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FCA consultation paper tracker—2017 [Archived]

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...

Adding a new partner to a general partnership—checklist

Adding a new partner to a general partnership—checklist Identity of new partner What is the name and address of the new partner? Is the new partner subject to any restrictions under any existing agreements or covenants (eg employment, partnership, joint venture, finance documents) that may impact upon their ability to join or commit to the partnership? Business details Will the business of the partnership remain the same after admission of the new partner? Will the name of the partnership change after admission of the new partner? Will the premises of the business change? If the partnership is registered for VAT, who will inform HMRC of a change of partners for VAT purposes? If the partnership is registered for PAYE and employer’s NICs, who will inform HMRC of a change of partners for these purposes? Will the new partner be required to register for employee’s NICs? Partnership agreement and other documentation How does the existing partnership agreement provide for the admission of new partners? Will any changes be required to the...

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Securing PII for a new legal practice

All firms regulated by the SRA must have professional indemnity insurance (PII) cover in order to practise. This must be obtained from a participating insurer. See Practice Note: Professional indemnity insurance—law firms.This Practice Note provides guidance on the steps you should take to secure that cover for a new legal practice.What is a participating insurer?A participating insurer is an insurer that is authorised to conduct insurance business in the UK and that has signed the Participating Insurer’s Agreement with the SRA.This agreement requires participating insurers to offer a minimum level of cover which is set out in the minimum terms and conditions of the SRA Indemnity Insurance Rules.A list of participating insurers is available on the SRA website.How to apply for insurance coverLaw firms can apply through an insurance broker for PII. Some insurers will deal with applications made directly to them but most will require you to use a broker. The SRA list of participating insurers indicates which insurers will deal with applications made directly to them.If you decide...

PII—renewal tips

Securing professional indemnity insurance (PII) cover is not always easy, even for an established firm. You could find that your insurer is not willing to renew the policy, or you may face significant increases in premium.Also, when making a decision about which insurer to place your cover with, claim handling and added value services may or may not be important to you, but it is worth ensuring you understand any differences in the insurance offering.This Practice Note explains some practical examples of how best to tackle the renewal of your PII policy. For guidance on the regulatory requirements applying to PII, see Practice Note: Professional indemnity insurance—law firms.Choosing your insurerA list of participating insurers is available on the SRA’s website. Most participating insurers prefer to be contacted by broker only—the SRA’s list of participating insurers indicates where this is the case.Choosing the right insurer is very important.There have been as many as 39 and as few as 20 participating insurers since the open market arrangements began in 2000.Some insurers will...

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Licence to carry out environmental investigations

Licence to carry out environmental investigations Parties 1 [insert name of licensor] [of [insert address] OR company number [insert company number] whose registered office is at [insert address]] (the Licensor) 2 [insert name of licensee] [of [insert address] OR company number [insert company number] whose registered office is at [insert address]] (the Licensee) 1 Background (A) The Licensor is the registered [freehold OR leasehold] owner of the Property. (B) The Licensee has expressed an interest in [acquiring OR leasing] the Property. (C) The Licensor will permit access to the Property by the Licensee and the Consultant for the purpose of carrying out investigations as to ground conditions at, in, on, under or about the Property, subject to the terms of this Licence. 2 Definitions Competent Authority • means any statutory undertaker or any public local or other authority or regulatory body or government department, or any other body exercising powers under statute or by royal charter or any court of law or any...

Short form of consultant’s appointment

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...

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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?

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...

Should I have procedures in place to mitigate the risk that my firm fails to close in an orderly manner?

Should I have procedures in place to mitigate the risk that my firm fails to close in an orderly manner? There is no formal requirement to have a firm closure policy, however SRA Guidance says that when closing down your practice, you should plan the closure well in advance, where possible. Larger firms may need to prepare a detailed plan and should have a contingency plan for closure, merger or sale in the event of serious difficulties arising. Of course, the interests of clients are critical, but disorderly closure of a law firm, the SRA reminds us, can also cause adverse impact on the courts and others dealing with the firm, such as those on the other side of a case or transaction. If your business needs to close, it must do so in an orderly way. When firms cannot (or will not) wind down in an orderly manner, the SRA may have to intervene and interventions are costly. So, in other words, you must have systems and ...

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Restructuring & Insolvency weekly highlights—12 December 2024

This week's edition of Restructuring & Insolvency weekly highlights includes: clarification of the position of sole directors under the Model Articles and the interaction between UK sanctions regulations and in-court appointment of administrators (Re KRF Services (UK) Ltd), an analysis of the inalienability of occupational pensions (White v Manolete), a discussion of whether the professional indemnity insurer of an insolvent insured is to be treated in law as being liable in respect of the same damage as that for which its insured is liable for the purpose of enabling the insurer to pursue a claim to recover a contribution pursuant to the Civil Liability (Contribution) Act 1978 (Riedweg v HCC International Insurance Plc), plus a round-up of other news and cases for restructuring and insolvency professionals.

Insurance & Reinsurance weekly highlights—12 December 2024

This week's edition of Insurance & Reinsurance weekly highlights includes: Case analysis written by Sarah Prager KC, barrister at Deka Chambers in relation to the interaction between the Civil Liability (Contribution) Act 1978 and the Third Parties (Rights Against Insurers) Act 2010; Insured losses from disasters to top US$135bn, Swiss Re says; Insurers set to see boost from UK discount rate change; Insurance giant Allianz warns of rising insolvencies in 2025; PRA consults on liquidity reporting reforms for insurers; FCA outlines Consumer Duty focus areas and priorities for 2024/25; FCA issues updated perimeter report of December 2024; UK insurers post leadership diversity gains; FSB publishes inaugural list of insurers subject to resolution planning standards; IAIS adopts global insurance capital standard; cases and decisions; key dates for your diary; and other news highlights reported over the past week.

View the latest UK Parliament Acts documents on Professional indemnity

Financial Services and Markets Act 2000 (2000 c 8)

Financial Services and Markets Act 20002000 CHAPTER 8An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.[14th June 2000]BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—Part I . . .1 . . .. . .2 . . .. . .3 . . .[3A . . .]4 . . .5 . . .6 . . .[. . .][6A . . .]. . .7 . . .. . .8 . . .9 . . .10 . . .11 . . .. . .12 . . .13 . . .. . .14 . . .15 . . .16 . . .17 . . .18 . . .[Part 1A The Regulators][Chapter 1 The Financial Conduct Authority][The Financial Conduct Authority][1A The Financial Conduct Authority][The FCA's general duties][1B The FCA's general duties][1C The consumer protection objective][1D The integrity objective][1E The competition objective][Interpretation of terms used in relation to FCA's general duties][1F Meaning of “relevant markets” in strategic objective][1G Meaning of “consumer”][1H Further interpretative provisions for sections 1B to 1G][1I Meaning of “the UK financial system”][Modifications applying if core activity not regulated by PRA][1IA Modifications applying if core activity not regulated by PRA][Power to amend objectives][1J Power to amend objectives][Recommendations][1JA Recommendations by Treasury in...