career journey, what they have learnt along the way and the financial crime issues they see on the horizon.

Financial CrimeCast: Amanda Pinto QC

Published on 26 Nov 2020.

Welcome to Financial CrimeCast. In this series, the Centre for Legal Leadership, supported by RPC, talks to leaders in the field of financial crime, compliance and ethics. Guests discuss their career journey, what they have learnt along the way and the financial crime issues they see on the horizon.

Is the current law on corporate criminal liability about to get more teeth?

Published on 05 Nov 2020.

On 3rd November 2020, the Government published its long-awaited response to its January 2017 call for evidence on the question of reforming the law on corporate liability for economic crime. The Government found the evidence inconclusive overall, so it has asked the Law Commission to draft an Options Paper, to assess how effective the current law is relating to corporate criminal liability and where improvements can be made.

New SFO guide to DPAs: material change, or confirmation of approach?

Published on 28 Oct 2020.

Last week, the Serious Fraud Office (SFO) published a comprehensive guide to its approach to Deferred Prosecution Agreements (DPAs).

Regulatory update - October 2020

Published on 22 Oct 2020. By Gavin Reese, Partner, Head of Regulatory

Welcome to the October edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators – to help you navigate the regulatory maze.

UKCA Marking: Updated Guidance

Published on 16 Sep 2020. By Gavin Reese, Partner, Head of Regulatory and Elinor Sidwell, Associate

As the end of the Brexit implementation period draws closer, the UK Government has sought to clarify the changes that will follow. On 1 September 2020 they published the long-awaited guidance on the use of UKCA marking following the withdrawal of the previously issued advice earlier this year.

Regulatory update - August 2020

Published on 21 Aug 2020. By Gavin Reese, Partner, Head of Regulatory

Welcome to the August edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators – to help you navigate the regulatory maze.

Reform of audit industry: it's time to split

Published on 28 Jul 2020. By Davina Given, Partner

Audit has been the subject of intense scrutiny over the past few years in the wake of a series of high-profile business collapses such as Carillion, Patisserie Valerie and Thomas Cook in the UK and, more recently, Wirecard in Germany, and there is no shortage of calls for reform of the audit industry.

Medical Devices Regulation on the horizon

Published on 09 Jul 2020.

The EU Regulation on Medical Devices 2017/745 (the MDR) had been due to become fully applicable on 26 May 2020.

Audit market: From recommendations to reforms

Published on 09 Jul 2020. By Davina Given, Partner

The Brydon Report on audit quality and effectiveness was released on 18 December 2019. The Report sets out recommendations for “urgent reform” in order to increase public confidence and seek to prevent unnecessary corporate failures.

SMCR: The tricky implementation phase

Published on 09 Jul 2020.

The Senior Managers and Certification Regime (SMCR) came into force for all financial services firms solo-regulated by the Financial Conduct Authority (FCA) on 9 December 2019. The SMCR replaces the previous APER regime under which the FCA had oversight of the individuals working in the financial services industry. There is a one year implementation period for firms to make the changes required by the SMCR, which expires on 9 December 2020.

Regulatory Radar 2020/21

Published on 09 Jul 2020.

Welcome to the 2020/21 edition of RPC’s annual Regulatory Radar – a guide to the key regulatory changes worth having on your radar. We hope this will be a useful resource, helping you scan the regulatory horizon and highlight changes that could impact your business.

Regulatory update - June 2020

Published on 26 Jun 2020. By Gavin Reese, Partner, Head of Regulatory

Welcome to the June edition of our monthly Regulatory Update, which aims to pull together key developments from the past month across the various UK regulators – and help you to navigate the regulatory maze.

COVID-19: The Dairy Sector and Welsh health services granted temporary UK competition law exemptions and the European Commission issues first 'Comfort Letter' to Pharmaceutical Manufacturers

Published on 01 Jun 2020. By Melanie Musgrave, Of Counsel

The UK Government has granted a temporary competition law exemption for certain collaboration within the dairy sector and Welsh health services and the European Commission has published its first 'comfort letter' to allow co-operation to ensure supplies of medicines for COVID-19 patients.

