The FCA has been reviewing temporary measures that came into force in the insurance and premium finance markets on 18 May 2020 because of the COVID-19 pandemic. In a statement released last week, the FCA announced its proposal to extend the series of temporary measures designed to help those policyholders, “who may be in temporary … Continue Reading
Following its intervention in the trade credit insurance market back in May, the UK Culture Secretary Oliver Dowden has just announced the launch of a Government-backed scheme worth £500 million pounds for domestic film and TV productions that are struggling to get COVID-19 related insurance. The inability of producers to access such insurance through the … Continue Reading
In the recent decision of A v B and another [2020] EWHC 1491, the High Court decided that where an auditor is required to provide documents to a regulator, and the auditor’s client asserts privilege over such documents, it is for the auditor to decide whether the documents are in fact privileged and therefore should not … Continue Reading
The FCA has just provided a further update on the progress of its High Court test case concerning business interruption (“BI”) insurance.… Continue Reading
In a recent letter, Transparency Task Force (“TTF“) founder, Andy Agathangelou, wrote to chairman of the Work and Pensions Select Committee (“Committee“) to formally request an investigation into the growing concern of pensions’ scams as a major public interest issue.… Continue Reading
Earlier this week, the Pensions Regulator (“tPR“) published a strategy paper (“Corporate Plan“) outlining that its focus for the 2020-2021 financial year would be protecting long-term savers.… Continue Reading
Earlier this month, in Carillion Plc (in liquidation) (“Carillion“) v KPMG LLP & Anor (“KPMG“) [2020] EWHC 1416, the Commercial Court dismissed Carillion’s application for pre-action disclosure by KPMG. The Court confirmed that to obtain an order for pre-action disclosure in the Commercial Court, the circumstances must be outside the “usual run” and the case … Continue Reading
There have been further developments in the FCA’s test case concerning business interruption (“BI”) insurance. Details have just been published on the FCA’s website.… Continue Reading
Earlier this month, in Lenkor Energy Trading Dmcc (“Lenkor“) v Puri (“Mr Puri“) [2020] EWHC 1432 the High Court upheld an order granting summary judgment in favour of Lenkor in relation to a debt owed to it by Mr Puri under a Dubai judgment. Mr Puri’s argument that illegality tainting the underlying transaction made enforcement … Continue Reading
The Court of Justice of the EU (ECJ) recently considered the issue of an insured person’s right to choose their own lawyer under a legal expenses insurance policy, in the case of Orde van Vlaamse Balies and Ordre des barreaux francophones et germanophone v Ministerraad (Case C-667/18).… Continue Reading
The first Case Management Conference (“CMC”) in the FCA’s test case on business interruption (“BI”) insurance coverage took place earlier this week before Judge Christopher Butcher.… Continue Reading
Last month we reported on the FCA’s plans for the future progress of its Financial Markets Test Case, a case that is intended to try and help resolve some of the legal uncertainties around business interruption (“BI”) insurance policy coverage and how various BI policies respond to COVID-19 related claims by insureds. Earlier this week, the … Continue Reading
In Towergate Financial (Group) Ltd & Ors (“Buyer”) v Hopkinson & Ors (“Sellers”) [2020] EWHC 984, the High Court considered the construction of a contractual limitation period for notifying indemnity claims. The Court found that the Buyer was unable to claim under an indemnity as it had not complied with necessary notice requirements.… Continue Reading
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”.… Continue Reading
In welcome news for businesses, HM Treasury has just confirmed that trade credit insurance schemes will receive up to £10 billion of Government guarantees.… Continue Reading
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.… Continue Reading
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 … Continue Reading
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 … Continue Reading
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.”… Continue Reading
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.… Continue Reading
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 … Continue Reading
The High Court has recently held in Rihan v Ernst and Young Global Ltd & Others [2020] EWHC 901 that four entities of the Ernst and Young global network (“EY“) were in breach of a duty to take reasonable steps to prevent a former EY partner, Mr Rihan, from suffering financial loss by reason of … Continue Reading
On 1 May 2020, we reported on the Financial Conduct Authority (“FCA”) plans to take Court action seeking a declaration on an urgent basis to try and help resolve some of the ongoing uncertainties around the much-publicised issue of business interruption (“BI”) insurance coverage and how the insurance responds to COVID-19 related claims by insureds … Continue Reading
Earlier today, the FCA announced that it will ask the Court for a declaration on an urgent basis to try to help resolve the ongoing uncertainties around the much publicised issue of business interruption (“BI”) insurance coverage that we have written about in the past few weeks.… Continue Reading
