Professional and financial risks

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Lawyers Covered - September 2023

Published on 28 September 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Cheryl Laird, Senior Associate and Ruth Lancaster, Senior Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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SRA fining powers – putting the SDT out of business?

Published on 29 August 2023. By Graham Reid, Partner and Tom Wild, Senior Associate

The SRA is on a mission to increase its powers to levy financial penalties. The last 12 months have seen a substantial increase in its fining powers, and a grant of unlimited fining powers in matters relating to financial crime and SLAPPs is imminent. The SRA has now dramatically upped the ante, seeking the power to levy unlimited fines in all cases of serious misconduct. With the Legal Services Board appearing supportive, the proposal has the potential profoundly to affect the enforcement of professional discipline within the profession.

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Money Covered: The Week that Was - 25 August

Published on 25 August 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Setting aside a transaction for a mistake - does it work for tax schemes?

Published on 15 August 2023. By Rachael Healey, Partner

The doctrine of mistake can be a useful tool if a professional provides advice that the transfer of an asset can save tax and it turns out that the advice was wrong. In circumstances where the structure of the transaction adopted involves a gift, then if a taxpayer can establish mistake, it is possible to unwind the transaction and remove the tax liability altogether (including interest and penalties).

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AFMs receive B+ from the FCA: Good but could do better

Published on 15 August 2023. By James Wickes, Partner and Sally Lord, Knowledge Lawyer Manager

In the wake of the FCA's new consumer duty requiring firms to deliver good outcomes for consumers that meet their needs and offer fair value, it comes as no surprise that the FCA has 'followed up' on its July 2021 review.

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A Principal's responsibility for an Appointed Representative – a tale of a summary judgment

Published on 14 August 2023. By George Smith, Partner and Rachael Healey, Partner

A recent summary judgment application, successfully made by claimants against a principal, provided that the principal was responsible for the acts of an appointed representative under the appointed representative agreement and highlights the risks of an unclear appointed representative agreement. The judgment also provides some useful commentary when it comes to considering the court's approach to the critical but potentially difficult distinction between limitations on what an appointed representative can do and on how the appointed representative should do it.

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Directors' duties post Sequana – a differentiating factor?

Published on 11 August 2023. By Matthew Watson, Partner

As expected, the scope of directors' duties whilst a company is in financial difficulties has been the source of further consideration by the Court. The recent case of Hunt v Singh [2023] EWHC 1784 raised the question as to whether, following the Supreme Court decision in BTI 2014 LLC v Sequana SA, a director's duty to take into account the interests of creditors arises where the company is at the relevant time insolvent if a disputed liability comes to fruition. In Hunt, the disputed liability was to HMRC where the directors (wrongly, as it later turned out) believed that the tax scheme they were involved in worked.

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Money Covered: The Week that Was - 04 August

Published on 04 August 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Fix up, look sharp: FRC update

Published on 01 August 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Aimee Talbot, Knowledge Lawyer

What's the latest on fixed recoverable costs in professional negligence claims?

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Money Covered: The Week that Was - 28 July

Published on 28 July 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Lawyers Covered - July 2023

Published on 26 July 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Daniel Austin, Assistant General Counsel and Cheryl Laird, Senior Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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Enhanced Regulatory Supervision of Asset Managers in Europe – Greenwashing Risks

Published on 12 July 2023. By James Wickes, Partner and Nick Cumming, Associate

A common methodology has been developed by ESMA to allow national European regulators to share knowledge and experiences to facilitate convergence in how they supervise sustainability related disclosures.

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Money Covered: The Week that Was - 07 July

Published on 07 July 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Lawyers Covered - June 2023

Published on 28 June 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Richard Seymour, Associate and Cheryl Laird, Senior Associate and Sally Lord, Knowledge Lawyer Manager

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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The Month That Was – June 2023 – Equity Release – the next emerging risk?

27 June 2023

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

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The Building Safety Act 2022: a guide for conveyancers

Published on 26 June 2023. By Rhian Howell, Partner & Head of Bristol Office and Daniel Charity, Associate

We explain below how the BSA is intended to protect leaseholders, what steps solicitors can take to ensure purchasers and lenders are protected and what to do if that protection cannot be obtained.

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Duties to third party investors in tax avoidance schemes following McClean

Published on 20 June 2023. By Nick Bird, Partner

We analyse the Court of Appeal's recent decision in David McLean and others v Andrew Thornhill KC in which the court considered the circumstances in which duties are owed to non-clients in the context of legal advice made available to investors in tax schemes.

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Lawyers Covered - May 2023

Published on 30 May 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Richard Seymour, Associate and Cheryl Laird, Senior Associate and Sally Lord, Knowledge Lawyer Manager

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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A Portfolio Letter for SIPP operators – are the goalposts being moved again?

