Court of Appeal overturns refusal to approve Prudential/Rothesay Life transfer

The Court of Appeal has today allowed an appeal from Mr Justice Snowden’s refusal to approve the transfer of some 370,000 annuities from The Prudential Assurance Company Limited to Rothesay Life plc. The court has confirmed that there were errors in Mr Justice Snowden’s approach to the exercise of the court’s discretion on insurance business transfers and has delivered some much needed clarity to the Part VII process. Read more

Judgment handed down in FCA’s COVID-19 business interruption insurance test case

The High Court has today handed down judgment in the COVID-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others. Herbert Smith Freehills represented the FCA (who was advancing the claim for policyholders) in the case, which considered 21 lead sample wordings from eight insurers. Following expedited proceedings, the judgment brings highly-anticipated guidance on the proper operation of cover under certain non-damage business interruption insurance extensions.
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PRA Dear CEO letter to firms on operational readiness for TPR

As the end of the Brexit transition period approaches, the PRA has published a letter from Sam Woods, Deputy Governor for Prudential Regulation and CEO of the PRA, to CEOs of all PRA-regulated firms preparing for the end of the transition period and for entering the Temporary Permissions Regime (TPR). The letter stresses the need for firms to be operationally prepared to enter the TPR and to ensure that they are able to meet the PRA’s regulatory requirements once they are in the TPR. The transition period is due to end at 11pm on Thursday 31 December 2020 at which point the TPR will take effect. Read more

Corporate Crime update – August 2020

Welcome to the August 2020 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more