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Instructing third parties—checklist—law firms

Instructing third parties—checklist—law firms This Checklist is designed to help you determine whether you have the systems in place to comply with regulatory requirements that apply to law firms in relation to instructing third parties. It should be read in conjunction with subtopic: Instructing third parties. Selecting and evaluating third parties Requirement Compulsory or recommended Comments (if any) ☐  Implement systems and procedures to select and evaluate third parties you instruct on clients’ behalf See Precedents: Instructing third parties policy , Third parties register and Third party evaluation form Compulsory for Lexcel accredited firms, otherwise recommended Lexcel England and Wales v6.1: Standard for legal practices, para 7.5 (Insert any comments you may wish to make regarding your firm’s arrangements) ☐  Implement systems and procedures to: —consult with your client in relation to the selection of the expert or barrister, where appropriate—advise your client of:• the name and status of the person being instructed • if the client will have to fund the disbursement,...

What to think about before bringing a private competition action—checklist

What to think about before bringing a private competition action—checklist Is there an actionable claim? Note: private competition actions remain largely regulated by national law and procedural and substantive rules across the EU may vary significantly, therefore assessments in individual jurisdictions will need to be made when planning competition litigation. Possible causes of action • Consider if there is an infringement of UK competition law (or EU competition law prior to the end of the Brexit transition period). ◦ Consider whether the loss suffered can be attributed to an agreement or concerted action between undertakings, especially competing undertakings (see further, The prohibition on restrictive agreements). ◦ Consider whether the loss might have been caused by an entity that is arguably dominant typically with a large share of a relevant market, and could be said to have abused its dominance contrary to Chapter II of the Competition Act 1998 (and/or Article 102 TFEU if prior to the end of the Brexit transition period) (see further, The prohibition on abuse of dominance)....

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Deemed domicile for tax from 6 April 2017 to 5 April 2025

Deemed domicile for tax from 6 April 2017 to 5 April 2025 STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. At Summer Budget 2015, the government announced wide-ranging reforms to the deemed domicile rules and also to the excluded property rules...

Reporting on the findings of the due diligence review in a private equity buyout transaction

Reporting on the findings of the due diligence review in a private equity buyout transaction This Practice Note is part of the Lexis+® UK Corporate private equity buyout transaction toolkit. The reporting process Each adviser engaged to conduct due diligence should both report their key findings (especially any key issues and problems) as they are discovered and also then prepare a due diligence report to highlight material issues arising from their review exercise. The advisers’ engagement letters should set out the agreed timing, form and content of the due diligence report. Draft or interim reports may be prepared and circulated periodically throughout the process, so that material issues can be dealt with as they arise. Often, by the time the final report is submitted to the private equity investor, the investor will be aware of all material issues which may affect the transaction. The purpose of a legal due diligence report is to: • give the investor sufficient information about the target and to summarise that information...

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Consultancy agreement—company and individual—pro-client (short form)

Consultancy agreement—company and individual—pro-client (short form) [ON HEADED NOTEPAPER OF CLIENT COMPANY] [Insert consultant’s name] [Insert consultant’s address] [Insert date] Dear [insert consultant’s name] [ Consultancy agreement OR Insert name of project ] Further to our recent discussions, I am pleased to confirm the terms of our agreement regarding the provision of your consultancy services to [insert name of client company] (Company). 1 Term 1.1 [Subject to the terms set out in this letter, your engagement [will commence OR commenced] on [insert date] and will continue unless or until either party gives to the other not less than [insert number] [weeks’ OR months’] prior notice in writing. OR 1.2 Your engagement will be for a fixed period of [insert number] months from [insert date], subject to the terms of this letter and subject to the right of either the Company or you to give to the other not less than [number] [weeks’ OR months’] notice in writing during such fixed period terminating the...

Policy—regulatory references

Policy—regulatory references 1 Introduction 1.1 The Financial Conduct Authority (FCA) and the Prudential Regulation authority (PRA) (together the Regulators) require firms that are authorised by the Regulators (and subject to the Senior Managers and Certification Regime (SM&CR)) to request regulatory references if they are considering:. 1.1.1 permitting or appointing someone to perform a senior management function; 1.1.2 issuing a certificate under the certification regime; and/or 1.1.3 appointing a non-executive board director. 1.2 These regulatory references are designed to assist prospective employers to assess whether an individual applying for an applicable regulated function is fit and proper to hold that role. 1.3 To enable a prospective employer to assess the fitness and propriety of a candidate for a regulated function, organisations that fall within the SM&CR must provide upon request a regulatory reference that covers the individual for the preceding six years (and, in certain circumstances, longer). It is essential that we comply with our regulatory obligations in obtaining and in responding to such requests, as the failure to...

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If a solicitor agrees to charge a fixed fee for a piece of work but then does not carry out all the work which was envisaged in the original engagement letter, is he/she still entitled to charge the full fixed fee or is he only entitled to charge for the work actually carried out?

If a solicitor agrees to charge a fixed fee for a piece of work but then does not carry out all the work which was envisaged in the original engagement letter, is he/she still entitled to charge the full fixed fee or is he only entitled to charge for the work actually carried out? Where a solicitor and client have a fixed fee engagement but not all work set out in the engagement is completed, the solicitor’s right to charge fees will depend on the specific terms of the engagement and any other terms of business. For example, the terms of engagement may include an abortive fees clause (ie where the solicitor is entitled to charge certain fees if the client terminates the engagement) or a clause specifying how fees will be calculated where there is partial completion of the engagement. It will also be important to consider whether or not payment of the fixed fee is dependent on completion of the engagement or not. See the...

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IAIS publishes application paper on supervision of climate-related risks in insurance sector

The International Association of Insurance Supervisors (IAIS) has published an application paper on the supervision of climate-related risks in the insurance sector. This paper provides guidance on how the IAIS's existing insurance core principles (ICPs) can be applied to address climate-related risks. It aims to help supervisors integrate these risks into their practices, thereby strengthening the resilience of the global insurance sector. The paper covers various areas, including the role of supervisors, integration into supervisory frameworks, impact on valuation and investment practices, and the use of scenario analysis. The IAIS is set to host a webinar on 28 April 2025 to discuss the paper.

Latest FCA Regulatory Initiatives Grid includes four new entries for pensions

The Financial Conduct Authority (FCA) has published the eighth edition of its Regulatory Initiatives Grid (April 2025) setting out the planned regulatory initiatives for the next 24 months so that the financial services industry and other stakeholders can understand and plan for the timing of the initiatives that may have a significant operational impact on them.