COVID-19 and the Courts

By Chris Webber and Katherine Wakeham on April 2, 2020 Posted in Uncategorized

Whilst we all try to settle in to our new working from home routines, and maintain social distancing measures, the civil justice system is also having to find ways to adapt. Early messages from Court system that it would be ‘business as usual’ quickly proved impossible; but over the past week there have been procedures put in place across the civil courts, focussing on keeping the wheels of civil justice moving forward during the Covid-19 pandemic.

A number of the divisions of the High Court have issued guidance or information on holding fully or partially remote hearings, and courts are operating under a new protocol regarding remote hearings issued by the Judiciary. A new practice direction has also been introduced supporting increased provision for audio or video hearings.

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Not a risk worth taking – FCA fines and bans pensions’ advisor

By Garon Anthony and Rose Chaudry on April 1, 2020 Posted in Pensions, Regulatory

Earlier this month, the FCA fined a former advisory firm director £23,400 for overseeing the transfer of £112m of pension retirement funds in to risky investments. The FCA is concerned about unsuitable advice around pensions’ transfers and this latest action sends another strong regulatory message to the market about the FCA’s “get tough” approach towards ther non- compliant in this area.

FCA

London insurance market downgraded by one of the big three

By Garon Anthony and Sarah Neill on March 31, 2020 Posted in Insurance

Credit rating agency, Fitch Ratings (“Fitch“), has revised its outlook for the underlying fundamentals of the London insurance sector from stable to negative.

UK Travel Insurers faced with £275M COVID-19 related claims

By Garon Anthony and Mariyam Harunah on March 30, 2020 Posted in Insurance

Travel insurers in Britain could be hit with a record-breaking estimate of at least £275 million in claims over the Coronavirus outbreak.

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COVID-19 hits UK Ombudsman services

By Garon Anthony on March 27, 2020 Posted in Financial Ombudsman Service, Pensions

The Pensions Ombudsman (“PO”), the independent body that investigates complaints about pensions’ administration, has announced that it will not be able to process any new complaints for the foreseeable future. The COVID – 19 lockdown has meant that the PO can no longer collect or deal with post, although phone lines remain open between 10.00 a.m. and 2.00 p.m on weekdays.

COVID 19 related travel insurance claims rise to £5 million for Direct Line

By Garon Anthony and Mariyam Harunah on March 26, 2020 Posted in Insurance

According to UK insurer, Direct Line, the cost of Coronavirus-related travel insurance claims rose from £1 million to £5 million in less than two weeks between March 3 and March 15 2020, as the UK government advised against non-essential international travel.

Lloyd’s of London moves online in response to COVID-19

By Garon Anthony and Sarah Neill on March 25, 2020 Posted in Insurance

As one floor closes another (virtual) one opens; 330-year-old specialist insurance market Lloyd’s of London (“Lloyd’s“) has closed its underwriting floors in response to Government guidance regarding the coronavirus pandemic. Last week, the world’s largest insurance hub replaced its four-story “underwriting room” with its electronic trading system, Placing Platform Ltd (“PPL“), which was successfully stress tested a week earlier.

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Lord Chancellor confirms validity of electronic signatures

By Garon Anthony and Sarah Neill on March 24, 2020 Posted in Regulatory

Earlier this month, the Government endorsed the Law Commission’s report on Electronic Execution of Documents.

UK Regulator expects Insurers to be flexible during COVID-19 pandemic

By Garon Anthony and Rose Chaudry on March 23, 2020 Posted in Insurance

The UK’s Financial Conduct Authority (“FCA“) warned the insurance market at the end of last week that it must be flexible with customers amidst the COVID-19 pandemic.

FCA

Fund Marketing and Overseas Fund Regime HM Treasury Consultation Paper

By Bethany Bloor and Paul Anderson on March 19, 2020 Posted in Investment

Investment Fund Graph Many investment funds domiciled in the EU are currently marketed in the UK through the EU’s passporting regime. Shortly after the end of the Brexit transition period of 31 December 2020, and the end of the UK’s temporary regime to permit marketing, this will change and funds will have to gain permanent market access in the UK.

In response to this challenge, HM Treasury has published a consultation on two new regimes, one for retail investment funds and one for money market funds (“MMFs”), based on the principle of equivalence. With the consultation set to run to 11 May, investment managers, asset management firms, investment platforms, financial advisers, individual investors and consumer groups are advised to consider the impacts of these new regimes and respond as necessary.

In this post we focus on some of the key aspects those interested in the proposed regimes may want to consider.