Following its adoption by insurers in April this year, unfair contract terms laws are set for another revamp. The Treasury has just released draft legislation which will make unfair contract terms unlawful. These laws have been foreshadowed for some time (see our previous update). Currently no pecuniary penalties apply once a contract term is
The second podcast in our new mini-series focussing on the new UK Investment Firm Prudential Regime (or UK IFPR), brought to you as part of the Regulation Tomorrow podcast, covers own funds requirements, fixed overheads requirements, and the K-factors for Assets Under Management (K-AUM) and Client Orders Handled (K-COH).
In addition, we have developed
The Business Banking Resolution Service (BBRS) is a non-profit organisation set up to resolve disputes between eligible larger SMEs and participating banks. It was established in response to the commitments made by the banking and finance industry following the Simon Walker Review, in which the need for an independent service was identified to
The Financial Conduct Authority (FCA) has published the latest portfolio letter to life insurance firms. The last portfolio letter, being a letter aimed at a particular part of an industry, was sent to life insurers in 2018. Portfolio letters set out the identified key risks of harm to customers in a particular sector
On 18 August 2021, the European Banking Authority (EBA) published a report on high earners for 2019.
The report has been developed in accordance with Article 75(3) of the Capital Requirements Directive IV, which mandates the EBA to collect information on the number of individuals per institution that are remunerated EUR one million
On 18 August 2021, the Financial Law Committee of the City of London Law Society published its response on the Law Commission’s ‘Digital assets: Call for Evidence’ and Consultation Paper on ‘Digital assets: electronic trade documents’. For the reasons discussed in the response, the Committee feels that caution should be exercised in relation to
On 17 August 2021, the Office of Gas and Electricity Markets (Ofgem) issued a consultation paper on changes to its REMIT procedural guidelines and REMIT penalties statement. These documents set out how Ofgem uses its powers to enforce REMIT and how it determines penalties for REMIT breaches. Changes to these documents are being
On 18 August 2021, the Global Foreign Exchange Committee (GFXC) issued a guidance paper on ‘last look’ trading within the Foreign Exchange market. Last look is a practice used in electronic trading where a market participant has a final opportunity to accept or reject a trade request made on its quoted price. The
The High Court has recently held that a forensic report prepared as part of an internal investigation was not protected by litigation privilege. In The State of Qatar v Banque Havilland [2021] EWHC 2172 (Comm), David Edwards QC ordered the report and associated working papers within the defendant’s control to be disclosed on the basis
The Financial Conduct Authority (FCA) has published a policy statement, General insurance pricing practices – amendments (PS21/11). The policy statement provides amendments and clarifications to the earlier policy statement on general insurance pricing practices, published in May (PS21/5). The FCA explains that it is publishing amendments following discussions with