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Checklist for compromises of FCA-regulated entities: information requirements The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the United Kingdom. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and updated in January 2024) following their significant concerns about these tools being proposed and used by firms to avoid paying customers redress (see: LNB News 05/07/2022 72). Practitioners will need to take note of the guidance where the proposed compromise involves regulated companies, meaning...
Due diligence—head lease use provisions—checklist On any due diligence exercise on the acquisition of a leasehold property it is essential to consider the permitted use, any breaches of the permitted use and the ability of the tenant to change use. Any provisions that are unduly restrictive may have an adverse impact on value or the ability of the buyer to secure finance or dispose of their interest. What is the permitted use? If there is no specific restriction in the lease, the buyer will be free to use the property as they please. However, most leases provide that the tenant may only use the property for a specific purpose or purposes. The relevant clause of the lease should be checked and reported on to the buyer. If the use permitted by the lease does not cover the buyer’s proposed use of the property, advise the buyer at the earliest opportunity. Consider making the purchase of the property conditional on the appropriate consent to the buyer’s use being obtained. The consequences...
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Simplified petitions to the nobile officium in Scottish criminal procedure—flowchart For information about criminal procedure in Scotland, see Practice Note: The investigation and prosecution of criminal offences in Scotland. This Flowchart demonstrates
Liquidated damages v penalty clause—checklist As seen in Practice Note: Contract interpretation—distinguishing between liquidated damages and penalty clauses, the task of determining whether or not a liquidated damages clause may be held to be unenforceable as a penalty is not always an easy one. While it will be a matter of construction for the courts in each case, there are a number of factors to consider when analysing the scope of an alleged liquidated damages clause and whether or not it may be susceptible to challenge as a penalty. If drafting a liquidated damages clause, it is essential that you keep these factors in mind in drafting the clause (and its relationship with related clauses). See: • Drafting and negotiating a liquidated damages clause—checklist • Precedent: Liquidated damages clause For specific consideration of how clauses in commercial contracts which provide for ‘default interest’ have been considered in the authorities, see: • Penalty interest rates in commercial contracts • Contract interpretation—distinguishing between liquidated damages and penalty clauses—When might default interest be...
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Coronavirus (COVID-19) news & analysis—March and April 2023 [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. This table contains an archive of news and analysis on coronavirus (COVID-19) and coronavirus developments that has been published within various Lexis®PSL Practice Areas in March and April 2023. 24–30 April 2023 Date News Analysis Brief description of the News Analysis 27 April 2023 World Challenge tells £10m COVID-19 loss trial Zurich changed policy Law360, London: Counsel for a student travel company seeking £10.5m in unpaid claims for cancelled holidays argued on 26 April 2023 that its insurer Zurich secretly changed its policy at the start of the coronavirus (COVID-19) pandemic, on the first day of a London trial. 27 April 2023 IfG report on Treasury’s involvement during the pandemic LNB News 27/04/2023 54 The Institute for Government (IfG) has published a comment accompanying a report by the IFG's Chief Economist, Gemma Tetlow and Senior Economist, Olly Bartrum, discussing lessons learnt from the Treasury’s response to the coronavirus (COVID-19) pandemic. The report examines...
Procedural guide—applications for a financial remedy: final hearing (standard procedure) This Procedural Guide sets out steps for the standard procedure under the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, Pt 9, Ch 4 (SI 2010/2955, 9.12–9.17). For practical guidance on proceedings to which the fast-track procedure under FPR 2010, SI 2010/2955, Pt 9, Ch 5 (SI 2010/2955, 9.18–9.21A) applies, see Practice Note: Fast-track (shortened) financial remedy procedure. A ‘Statement on the efficient conduct of financial remedy hearings in the Financial Remedies Court below High Court judge level’ was issued in January 2022 by the Financial Remedies Court national lead judge, Mostyn J, and the deputy national lead judge, HHJ Hess, together with a Primary Principles document (replacing the previous Good Practice Guide) and templates for a composite case summary and schedule of assets and income. See Practice Notes: The Financial Remedies Court, Financial remedy proceedings allocated below High Court judge level and Evidential issues for the final hearing of an application for a financial remedy. For practical guidance on...