Regulated Activities Order amendments for the new Bounce Back Loan Scheme

Published on 05 May 2020.

On 1 May 2020, the Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020 was published and came into force on 4 May 2020.

Regulatory Roundup Q1 2020

Published on 30 Apr 2020. By Gavin Reese, Partner, Head of Regulatory

Welcome to the Spring edition of the Regulatory Roundup, which aims to pull together the key developments across regulatory regimes – and help you to navigate the maze.

COVID-19: What is the CMA's current approach to UK merger assessment?

Published on 29 Apr 2020. By Melanie Musgrave, Of Counsel

The CMA has been adapting its working practices to react to the ongoing challenges of a change in working environment that has an impact on almost all businesses.

COVID-19: Coronavirus and Competition Law - The Current Enforcement Scene

Published on 06 Apr 2020. By Melanie Musgrave, Of Counsel

COVID-19: CMA provides guidance to business on its approach to co-operation in response to the pandemic

Published on 01 Apr 2020. By Melanie Musgrave, Of Counsel

Businesses, which do not benefit from the specific competition law exemptions granted by the Secretary of State (in the groceries, Solent Ferries and healthcare services sectors), may co-operate without fear of enforcement action by the Competition and Markets Authority (the "CMA"), provided that this co-operation is undertaken "solely to address concerns arising from the current crisis and does not go further or last longer than what is necessary".

Key regulatory guidance following COVID-19 pandemic

Published on 27 Mar 2020. By Gavin Reese, Partner, Head of Regulatory

As the world tackles the COVID-19 pandemic, the UK’s Regulators have published a host of useful guidance that firms should take good note of during this period of uncertainty. While not an exhaustive list, we hope this summary highlights the key obligations and requirements currently being brought in by the Regulators.

Regulatory update - March 2020

Published on 27 Mar 2020. By Gavin Reese, Partner, Head of Regulatory

Welcome to the March edition of our monthly Regulatory Update, which aims to pull together key developments from the past month across the various UK regulators – and help you to navigate the regulatory maze.

Regulatory update - February 2020

Published on 13 Feb 2020.

Welcome to the February edition of our monthly Regulatory Update, which aims to pull together key developments from the past month across the various UK regulators – and help you to navigate the regulatory maze.

Regulatory update - January 2020

Published on 15 Jan 2020.

Welcome to the January edition of our monthly Regulatory Update, which aims to pull together key developments from the past month across the various UK regulators – and help you to navigate the regulatory maze.

Regulatory update - December 2019

Published on 11 Dec 2019.

Welcome to the December edition of our monthly Regulatory Update, which aims to pull together key developments from the past month across the various UK regulators – and help you to navigate the regulatory maze.

Regulatory update - November 2019

Published on 11 Nov 2019.

Welcome to the November edition of our monthly Regulatory Update, which aims to pull together key developments from the past month across the various UK regulators – and help you to navigate the regulatory maze.

Regulatory update - October 2019

Published on 10 Oct 2019. By Gavin Reese, Partner, Head of Regulatory

Welcome to the October edition of our monthly Regulatory update, which aims to pull together key developments from across the various UK regulators – and help you to navigate the regulatory maze.

Rising to the challenge, how insurers will adapt in 2025

Published on 14 Jan 2025. By Simon Laird, Partner, Insurance Sector Lead

The global insurance industry is on the brink of transformation as geopolitical tensions, accelerating AI adoption, and escalating climate crises converge to create a perfect storm in 2025. From navigating a volatile economic landscape to addressing emerging risks in cyber and ESG, insurers face a year of unparalleled complexity and opportunity.

Annual Insurance Review 2025

Published on 14 Jan 2025. By Simon Laird, Partner, Insurance Sector Lead and Robert Morris, Partner and Toby Higginson, Partner, Co-head of Clients and Markets (Insurance)

With the Christmas and New Year festivities already becoming a blur in the rear-view mirror, what better way to blow away the few remaining cobwebs and see-off the January blues than to immerse yourself in RPC's Annual Insurance Review 2025.

