FCA confirms final rules for new Consumer Duty and gives firms more time to comply

The FCA has published the final rules and guidance and accompanying non-Handbook guidance relating to the new Consumer Duty (the Duty). While the nature and scope of the Duty remains largely unchanged in most areas, the final rules and guidance contain some significant changes and clarifications relating to how the Duty will apply. Changes in … Read more

Antonia Pegden promoted to partnership in Insurance & Professional Risks team

We are delighted to announce that Antonia Pegden has been promoted in the latest round of firm partnership promotions and will join the partnership on 1 May. Antonia is part of the Insurance & Professional Risks team in London and is a commercial disputes lawyer focusing on insurance, pensions and professional negligence disputes. Antonia has … Read more

Prevention of Access clauses revisited

In Corbin & King v AXA Insurance Plc [2022] EWHC 409 (Comm), the High Court considered the scope of cover provided by a Prevention of Access clause for Covid-19 business interruption losses. While the Divisional Court in the Covid-19 business interruption test case (the FCA Test Case) had generally found that Prevention of Access clauses did not provide cover in these circumstances, the Court in this case was able to distinguish the clauses considered previously so that the wording in this case could be looked at afresh. The Court found that Covid-19 was a "danger" and that the Prevention of Access clause in the case provided localised cover but one which was capable of extending to disease. Adopting the Supreme Court's approach to causation in the FCA Test Case, the Prevention of Access clause did provide cover for the business interruption losses suffered as a result of the pandemic. Read more

Regulation in Focus Podcast – Operational Resilience

The latest edition of our Regulation in Focus podcast series features two former regulators in conversation about operational resilience – Andrew Procter from Herbert Smith Freehills and Michael Sicsic from Sicsic Advisory. The discussion focuses on implementation of operational resilience requirements for the upcoming UK regulatory deadline of 31 March 2022. Read more

Solvency II – 2022 reforms

The Brexit transition period ended more than a year ago, but insurance sector firms were insulated from the full impact of the UK's withdrawal from the EU during 2021. This is set to change in 2022. Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) concessions to firms affected by Brexit fall away from March 31, 2022 and most firms that are currently in the Temporary Permissions Regime will need to transition to full authorisation once notified of their "landing slot"... Read more

Insurance & Reinsurance Disputes Annual Review 2021

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2021 which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the insurance and reinsurance market. Read more

Spire and RSA contest aggregation again

In Spire Healthcare Limited v Royal & Sun Alliance Insurance Limited [2022] EWCA Civ 17, the Court of Appeal overturned the High Court's decision and held that two groups of claims based on the negligent practice of the same surgeon should be aggregated. Irrespective of which group the claims fell into, the unifying factor between them was the surgeon's dishonest improper conduct. Read more