In Practice
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Interest deductibility: the “unallowable purpose” rule after Blackrock, JTI and Kwik-Fit
In this In Practice article the authors consider recent challenges to loans or related transactions where UK tax relief for the financing costs was denied.
09 February 2025Modernising the redress system: exploring the need for alternative processes
Following the announcement in the Chancellor’s Mansion House speech, the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) on 15 November 2024 published a joint Call for Input (CFI) seeking views from stakeholders on “how to modernise the redress framework, so it better serves consumers and provides greater stability for firms to invest and innovate”. With the CFI response deadline having just passed and the FCA and FOS now reviewing responses, we outline the key issues to be addressed.
09 February 2025Car finance commission arrangements: implications for speciality finance transactions
In this In Practice article the authors explore the impact of consumer claims for rebate of commission on speciality finance transactions.
12 January 2025Paying for investment research: welcome rule relaxations for EU and UK firms
As part of wider moves to enhance overall competitiveness, the EU and the UK are both making changes to legislation and regulation to boost their jurisdiction’s attractiveness for listing and capital-raising. This includes proposals to loosen the existing research unbundling rules in an effort to increase the amount and quality of available research on companies, along with other measures to ensure visibility of that research so that potential investors have access to a wider range of investment opportunities. The research-related proposals aim ultimately to improve liquidity and growth prospects for small and medium sized (SME) companies.
12 January 2025German obligors in cross-border financing transactions
English lawyers must navigate a landscape of legal and practical considerations on financing transactions involving German obligors. This In Practice article outlines the critical aspects to be aware of.
12 January 2025The auditor’s duty to report to the FCA when it suspects fraudulent activity
While there is some guidance on the requirement for an auditor who is performing an audit to notify the Financial Conduct Authority under certain circumstances, there remains a great deal of uncertainty as to when the threshold for reporting will be met. This In Practice article explains the key points of uncertainty and asserts the urgent need for further guidance.
24 November 2024Embedded law
This In Practice article is a thought experiment on the future of legal services. Technology is changing and changing us. It will have implications for the work of lawyers. Our natural assumption is that if change is incremental, it is not radical.
24 November 2024Is the FOS being fair and reasonable in its approach to unaffordable lending complaints?
This article explores the Financial Ombudsman Service’s (FOS) approach to limitation periods applicable to customers’ allegations of unfair relationship under s 140A of the Consumer Credit Act 1974 (CCA). Is the FOS’s approach still “fair and reasonable”?
24 November 2024Retained EU Law: the implication of keeping s 6 dormant
Nearly five years after the end of the Brexit transition period, legacy EU law continues to occupy a substantial place in the UK legal system. Legislation enacted in 2023 was designed to reduce the scope and status of this body of domesticated EU law. Most of these measures were brought into force on 1 January 2024, but one major element of the reform – intended to encourage UK courts to depart from pre-Brexit EU case law – was not due to come into effect until 1 October 2024. But at the end of September, the new government quietly announced that commencement of the new rules would be postponed. In this In Practice article we examine the rules, how they would fit into the scheme of changes already in force and what we can expect now.
27 October 2024Can the buyside rely on ESG ratings and data without regulatory risk?
New regulatory requirements for UK asset managers will cause a rethink as to the extent to which they can continue to source and place reliance on third-party ESG data and ratings products without rigorous assessment. Expected improvements in corporate disclosures and the future regulation of ratings providers should provide some comfort.
27 October 2024
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