Medical Malpractice

Published on 14 Jan 2025. By Dorothy Flower, Partner and Sian Morgan, Partner

2024 has seen an increase in the number of physician associates (PAs) working across the medical sector (NHS and private). Employment of PAs is considered a fast and cost-effective method of addressing workforce shortages and ever-growing healthcare demands. In June 2022, there were 1300 PAs in England and Wales, rising to over 3,300 by June 2024. The numbers are expected to increase.

Pensions

Published on 14 Jan 2025. By Iain Anderson, Partner and Toby Savage, Partner

A key development in 2024 has been the Court of Appeal's ruling in Virgin Media v NTL Pensions Trustees II Ltd [2024] EWCA Civ 843, which has significant implications for contracted out final salary pension schemes. The court confirmed that any amendments affecting guaranteed minimum in these schemes must be accompanied by a so-called Section 37 actuarial conformation. Without this confirmation, the amendment is deemed void, regardless of whether such confirmation would have been granted had it been sought at the time of the amendment.

Political Risk and Trade Credit

Published on 14 Jan 2025. By Naomi Vary, Partner and Robert Morris, Partner and Iain Anderson, Partner

For the previous two years we have started our review with commentary on the war in Ukraine and, unfortunately, its continuation means we are obliged to do so again. Last year we indicated that positions were entrenched, but as we head into 2025 it appears Ukraine's prospects are becoming gloomier. Support from the United States is likely to be less forthcoming under the new presidency and if there is still territory to be gained it is likely Russia will take advantage of this. Accordingly, underwritten assets deeper into western Ukraine are increasingly becoming at risk of the types of losses seen across the market for the last couple of years.

Procedure, Damages and Costs

Published on 14 Jan 2025. By Jonathan Wyles, Of Counsel

Alternative Dispute Resolution received a boost in 2024, when the Civil Procedure Rules were amended to expressly empower the court to order ADR. These changes follow the December 2023 judgment in Churchill v Merthyr Tydfil [2023] EWCA Civ 1416, in which the Court of Appeal concluded that it was lawful for the court to order parties to engage in ADR, provided the process does not interfere with the parties' access to a judicial determination.

Property and business interruption

Published on 14 Jan 2025. By Jonathan Wyles, Of Counsel

Technip Saudi Arabia Limited v The Mediterranean & Gulf Insurance and Reinsurance Co. (MedGulf) [2024] EWCA Civ 481 concerned a dispute over coverage for a claim by Technip under its construction all risks policy with MedGulf written on an amended WELCAR wording. The claim arose from damage to a wellhead platform offshore of Saudi Arabia caused by a tug. The tug was chartered by Technip, who had contracted with the wellhead's owner, KJO, an unincorporated joint venture.

Restructuring & Insolvency

Published on 14 Jan 2025. By Finella Fogarty, Partner, Head of Restructuring & Insolvency and Paul Bagon, Partner

2024 has seen one of the most significant insolvency cases in recent years. In June, Justice Leech handed down his judgment on the claim brought by the liquidators of BHS against certain of its former directors for wrongful trading and misfeasance. This judgment is likely to have important consequences for the D&O market.

Technology

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

There have been a range of court judgments in recent years concerning the interpretation and scope of contractual clauses intended to limit liability.

Surveyors

Published on 14 Jan 2025. By Alexandra Anderson, Partner and Katharine Cusack, Partner and Felicity Strong, Partner and Ben Goodier, Partner

The previous UK Government set a legally binding 'net zero' target to reduce the UK's net emissions by 100% by 2050 compared with 1990 levels. In the UK, an estimated 25 million homes require a form of energy improvement. In response to this target, the new residential retrofit standard was launched in March 2024 and came into full effect on 31 October 2024.

Toxic Torts and Legacy Exposures

Published on 14 Jan 2025. By Lucy Dyson , Partner

As predicted in last year's review, PFAS/ forever chemicals continued to dominate the toxic tort stage during 2024, with litigation rapidly expanding outside of the USA.

