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In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.
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The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.
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Opinion
To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.
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In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.
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A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.
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The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.
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The recent U.K. Court of Appeal decision in London Trocadero v. Picturehouse demonstrates that even exceptional COVID-19-related circumstances will not induce courts to interfere with a previously considered allocation of risk between parties or imply terms in a contract, says Gurpreet Sanghera at Simkins.
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The U.K. government recently opened up the market for approved building inspector insurance in the aftermath of the 2017 Grenfell Tower tragedy, but it does not appear to have considered the impact this may have on homeowners and developers, say Alan Stone and Jonathan Carrington at RPC.
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For a variety of reasons there has been a slower than anticipated increase in U.K. corporate insolvency figures in recent months, although there may be a time lag between economic difficulties and sentiment among investors, lenders and business owners, and it is likely that numbers will rise in the autumn, says Jeremy Whiteson at Fladgate.
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With investors looking for alternative assets that can achieve returns and claimants likely to be cash poor in the current economic downturn, the signs are that the litigation funding market is not only here to stay, but is set to expand, says Simon Thomas at Baker & Partners.
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Recent proposals by the U.K. Treasury could lead to regulation of those designated as critical third parties in finance, and legislation will be needed to ensure technology suppliers are not deterred from participating in the financial services markets, say attorneys at Addleshaw Goddard.
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Despite delays and content providers' concerns regarding the impact on their profitability, it appears certain that the Online Safety Bill will be enacted in one form or another, mirroring proposals in the EU and U.S., so tech firms must prepare for a new regulatory framework that will require them to tackle illegal and harmful content on their services, say attorneys at Dechert.
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It is hoped that the proposed reforms of Solvency II will not only ensure policyholder protection and a successful insurance industry, but that released capital will be invested in long-term infrastructure and green projects, yet there are questions and even concerns surrounding potential changes and what their impact might be, says Dónal Clark at Kennedys.
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There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.
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The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.