High Court holds insurer is unable to aggregate claims related to theft under PI insurance policy

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.

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FCA reminds firms to review value of their insurance products in light of impact of COVID-19

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.

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DWP sets out “Stronger Nudge” regime to protect savers and rein in Pension Freedoms

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.

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Latest BI insurance Court ruling – Loss of use because of lockdown does not constitute loss of property

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 loss of use.

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FCA highlights risks of market abuse in a time of pandemic

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“.

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Court decides that litigation privilege does not apply to accountant’s reports  

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 by litigation privilege.

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