Published on 23 May 2023. By James Parsons, Associate and Rachael Healey, Partner

The Financial Conduct Authority (FCA) published a Portfolio Letter for SIPP operators setting out "old" concerns and arguably introducing new expectations under the Consumer Duty. The letter is likely to leave SIPP providers feeling uneasy about what is expected of them going forward and what the new Consumer Duty means for their business.

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What the fix?!

Published on 15 May 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Aimee Talbot, Knowledge Lawyer

Fixed recoverable costs in professional negligence claims: new rules applicable from 1 October 2023

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Wasted costs – some comfort for legal professionals

Published on 09 May 2023. By Nick Bird, Partner and Alice Tittensor, Associate

In its recent judgment in Anthony King and others v Barry Stiefel and others the Commercial Court has considered the circumstances in which wasted costs orders can be made against the legal representatives of a defeated party to a claim. The court dismissed the applications saying that wasted costs applications should only be made in respect of straightforward applications which can be dealt with summarily.

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The Month That Was – May 2023 – Developments for Directors and Officers liability

04 May 2023

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

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Lawyers Covered - April 2023

Published on 02 May 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Richard Seymour, Associate and Cheryl Laird, Senior Associate and Sally Lord, Knowledge Lawyer Manager

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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New developments in AI may put law firms at greater risk of phishing fraud

Published on 28 April 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group

As the computing power of Artificial Intelligence continues to grow exponentially, we consider how generative technology may expand the reach of traditional phishing frauds aimed at law firms.

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Lawyers Covered - March 2023

Published on 27 March 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Richard Seymour, Associate and Cheryl Laird, Senior Associate and Sally Lord, Knowledge Lawyer Manager

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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The Financial Ombudsman Service – a jurisdiction that knows no bounds?

Published on 20 March 2023. By Rachael Healey, Partner

Last week many of us were working out what Jeremy Hunt's budget meant for our personal finances and wondering what was going on in the banking market. As a result a couple of developments at FOS may well have flown under the radar – (1) increase in the FOS cap and (2) a call for evidence on access to FOS for small and medium sized entities (SMEs). The changes increase the impact of FOS and could increase its scope if the definition of SMEs is changed.

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Lawyers Covered - February 2023

Published on 01 March 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Peter Mansfield, Partner

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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A matter of interpretation – the Supreme Court look at contractual interpretation once more

Published on 24 February 2023. By Poppy Hay, Associate and Laura Stocks, Partner

In their recent Judgment in Sara & Hossein Asset Holdings Ltd (a company incorporated in the British Virgin Islands) v Blacks Outdoor Retails Ltd [2023] UKSC 2 the Supreme Court adopted a commercially balanced interpretation of a lease; rejecting the overly textual approach of the Court of Appeal in favour of reading the relevant clause in the context of the lease as a whole.

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Your statement or mine? Witness statements under Practice Direction 57AC

Published on 23 February 2023. By Richard Seymour, Associate and Simy Khanna, Partner

The judgment of Mr Justice Fancourt in Mackenzie v Rosenblatt Solicitors & Anor [2023] EWHC 331 (Ch) has highlighted, in no less than 36 paragraphs on the matter, the importance of ensuring compliance and understanding of Practice Direction 57AC - Trial Witness Statements in the Business and Property Courts ("PD 57AC"), when preparing witness statements.

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Money Covered: February 2023 – an insight into Liability Driven Investments (LDI)

15 February 2023

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

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The collapse of FTX: lessons for many

Published on 14 February 2023. By James Wickes, Partner and Matthew Wood, Of Counsel

From investors to regulators, FTX Trading Ltd (FTX) filing for bankruptcy was unexpected by all. A catalyst for litigation and regulation over the years to come, this collapse will serve as a warning, particularly to cryptocurrency insurers.

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SLAPPs – a round up of the latest developments for the SRA

Published on 02 February 2023. By Graham Reid, Partner and Charlotte Thompson, Associate

The last week or so has seen a burst of activity on SLAPPs, alongside criticism of the SRA. This will be of interest to lawyers and their insurers.

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Lawyers Covered - January 2023

Published on 31 January 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Peter Mansfield, Partner

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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The scope of a solicitor's duty to third parties in the spotlight again

Published on 26 January 2023. By Michelle Peacock, Associate and Rhian Howell, Partner & Head of Bristol Office

The Claimant (Mr Syed Ul Haq), via his Estate, brought claims against the Defendants for damages arising out of two frauds in connection with the same property. It is central to this appeal to understand that Rees Page Solicitors never acted for the Claimant. It is indeed for that reason Rees Page Solicitors applied for summary judgment on the grounds that the Claimant had no reasonable prospects of success. After hearing the application, on 13 December 2019, Deputy Master Lloyd, granted summary judgment on the basis that as Mr Ul Haq was not a client of Rees Page Solicitors, they did not owe him a duty of care.

