Professional Negligence

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Insurers in call to cancel professional indemnity insurance for solicitors who are struggling to pay premiums

Earlier this month, the International Underwriting Association (“IUA“), the body representing underwriters in London that are separate from Lloyd’s, penned an open letter calling on the legal industry to allow insurers to cancel professional indemnity policies when lawyers fail to pay their premiums in the wake of the COVID-19 pandemic.… Continue Reading

Commercial Court confirms Pre-Action Disclosure is not the norm

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

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 … Continue Reading

FCA sounds warning to financial advisers on professional indemnity insurance amidst COVID-19 pandemic

The Financial Conduct Authority (“FCA”) requires all regulated firms to take out and maintain professional indemnity insurance (“PII”) to cover the financial losses that may be suffered as a result of customer claims and complaints against the firm. The FCA also mandates limits of indemnity for the PII.… Continue Reading

Banks avoid liability for failed tax relief plans under film-investment scheme

Litigation surrounding film finance schemes continues to rumble on in the High Court.  Earlier this month, the High Court in Barness v Ingenious Media Ltd [2019] EWHC 3299 (Ch) granted applications by two banks Coutts and Natwest (“Banks“) to strike out a number of lender claims in a case that is part of the “Ingenious litigation”.… Continue Reading

Business Banking Resolution Service launches new dispute resolution pilot for larger SMEs: a new Financial Ombudsman Service?

On 1 November 2019, the Business Banking Resolution Service (“BBRS”) launched a new dispute resolution pilot in preparation for the introduction of its new service, which was originally announced in November 2018 by UK Finance, a trade body for British lenders. The service aims to provide alternative dispute resolution services for “larger” eligible small and … Continue Reading

Financial Ombudsman Service compensation limit increases to £350,000 on 1 April 2019

The Financial Conduct Authority (“FCA”) has published a policy statement detailing that the Financial Ombudsman Service (“FOS”) compensation limit of £150,000 will increase to £350,000 from 1 April 2019. This follows a Consultation on the topic of the FOS award limit, which was open between October and December 2018.   The new limit of £350,000 applies … Continue Reading

Breaking news. FOS money awards and jurisdiction: all change in 2019?

In a move designed to (in their own words) ‘ensure more complainants receive fair compensation’ and to ‘build consumer trust in the integrity of the industry’, on 16 October 2018 the FCA published a Consultation Paper in which the regulator outlines proposals for increasing the Financial Ombudsman Service money award limit from £150,000 to £350,000 for … Continue Reading

Court of Appeal guidance on when the limitation period can be extended for negligence claims under s14A of the Limitation Act 1980

The Court of Appeal decision in Mr Nobu Su v Clarksons Platou Futures Limited and another [2018] EWCA Civ 1115 from earlier this month concerns the interpretation and application of s14A of the Limitation Act 1980 (“s14A”) and when a claimant is deemed to have ‘knowledge’ of the negligence in order to extend the limitation … Continue Reading

The watchdog sniffs out CFDs

The Financial Conduct Authority (“FCA”) has recently turned its attention to firms who may mis-sell contracts for difference (“CFDs”) to customers. The FCA says that it has  a “serious concern” about the market. On 12 January 2018, following a 12 month review of the CFD market,  the FCA issued an ominous warning in the form of a “Dear CEO” letter addressed … Continue Reading
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