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This is insurance specifically to cover liabilities trustees may incur for breach of trust, legal expenses, and other exposures.
It is usually effected with a provider with the premium paid either by the employer, or from the scheme assets (the latter would require a specific provision in the rules to allow this).
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FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...
Environmental issues in new leases—tenant’s checklist Environmental reports • Are there any existing environmental reports? Will the tenant get the benefit of the report(s) via a reliance letter? Do the reports raise any concerns? Have the appointment terms and certificate of insurance been provided? • Commission a combined contaminated land and flooding desktop report in every transaction. Are any other specific desktop searches required (planning, utilities, agricultural, crossrail, HS2, Japanese knotweed)? • If the desktop concludes that the property is ‘in need of further assessment’ in respect of contaminated land liabilities, advise the client of the options available to assess the risks and the timing and cost implications. Consider the following steps: ◦ raise additional enquiries with the landlord’s solicitors ◦ instruct the desktop provider to raise regulatory enquiries with the local authority contaminated land team, planning department and if appropriate the Environment Agency and local petroleum officer ◦ consider whether a phase 1 site walkover is required ◦ obtain a quote for indemnity insurance ◦ if there is no...
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THIS PRACTICE NOTE APPLIES TO REGISTERED OCCUPATIONAL PENSION SCHEMES IN WIND-UP (EXCEPT THOSE ENTERING THE PENSION PROTECTION FUND)A key aspect of the winding-up process as it relates to occupational pension schemes is the need to ensure that, as far as is possible, the process permits the discharge of the trustees of the relevant pension scheme from further responsibility in respect of the scheme and its assets and liabilities. There are a number of steps that trustees can take to achieve this.For information about ways to protect trustees from liability in an ongoing scheme, see Practice Note: Trustee liability and protection in pensions.Statutory dischargeWhere the pension scheme is being wound up and is a scheme to which s 73 of the Pensions Act 1995 (PA 1995) applies (eg a registered defined benefit occupational scheme), a statutory discharge may be available to the trustees pursuant to PA 1995, s 74 and the underlying Occupational Pension Schemes (Winding Up) Regulations 1996, SI 1996/3126 (the Winding-Up Regulations).In particular, PA 1995, s 74(2) provides that...
FORTHCOMING DEVELOPMENT: The Pensions Dashboards (Prohibition of Indemnification) Bill is a Private Members' Bill which was presented to Parliament on 20 June 2022 when it had its first reading in the House of Commons. The Bill was published on 13 July 2022 and is making its way through Parliament. The main aim of the Bill is to increase protection for pension savers by making it a criminal offence for pension scheme trustees or managers of an occupational pension scheme to reimburse themselves out of the assets of the pension scheme in respect of penalties imposed under the proposed Pensions Dashboards Regulations. Once the Pensions Dashboards Regulations come into force, if a trustee or manager fails to comply with the Regulations, the Pensions Regulator may take enforcement action which could include a financial penalty. Where this occurs, there is currently nothing in legislation to specifically prevent trustees or managers from reimbursing themselves from the assets of the pension scheme. The proposed measure in the Pensions Dashboards (Prohibition of Indemnification) Bill would...
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Short form of consultant’s appointment This Agreement is made on the [insert date] day of [insert month and year] Parties 1 [Insert Employer name] (Company Registration No. [insert number] whose registered office is at [insert office]) (the 'Employer' which term shall include all permitted assignees or other transferees under this Agreement); and 2 [Insert Consultant name] (Company Registration No. [insert number] whose registered office is at [insert office]) (the 'Consultant') Whereas (A) The Employer has entered into or proposes to enter into a contract with [insert name of contractor] of [insert contractor's address] for the [design and] construction of a [insert brief description of the project] (the ‘Project’) at [insert location of site] (the 'Building Contract'). (B) The Employer wishes to appoint the Consultant to perform the services set out in Schedule 1 (the 'Services') in accordance with the Agreement It is hereby agreed as follows 1 Definitions and Interpretation 1.1 In this Agreement the following expressions shall have the following meanings: [Beneficiaries • any and all...
Software development agreement This Agreement is made on [insert date] (the Commencement Date) between the following: Parties 1 [insert supplier name] a company incorporated in England and Wales whose registered number is [insert company number] and whose registered office is at [insert registered office] (the Supplier); and 2 [insert customer name] a company incorporated in England and Wales whose registered number is [insert company number] and whose registered office is at [insert registered office] (the Customer), each of the Supplier and the Customer being a party and together the Supplier and the Customer are the parties. Background (A) The Supplier is [insert Supplier’s background details and the background to the relevant transaction]. The Customer is [insert Customer’s background details]. (B) The Supplier wishes to develop certain Software (as defined below) and the Customer wishes to engage the Supplier to develop the same on the terms of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 Words shall have the meanings given to them...
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If administrators of a policyholder did not notify insurers of a claim against the policyholder within the 28-day time limit stated in the policy, can insurers reject cover? It is assumed that the claim would otherwise trigger cover under the insurance policy and that it is a liability insurance policy. Under a liability insurance policy, a notification clause is framed as a condition precedent to indemnity under the policy, to allow insurers to investigate the claim at an early stage. In the absence of a clause allowing for extended reporting of claims notifications, an insurer can rely on a breach of a condition precedent to deny liability, regardless of whether insurers have suffered any prejudice. See Practice Note: Liability insurance—notification of claims and circumstances and defence of claims. It should be noted that the purpose of section 11 of the Insurance Act 2015 relates to terms that define the risk as a whole, and it is to prevent insurers from relying on a breach unconnected to the...
A tenant is taking a lease. The freehold title contains an entry which provides that the land is subject to such easements as may exist by virtue of section 15(1)(b) of the Endowments and Glebe Measure 1976. The landlord (freeholder) purchased the property from the diocesan board some years ago and has confirmed that no easements have been exercised to their knowledge and that they do not have indemnity insurance. Does this entry still apply given the owner of the site is no longer the Diocesan Board? Should the tenant insist that indemnity insurance be put in place? Section 15(1)(b) of the Endowments and Glebe Measure 1976 vests land in the Diocesan Board subject to such easements as existed on the appointed day (1 April 1979). Section 15(2) provides that the easements take effect as legal easements. We have not seen any suggestion within the statute that they apply to the property only for so long as the Diocesan Board is the owner. See: Transfer and management of glebe land:...
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This week's edition of Financial Services weekly highlights includes: FCA publishes five portfolio strategy letters; ESAs publish report on 2024 dry run exercise for DORA reporting; Cross-border payments: FSB issues recommendations on frictions in data flows and consistency in regulation between bank and non-bank PSPs; plus dates for your diary over the coming week.
Law360, London: Markos Markou, the director of a mortgage broker who demonstrated a 'lack of integrity' has been banned and must pay a £10,000 fine after a London appeals court ruled on 17 December 2024 that he recklessly risked his company operating without professional indemnity insurance (PII).
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