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HSBC fined for historic depositor protection failings - Lessons for banks On 30 January 2024 the PRA published a final notice imposing a financial penalty on HSBC Bank PLC and HSBC UK Bank PLC of £57,417,500 for historic depositor protection failings. In this briefing, we cover what happened and ask what lessons can be...
Global Investigations Bulletin (January 2024) Our latest Global Investigations Bulletin for January 2024 is now available. This month we discuss the CPS entering its first DPA with sports betting and gaming company, Entain plc. We also set out the latest news in global investigations and enforcement...
Final regulations on funding and investment strategies – what next? DWP has published its response to consultation on the draft funding regulations that were issued for consultation in July 2022 along with the final version of the regulations. The regulations are now going through the parliamentary approval process and...
Regulating Building Safety: A review of the Building Safety Act 2022 Almost five years after the Grenfell Tower tragedy the Building Safety Act 2022 introduced an extensive and complex new regime for building safety. The Act itself runs to 333 pages and provides for a substantial amount of secondary legislation, some of...
BLOG: A Dicey Decision – or not really a tax case at all? The spectre of Albert Venn Dicey, the greatest of Victorian constitutionalists, looms large at the feast. In Skatteforvaltningen v Solo Capital Partners, the UK Supreme Court held that the Danish revenue authority (SKAT) was not precluded by reason of...
Solvent exit planning for insurers On 23 January 2024 the PRA published a consultation on Solvent exit planning for insurers (CP2/24). The consultation adds to a range of recent developments in recovery and resolution requirements for insurers, including the introduction into FSMA in...
General Code of Practice: Next Steps for Trustees The Pensions Regulator’s long awaited General Code was laid before Parliament on 10 January 2024. The Regulator says, in the accompanying press release, that the Code is expected to come into force on 27 March 2024. The Pensions Regulator’s...
Out of scope? Courts refuse to stay court proceedings that fall outside an arbitration clause In Mozambique v Privinvest, the Supreme Court has for the first time provided guidance on the stay provisions in section 9 of the Arbitration Act 1996, which was applied by the High Court in Município de Mariana v BHP. The decisions are an...
Competition & Regulatory Newsletter: Advocate General Kokott proposes that European Court of Justice uphold Google Shopping fine On 11 January, Advocate General Kokott handed down her opinion that the European Court of Justice should confirm Google’s €2.4 billion fine for favouring its own comparison shopping service in its general search results. The case goes to the...
Overseas supply chain risk – A change of approach from the English courts? In a positive move for corporates, the High Court’s decision in Limbu v Dyson indicates the English courts are now willing (and able) to decline to hear claims against UK companies concerning their overseas operations and supply chains in favour of local...
Tax and the City Review - January 2024 In their latest Tax and the City article, Mike Lane and Zoe Andrews consider the summary of responses to the consultation on the VAT treatment of fund management services and recent developments on Pillar Two, including revised draft guidance from HMRC...
No end in sight for PPI claims The Supreme Court has recently handed down two decisions that have an impact on whether claims relating to the mis-selling of PPI are time-barred. In the wake of these decisions, it is likely that we will see an increase in litigation regarding PPI, as...
Employment Bulletin - January 2024 Topics covered in this bulletin: Employers: what to expect in 2024 Supreme Court confirms Deliveroo riders are not “in employment” Redundancy consultation must take place at a formative stage HMRC warning about filing ERS returns Horizon scanning...
BLOG: The DPT is dead; long live the DPT! Having introduced more than twenty brand-new taxes since the turn of the millennium — at a rate of roughly one new tax per year — did the UK government really announce yesterday the demise of the diverted profits tax (DPT) before it has reached its tenth...
Chambers: Global Practice Guide: Securitisation 2024 – UK Chapter Guy O'Keefe, Richard Jones, Oliver Wicker and David Thomas set out some key legal considerations in the 2024 UK Securitisation Practice Guide for Chambers and Partners. Guy O'Keefe, Richard Jones, Oliver Wicker and David Thomas set out some key...