Professional indemnity insurer Markel has lost a £16 million negligence dispute with an agricultural lender. The court employed the rarely-used ‘Braganza Test’ to rule that the insurer did not have reasonable grounds for avoiding their policy. UK Acorn Finance…read more
Tribunal clears solicitor of misconduct over tax avoidance scheme. Published June 2020
An experienced solicitor has been cleared of misconduct by the Solicitors Disciplinary Tribunal over his involvement in tax avoidance schemes. Jonathan Mounteney had been accused by the Solicitors Regulation Authority of facilitating and promoting three stamp duty land tax (SDLT)…read more
Financial adviser fined for exposing clients to high-risk pension investments. Published June 2020
Lloyd Pope, a director of failed advisory firm TailorMade Independent (TMI) has been fined over £23,000 by the FCA for failings which allowed clients to invest over £100 million of pension assets in high risk investments. These included green oil,…read more
Landowner loses planning appeal over camping pods. Published June 2020
Erecting four camping pods without planning permission got a landowner into hot water with the planning authorities. Martin Baddams installed the camping pods on his land in the New Forest National Park. The Park Authority decided that the pods were…read more
FCA seeks legal clarity on Business Interruption insurance. Published June 2020
The Financial Conduct Authority (FCA) is asking the courts to clarify whether businesses, shut down by the Covid-19 pandemic, can claim on their Business Interruption (BI) insurance. The regulator says that most BI policies do not provide cover for pandemics,…read more
Blocked email was not validly served rules judge. Published May 2020
An appeal sent by email to the First-tier Tribunal was not validly served after it was blocked by the Tribunal’s firewall. The case highlights the risk of using email to send important information to the courts without checking it has…read more
PFS calls for PI insurance grace period during COVID-19 outbreak. Published May 2020
The Personal Finance Society (PFS) has called on the Financial Conduct Authority (FCA) and HM Treasury to grant financial advisers a four-month waiver if they need to renew their professional indemnity insurance (PII) during the coronavirus lockdown. The Society is…read more
RICS to review valuation practices to combat conflicts of interest. Published May 2020
The Royal Institution of Chartered Surveyors (RICS) is planning to review its valuation practices amid fears that advisory firms could face conflicts of interest. A report in The Times newspaper said that surveyors could be conflicted if “they are appointed…read more
Retail tycoon loses ‘wasteful’ negligence claim against solicitors. Published May 2020
Philip Day, millionaire owner of the Edinburgh Woollen Mill, has lost a negligence claim against his law firm, Womble Bond Dickinson. Day accused the law firm of professional negligence after he was found guilty of unlawfully felling 43 trees on…read more
COVID -19 and Important changes to the RICS Minimum Approved Wording – Ensure you are covered!
It is important that you consider adding additional EWS1 limitation wording to your valuation reports to maintain professional indemnity insurance cover as explained below. COVID-19 and Material Valuation Uncertainty In light of the global COVID-19 pandemic, upon renewal of professional…read more