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Costs recovered in the Small Claims Track from an unreasonable Litigant in Person

Published on 24 January 2023. By Rhian Howell, Partner & Head of Bristol Office and Daniel Charity, Associate

Most (if not all) litigators will be familiar with the challenge of being on the other side of a claim brought by a litigant in person ("LiP"). The courts expect practitioners to be sensitive to their opponent's lack of legal expertise and familiarity with court rules, but judges have also been clear that they expect all parties – including LiPs – to follow the rules regardless of their legal representation.

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Waiver of a solicitor’s equitable lien: Candey Ltd v Russell Crumpler and another

Published on 16 January 2023. By Nick Bird, Partner and Laura Stocks, Partner and Cheryl Laird, Senior Associate

The Supreme Court has considered the circumstances in which a solicitor may waive or surrender their lien.

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Lawyers Covered - December 2022

Published on 21 December 2022. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Peter Mansfield, Partner

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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SRA issues Warning Notice on solicitors' involvement in SLAPPs

Published on 20 December 2022. By Graham Reid, Partner and Charlotte Thompson, Associate

SLAPPs (aka 'Strategic Lawsuits Against Public Participation') is a term coined in the USA. They are becoming the object of increasing concern over here too.

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Lawyers Covered - November 2022

Published on 29 November 2022. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Tina Campbell, Senior Associate and Scott Robins, Senior Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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FCA publishes final rules for the long anticipated British Steel redress scheme under s.404 of FSMA

Published on 28 November 2022. By David Allinson, Partner

Readers of this blog space will remember that we published an article on 22 December 2021 discussing the FCA's proposed consultation on a redress scheme under s.404 of the Financial Services and Markets Act (FSMA) covering transfers from the British Steel Pension Scheme (BSPS). The final rules have now been published in Policy Statement PS22/14, just in time for the festive period. It is, perhaps, not the Christmas present that the industry and its insurers wanted.

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Invest in due diligence for dubious schemes (Part 2)

Published on 24 November 2022. By Simy Khanna, Partner

With suspicious activity on the rise, the SRA remind firms of their anti-money laundering obligations.

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Important changes to Legal Ombudsman Scheme Rules from 1 April 2023

Published on 07 November 2022. By Krista Murray, Senior Associate and Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Sally Lord, Knowledge Lawyer Manager

On 28 October 2022, LeO confirmed it will be implementing significant changes to its Scheme Rules, coming into effect on 1 April 2023

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Lawyers Covered - October 2022

Published on 31 October 2022. By Claire Revell, Partner and Carmel Green, Partner and Daniel Charity, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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Belsner v CAM Legal Services Ltd and claiming the shortfall from your client

Published on 31 October 2022. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group

Belsner v CAM Legal Services Ltd [2020] EWHC 2755 (QB) held that a lawyer must make sufficient disclosure so that their client can provide informed consent when it comes to recovering any shortfall in costs from them.

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Hong Kong – Claim pleading duty of care against auditor struck out for "putting the cart before the horse"

Published on 28 October 2022. By Antony Sassi, Managing Partner and David Smyth, Senior Consultant and Anson Lo, Associate

In Chan Kam Cheung v Ronnie K W Choi & Anor [2022] HKCFI 3028, a judge upheld a master's (judicial officer's) decision to strike out the plaintiff shareholder's action against the former auditors of the company.

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Solicitors Entitled to Insurance Cover for Liability for Fees: Royal Sun Alliance Insurance Limited & Others v Tughans (a firm)

Published on 27 October 2022. By Nick Bird, Partner and Cheryl Laird, Senior Associate

In a recent judgment, Foxton J held that a claim for damages against a firm of solicitors for fees which it was contractually entitled to was covered under the firm's professional indemnity insurance. He held that it did not matter if the fees were obtained through the solicitor's fraudulent misrepresentation provided that the solicitor had done what was required under the contract to earn the fees. The decision will not be welcomed by insurers.

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Lawyers Covered - September 2022

Published on 30 September 2022. By Claire Revell, Partner and Carmel Green, Partner and Daniel Charity, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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Lawyers' Risks in Acting for Corporate Clients Without Authority

Published on 08 September 2022. By Nick Bird, Partner and Georgia Durham, Associate

The recent decision in Rushbrooke UK Ltd v 4 Designs Concept Ltd [2022] EWHC 1687 (Ch) has highlighted the dangers for lawyers in acting for corporate clients on the instructions of a director without authority of the company. Most of the authority in this area has focused on commencement of litigation but the principles apply too to transactional matters.

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Shorter time limit for Third Parties (Rights Against Insurers) Act 2010 claims

Published on 08 September 2022. By Robert Morris, Partner

A recent judgment has reduced the limitation period for third parties to make direct claims against insurers under the Third Parties (Rights Against Insurers) Act 2010 when compared to claims under the predecessor 1930 Act. The decision will make it easier for insurers to defend such claims on limitation grounds.

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Lawyers Covered - August 2022

Published on 30 August 2022. By Claire Revell, Partner and Carmel Green, Partner and Daniel Charity, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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