The Financial Reporting Council (FRC) has just published the outcome of new research into the approach that Audit Committee Chairs (ACCs) take to audit quality. The findings suggest inconsistency among ACCs on what constitutes audit quality, and how it should be approached, which the FRC says “lends weight to the proposals for reforms in the … Continue Reading
The Director of Strategy at the Financial Conduct Authority (FCA), Richard Monks, recently spoke on the increasing appetite for Environmental Social Governance (ESG) focused financial products and building trust in sustainable investments.… Continue Reading
Last week, the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) released correspondence in which the FCA sought reassurance from the FOS in relation to how it intends to handle complaints about financial firms during the COVID-19 pandemic.… Continue Reading
The FCA has just updated on the work that it had stopped or postponed in order to allow it to focus on the more urgent work that has been required of the regulator as a result of the Covid-19 pandemic and the resultant economic turmoil.… Continue Reading
In the recent decision of Baines v Dixon Coles and Gill (A Firm) and others [2020] EWHC 2809, the High Court held that claims against a firm of solicitors regarding the theft of client funds by a former partner, could not be aggregated by the professional indemnity (PI) insurer.… Continue Reading
In the recent case of Patel v Barlow’s Solicitors and others [2020] 2753 (Ch) the High Court found that a Quistclose Trust arose in a situation where solicitors were forwarded monies by a third party for a specific purpose.… Continue Reading
The FCA has just released a statement reminding insurance firms of the guidance that it published back in June, which set out its expectations for insurers and insurance intermediaries to consider the value of their products in light of the exceptional circumstances arising from the pandemic.… Continue Reading
Following successful trials, the Department of Work and Pensions (“DWP”) announced proposals last Wednesday to introduce a “Stronger Nudge” regime, as part of a package of measures aimed at helping savers make better-informed decisions when it comes to accessing their pension savings, and to further protect them from scams.… Continue Reading
In another ruling on the issue of post-Lockdown claims under business interruption (BI) insurance policies, the High Court last week summarily dismissed an action brought by a London crêperie, holding that its reliance on its policy with Allianz Insurance plc (Allianz) could only be triggered by physical loss of property as opposed to merely temporary … Continue Reading
In a recent speech delivered at the City Financial Global event, Julia Hoggett (Director of Market Oversight at the FCA) set out the key risks created by operating in market conditions brought on by COVID-19, and the FCA’s expectation that markets remain clean “whatever the times and whatever the challenges“.… Continue Reading
The High Court has decided that a series of reports prepared by the accountants Deloitte LLP (“Deloitte”) for Sports Direct International PLC (“Sports Direct”) (now known as Frasers Group Ltd) in relation to a proposed tax structure were not prepared for the sole or dominant purpose of litigation, and were therefore not protected from disclosure … Continue Reading
The latest instalment of the Financial Conduct Authority’s (“FCA“) test case on business interruption (BI) insurance took place last Friday, with a “consequentials” hearing that dealt with the effect of the judgment, ‘leapfrog’ certificates and an application from a proposed new party.… Continue Reading
HM Treasury has responded to a letter from The Association of British Insurers (ABI), confirming the Government’s firm expectation that “grant funds intended to provide emergency support to businesses at this time of crisis are not to be deducted from business interruption insurance claims.” The ABI’s Letter Huw Edwards, Director General of the ABI, wrote … Continue Reading
The Financial Conduct Authority (“FCA“) has just responded to the recent High Court judgement in the Business Interruption (“BI”) test case with a “Dear CEO” letter, which sets out the steps insurers must take over the coming weeks and months.… Continue Reading
According to XPS, the pensions consultancy firm, in July and August of this year 51% of pension transfers, equating to twenty five million pounds in pension savings, were flagged as at risk of a pension scam.… Continue Reading
CPS Advisory Limited, a Swansea-based advice company, has been fined £130,000 from the Information Commissioner’s Office (ICO) for making over 100,000 calls to people without lawful authority between 11 January 2019 and 30 April 2019.… Continue Reading
We know that the regulator has long been concerned about different (and lower) premiums been offered to new customers compared to loyal customers who may not shop around for their insurances (the so called “loyalty penalty”). The FCA says that its work in the area has identified 6 million policyholders paying high or very high … Continue Reading
In a “Dear CEO” letter published on 4 September 2020, the Financial Conduct Authority (FCA) has set out its supervisory strategy for insurance intermediaries in personal and commercial lines, warning of “significant risks of potential harm” within the insurance sector.… Continue Reading
