The International Underwriting Association (“IUA“) announced earlier this week that it is supporting calls to devise a government supported insurance solution for future pandemic events, known as “Pandemic Re”.
Government to provide £10 billion trade credit reinsurance scheme
In welcome news for businesses, HM Treasury has just confirmed that trade credit insurance schemes will receive up to £10 billion of Government guarantees.
Upper Tribunal decides that tax relief will only be available on monetary pension contributions
Earlier in May, HM Revenue & Customs successfully appealed against a First-tier Tribunal decision that Sippchoice Ltd was entitled to income tax relief at source in relation to its self-invested personal pension scheme (“SIPP”) contributions. The Revenue and Customs Commissioners v Sippchoice Ltd [2020] UKUT 149 (TCC) decision means that tax relief will only be available on pension contributions made in cash, and not for other types of assets.
Lack of Data Impacts Efforts to Fight Pensions Scams
The Pensions Policy Institute (“Institute“) has said that a lack of comprehensive data on the number and scale of pensions scams, places limitations on the industry’s ability to effectively protect savers. According to the Institute, “victims of pension scams [are] losing more than £80,000 on average.” There is growing concern from the Institute that during the COVID-19 pandemic, scammers will take advantage of uncertain financial issues and volatile markets more so than ever.
Insurer Action Group to Deploy New Law
As we have reported previously, there are a number of action groups who are actively pursuing group claims against insurers. The groups argue that the insurers in question have unlawfully refused group members’ claims under their business interruption (“BI”) insurance policies.
Relief for SIPP providers as Court hands down long awaited judgment in Carey Pensions case
Yesterday, the Court finally gave judgement in Russell Adams v Options SIPP UK LLP, a significant test case on the potential liability of an execution only SIPP provider to an investor whose underlying investment in the SIPP had incurred significant losses.
In a 99 page judgment, His Honour Judge Dight decided that the Defendant was not liable for such losses.
Court of Appeal confirms that Bolkiah principle does not apply to former opponent cases
The Court of Appeal has recently confirmed in Glencairn IP Holdings Ltd and another v Product Specialities Inc and others [2020] EWCA Civ 609 that the Bolkiah principle will only apply where a former client of a firm of solicitors alleges that a new client has an adverse interest to it. Therefore, a firm of solicitors (“Firm“) could act for unrelated defendants, in successive similar actions brought by the same claimant (“Glencairn“).
Bad Behaviour = Bad for Jobs: Cabinet Office publishes guidance for responsible contractual behaviour during COVID-19
The Cabinet Office has published guidance for contractual parties on what it deems responsible behaviour during COVID-19. The motive being to encourage parties to support the response to the pandemic and protect jobs and the economy, noting that, “bad behaviour will be bad for jobs and will impair our economic recovery.”
Are internal regulatory compliance reviews relevant to bank misselling claims? Yes, says High Court in first virtual hearing after lockdown
Fine Care Homes Ltd v NatWest Markets plc [2020] EWHC 874 (Ch) concerns a claim for negligence and misrepresentation based on the alleged mis-selling of an interest rate hedging product. The Court recently granted, in part, Fine Care Homes Ltd’s (“Fine Care“) application for specific disclosure against NatWest.
Government to support businesses through trade credit insurance guarantee
In previous blogs we have looked at the impact that COVID-19 was having on the availability of trade credit insurance and discussions around how Government might support this vital insurance market for companies at a time of crisis. This comes at a time when insurers are facing increased claims as a result of the pandemic with some insurers responding by withdrawing cover or increasing premiums.
