Related insights: Professional Risks Disputes
Court of Appeal to examine SIPP provider case
22 Oct 2020
In May, we wrote about the High Court judgment in Adams v Options SIPP UK LLP which offered SIPP providers some comfort that, in circumstances where a loss is suffered by a member and the SIPP provider is acting on an execution only basis, they will not usually be liable for any loss suffered by the investor on investments made through the SIPP, including investments introduced to the member by unregulated providers.
FCA test case: disruption in the new normal
15 Sep 2020
The judgment in the FCA test case concerning the operation of several non-damage business interruption insurance clauses has been handed down today. Groups representing policyholders are claiming victory, however, beyond the headlines is a complex and nuanced judgment. Nevertheless some broad themes can be discerned and insurers will want to consider these and re-assess their approach to all business interruption claims and not just those arising from COVID-19.
SAAMCO is dead – long live SAAMCO!
09 Sep 2020
Litigators have been grappling with the existence and application of the SAAMCO principle in professional negligence cases for over 24 years since Lord Hoffman delivered his leading judgment in the House of Lords[1]. The recent Court of Appeal decision of Assetco Plc v Grant Thornton UK LLP [2020] EWCA Civ 1151 is the latest higher court authority[2] to confirm that the SAAMCO principle is here to stay.
FCA updates on Business Interruption Test Case
02 Jun 2020
We previously reported on FCA's intentions to bring a test case to obtain court declarations that would help resolve contractual uncertainty in several business interruption policies, stemming from claims relating to COVID-19. On 1 June, it confirmed the results of its enquiries to date, and its next steps.
Russell Adams v Options SIPP UK LLP (formerly Carey Pensions UK LLP)
26 May 2020
The judgment handed down in Adams v Options SIPP UK LLP by the Chancery Division of the High Court may give SIPP providers some comfort on their exposure to liability when acting on an execution-only basis and a SIPP member suffers loss on an investment made through their SIPP.
Professional negligence – what will the post COVID-19 world look like for professionals and their insurers? Part 2
01 May 2020
We continue our examination of the implications of the COVID-19 crisis for professionals and their insurers in the context of a challenging economic environment and the correlation between recession and claims against professionals. This article looks at how COVID-19 issues may impact on insurance brokers, construction professionals and directors and officers.
Professional negligence – what will the post COVID-19 world look like for professionals and their insurers? Part 1
23 Apr 2020
COVID-19 is having a devastating impact on the lives of individuals, businesses and societies all over the world. As the human cost of COVID-19 continues to mount, it is clear that there will also be a huge economic fallout which many predict will be more significant than the 2008 global financial crisis. Indeed, some economists believe that a number of economies are already in recession. Recent history has taught us that there is a correlation between recession and claims against professionals. In the first of two articles, we examine the potential implications of COVID-19 for risk profiling for professionals and their insurers. This first article looks at the implications for solicitors, surveyors and auditors.
Changing the face of witness statements
09 Apr 2020
Following recommendations made by the Commercial Court Witness Evidence Working Group (WEWG) in December 2019, some limited amendments to witness statements and the statement of truth took effect on 6 April 2020. While the reforms are far from radical (the majority of the WEWG did not favour radical reform), the courts are likely to take a tougher approach in circumstances where a witness statement has been clearly over worked by lawyers. We examine the issues and consider the implications for solicitors, parties to litigation and their insurers.
Professional indemnity claims management: conflicts of interest
25 Mar 2020
Professional indemnity insurers cannot completely avoid conflicts of interest. Nobody expects this. What is expected, however, is that conflicts of interest are recognised and managed fairly. Fairness is at the heart of what the FCA expects from its insurers.
Cyber claims in the worldwide wake of the GDPR?
31 Jan 2020
18 months after the introduction of the General Data Protection Regulation (the GDPR), the dust has not yet settled. Gargantuan data breach penalties available to the Information Commissioner's Office (the ICO) are yet to materialise and we have not seen a flood of colossal group action claims yet. However these types of events, which were hotly anticipated in the wake of the GDPR, are now starting to take shape.
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