Middle East & Africa

Published on 14 Jan 2025. By Toby Savage, Partner and Alex Almaguer, Partner, Head of Latin America and William Jones, Of Counsel

In our last Annual Insurance Review, we predicted strong growth in the renewable energy sector in the Middle East, with solar and wind energy expected to play a major role in increasing the region's energy capacity, alongside a rise in investment and infrastructure development throughout 2024.

Warranty & Indemnity

Published on 14 Jan 2025. By Dorothy Flower, Partner and Sian Morgan, Partner

We predicted last year that 2024 would see deal volumes increase, owing to improving market conditions. Indeed, a pullback in inflation (and stabilisation of the cost of capital) has led to a rising M&A market, with notable growth among larger deals. Among European markets, the UK has been particularly active, reflecting perceived political stability following the decisive general election result (2024 was a bumper year for elections, too).

Australia

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

It was a case of 'another year; another tough economic outlook' in Australia. Wafer-thin economic growth, cost of living pressure, higher than forecasted inflation, flatlining productivity and decade-high interest rates, combined with non-economic concerns around climate change, social inflation and cyber risk, has left the insurance industry with a smorgasbord of uncertainties to balance.

Asia

Published on 14 Jan 2025. By Carmel Green, Partner and Antony Sassi, Managing Partner and Iain Anderson, Partner and Rebecca Wong, Partner

As the soft market continues, insurance premiums in Asia have consistently declined across all major product lines during Q1-Q3 due to increased competition and challenging economic conditions.

USA

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

In this chapter of our Annual Insurance Review 2025, we look at the main developments in 2024 and expected issues in 2025 for the USA.

Canada

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

Canada faced significant challenges in 2024, with slow economic growth and a strained judicial system. Looking ahead to 2025, professional liability and construction claims are likely to remain on the rise, while the upcoming Canadian election could result in significant regulatory changes.

Netherlands

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

In a class action brought by ‘Stichting Fossielvrij’ against KLM concerning greenwashing, the Court of Amsterdam ruled on 24 March 2024 that several of the advertisements run by KLM were misleading and therefore unlawful. The public attention for the harmful effects of PFAS also continued. In April 2024 eleven interest groups (including firemen, military personnel and residents living near airports) commenced a lawsuit against the Dutch State, asking the State to take faster measures to curb both the emissions and spread of PFAS. The lawsuit also calls for improved monitoring and quicker enforcement. Further developments will likely take place in 2025.

Latin America

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

The Latin American insurance market witnessed remarkable growth in 2024, reflected in an increase in product sophistication and robust premium growth. This is due to the continued economic growth in different countries, which has led to Latin America becoming one of the fastest-growing regional insurance markets in the world.

D&O

Published on 14 Jan 2025.

2024 highlighted the importance of a directors' duty to consider or act in the interests of creditors where a company is insolvent or bordering on insolvency. The claim brought by the liquidators of BHS Group against certain of its former directors following the group's collapse into insolvency in 2016 saw the first time where a court held company directors guilty of "misfeasant trading". The directors were held to have not considered the creditors' interests before entering into an onerous and expensive secured loan which would exhaust the group's assets if it could not be repaid. The directors were therefore found to have acted against their statutory duties by entering into the loan instead of the group going into administration.

Brokers

Published on 14 Jan 2025. By Daniel Charity, Associate

The claims inflation seen in the market over recent years continues to pose a significant risk in relation to underinsurance, putting brokers at risk of negligence claims where an insured finds its cover insufficient to compensate for its losses. Industry research indicates that over 40% of commercial properties are underinsured, and claims managers are increasingly having to have difficult conversations with underinsured property owners. The impact of underinsured losses can be catastrophic for customers, particularly when policies contain average clauses. Insufficient property damage cover can also lead to longer business interruption periods, which are also not adequately insured. Brokers are playing a crucial role in seeking to tackle the underinsurance crisis and should continue to have frank discussions with clients and provide detailed advice on the implications of underinsurance in the event of a claim, including the application of average clauses.