Earlier this week, the FCA warned that it would get tough on against insurers that it finds are acting unfairly in paying COVID-19 related insurance claims. This was in response to complaints from small business groups that insurers are deducting the costs of Government grants from insurance pay-outs.… Continue Reading
The Work and Pensions Committee (“WPC”) has launched an investigation into pension scams in the UK and what more can be done to prevent them. This is the first part of a three-stage inquiry that will examine the impact of pension freedoms and protecting pension savers.… Continue Reading
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
The FCA has been increasingly interested in cryptoassets as their use in the UK has grown. In October 2018, the FCA published a joint report alongside the Bank of England and the Government as part of the UK Domestic Taskforce on Cryptoassets. In March 2019, the FCA commenced research into consumer attitudes and awareness of … Continue Reading
Yesterday saw the start of the FCA’s high profile test Court case against insurers on behalf of those businesses who have suffered non-damage business interruption losses caused by the COVID -19 pandemic.… 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
Last week we reported on the FCA’s recent success at trial against pensions introducers Avacade and Alexandra Associates with the High Court deciding that Avacade and Alexandra had provided unregulated pensions advisory services to consumers.… 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
The FCA has succeeded in its civil claim against two companies and three of their directors found to be providing unregulated pensions advisory services to consumers.… 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
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
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
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
The FCA issued a warning last week, cautioning banks to ensure that small businesses are treated fairly during the Coronavirus pandemic.… Continue Reading
On 18 March, The FCA published the transcript to their recent podcast on cyber resilience and security for firms. With more and more financial services moving online, such as online banking, being cyber resilient is becoming increasingly important. With FCA sandbox initiatives for new technology and joint initiatives between the FCA and the ICO it … Continue Reading
Following a short consultation, the FCA has now confirmed a package of targeted temporary measures to help individuals with some of the most commonly used consumer credit products.… Continue Reading
Last week, the Pensions Regulator (“tPR“), the Financial Conduct Authority (“FCA“) and The Money and Pensions Service (“MaPs“) urged savers to keep calm and not rush any decisions about their pension in response to the COVID 19 pandemic.… Continue Reading
The FCA yesterday set out its business priorities for the years ahead, focussing in part on the unique challenges presented to the financial services industry by the Covid 19 pandemic. In this blog we look at three issues that the FCA’s Business Plan for 2020/21 pays special attention to, the regulatory response to the Covid-19 … Continue Reading
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 … Continue Reading
The retirement income market is a key area of FCA focus, particularly the suitability of both products and advice as the industry adapts to pension freedoms. In the FCA’s Sector View Report published on 18 February 2020, Pension freedoms are highlighted as one of the continuing key drivers of change in the sector with more … Continue Reading
In a welcome and robust defence of the scope of legal professional privilege (LPP), the Court of Appeal in Sports Direct International Plc v Financial Reporting Council [2020] EWCA Civ 177, reiterated last week that there are no exceptions to the protections afforded by LPP unless it is used to hide criminal actions or where … Continue Reading
The FCA has backed standards penned by independent body, the Lending Standards Board (“LSB“), that aim to ensure finance companies conduct themselves properly when they offer unregulated products. This is despite some fears in the industry that FCA backed voluntary codes may confuse consumers.… Continue Reading
