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Post-Brexit plans for UK financial services and fintech: overly ambitious or a phoenix from the ashes?

It has been just over a week since Chancellor Rishi Sunak made a statement to Parliament setting out the Government's approach to financial services following the UK's imminent departure from the EU on 31 December; a statement that has since sparked much debate, intrigue and (cautious) excitement in the fintech, market infrastructure and payments space. 

Jalla v Shell: A blow to US style "class actions" before the English courts, or welcome clarity on "same interest" test under CPR 19.6(1)?

The English courts have, until recently, shown reluctance to encourage the kind of "class-action" regime so beloved in the US. This mechanism can provide easier and cheaper "rough justice" to potentially cash-strapped claimants against deep-pocketed corporations, and can get cases through the court system faster.

Court of Appeal confirms that "goodwill" will, in the absence of clear words to the contrary, be given its ordinary legal meaning

In Primus International Holding Company & Ors v Triumph Controls – UK Limited & Ors,1 the Court of Appeal has confirmed that, unless there are clear words to the contrary in a contract, the ordinary legal meaning of a particular term (in this case, "goodwill") will be preferred to an unusual or non-legal meaning.

Crown Preference 2.0: Steps to safeguard lender recoveries

From 1 December 2020 new changes to the priority rules in insolvency will have a real impact on the recoveries achieved by secured creditors on the insolvency of a debtor. These new rules give HMRC priority above floating charge holders and ordinary unsecured creditors in relation to tax collected by an insolvent company from third parties, such as VAT, PAYE income tax and NICs.

COVID-19 losses – will business interruption insurers be ordered to pay? (Part 2)

Following mixed results for policyholders and insurers as a result of the High Court's judgment in the FCA's Business Interruption Insurance Test Case (FCA v Arch Insurance & Ors [2020] EWHC 2448 (Comm)), the FCA has announced that the Supreme Court will hear the appeals of the FCA and 6 of the 8 Defendant Insurers against the High Court's judgment over a 4 day hearing, starting on 16 November 2020. 

ESG - TCFD and SFDR disclosures: a fork in the road?

The UK government and regulators have jointly announced their approach to implementing the recommendations of the Taskforce on Climate-related Financial Disclosures within the next five years. Notable by its absence is any explicit mention of the EU Sustainable Finance Disclosure Regulation which comes into force in March 2021.

Cap on public sector exit payments

The Government has introduced a cap on public sector exit payments which took effect from 4 November 2020. Under the cap, payments by a public sector body in respect of an employee's termination of employment must not exceed £95,000 in total for that employee.

Asset Management Tax Checklist

Whilst the Covid-19 pandemic and continuing uncertainty over the nature of the UK’s relationship with the EU post-Brexit have dominated the political and economic agenda in recent times, there have been a number of important tax developments that asset managers should have on their radar as we approach the end of 2020.

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