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Remeasurement 1 [Gross Internal Area means the gross internal area of the Premises expressed in square [feet OR metres] and measured in accordance with the Royal Institution of Chartered Surveyors’ Property Measurement (2nd Edition). OR Net Internal Area means the net internal area of the Premises expressed in square [feet OR metres] and measured in accordance with the Royal Institution of Chartered Surveyors’ Property Measurement (2nd Edition).] 2 When the [frame OR shell OR [other relevant point of construction]] of each of the relevant parts of the Works i
Transition schedule Schedule—Transition 1 Introduction 1.1 This Schedule describes how the Services will be transferred from the Customer to the Supplier on or before the scheduled Service Commencement Date . 1.2 It sets out the responsibilities of each party, management and reporting processes and the consequences of any delays or failures in the delivery of the Transition activities. 2 Transition 2.1 From the Effective Date, the Supplier shall: 2.1.1 begin Transition of the Services in accordance with the Transition Plan contained in the Annex to this Schedule; 2.1.2 ensure that each Milestone is completed on or before the Milestone Date; and 2.1.3 take any other action or perform any other services that are necessary to ensure that the Services are ready to be provided on or before the Service Commencement Date notwithstanding that such actions or services may not be expressly set out in the Transition Plan. 2.2 The Supplier shall be responsible for the overall management of Transition and shall identify and resolve, or assist the Customer in the...
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Can an insurer refuse to provide internal correspondence and case notes relating to an insurance claim where a subject access request (SAR) is made under the UK GDPR for such information? This Q&A assumes that the organisation that has received the SAR is a ‘controller’ of the relevant data. For an introduction to the United Kingdom General Data Protection Regulation, Retained Regulation (EU) 2016/679 (UK GDPR) regime, including key data protection terms and concepts, such as ‘personal data’, 'processing', 'data subject' and ‘controller’, see: Data protection toolkit. As further explained in Practice Notes: The UK GDPR and DPA 2018 for insurers and Data subject rights—access, Article 15 of the UK GDPR gives individuals a right to obtain confirmation from a data controller as to whether or not personal data concerning them is being processed, and where it is, access to the personal data and certain further information. A request for such information is commonly known as a ‘subject access request’ (or a 'SAR' or 'DSAR'). In order to assist...
Under section 2(1) of the draft Insurable Interest Bill, is there a need for a life insured at the outset of the Policy to be valid? Does section 2(5) allow for categories of lives being insured, even if there are not lives in these categories? Does section 2(5) apply to all life policies or group life policies? For the purposes of this Q&A, it has been assumed that the question is are referring to the Insurable Interest Bill dated June 2018. In conducting our research we have focussed on the Insurable Interest Bill dated June 2018. For this answer, we refer you to the following resources: • June 2018 Draft Insurable Interest Bill • June 2018 Accompanying notes to the draft Insurable Interest Bill Under section 2(1) of the draft Insurable Interest Bill, does there need to be a life insured at the outset of the Policy to be valid? Section 2(1) of the draft Insurable Interest Bill (the Bill) states: ‘A contract of life-related insurance is void unless at...
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Property Disputes analysis: This is the first High Court case to hold that defective works by a developer gave rise to a ‘relevant liability’ as a result of a ‘building safety risk’ under section 130(3)(b) of the Building Safety Act 2022 (BSA 2022), paving the way for the claimant right to manage company (RTM Co) to apply at a subsequent hearing for a building liability order (BLO) against the parent company of the insolvent developer. The Technology and Construction Court (TCC) gave guidance on the procedure for seeking a BLO. Further, the RTM Co was, under an agreement to purchase the property, able to recover against the developer and by extension against the parent company as guarantor, all of the individual leaseholders’ losses for breach of covenant in their leases. Written by Tiffany Scott, barrister, Wilberforce Chambers.
Ireland—Banking & Financial Service analysis: This article, was written by Shane Kelleher & Louise McNabola of William Fry LLP.
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