News & Views

The Financial Conduct Authority (FCA) has outlined its strategic priorities for the next five years, focusing on deepening trust, rebalancing risk, supporting growth, and improving lives. This strategy involves a commitment to being a smarter regulator, supporting growth, helping consumers navigate their financial lives, and fighting financial crime. Below, we’ve summarised some of the key takeaways.

The Financial Conduct Authority (FCA) has announced an ambitious and much-needed program to simplify its requirements for firms, following the implementation of the Consumer Duty. This initiative seeks to address justified concerns about the complexity and volume of FCA rules and guidance, which have often forced firms, diverse in their nature and scale, into a regulatory Procrustes' bed. The attempt to fit all firms into the same rigid framework has resulted in disproportionate burdens and stifled innovation.

The landscape of UK litigation funding is undergoing a period of transformation, marked by significant growth, high-profile cases, and increasing regulatory scrutiny. At O'Connors, we understand the critical role litigation funding plays in ensuring access to justice, and we are committed to providing our clients with clear and insightful guidance through these evolving times.

The use of artificial intelligence (AI) in financial services is rapidly increasing, promising innovation and growth. This push for technological advancement, however, needs to be carefully balanced with the need to protect consumers, as emphasized by the FCA's principle of Consumer Duty.

The Financial Conduct Authority (FCA) recently issued a Decision Notice outlining its refusal to register Zeux Limited as a cryptoasset business. This decision, predicated on deficiencies within Zeux’s anti-money laundering (AML) framework, serves as a salient reminder of the critical importance of robust AML compliance for firms operating in the cryptoasset sector.

With minds focussed on negotiating the deal and the due diligence bun fight, it is easy for sellers and buyers of law firms to forget that the heart of every law firm transaction is the management of data. As law firms are in a position of trust with their clients, much of the data will be classified as protected personal data that must be dealt with appropriately.

When entering into a commercial agreement, whether as an individual or as a business, it is important to have a mutual understanding with the other party of the ‘contractual non-negotiables’ and the key commercial details that will form the basis of the proposed contract. Such details can be set out in a document commonly known as ‘heads of terms’ (or ‘HoTs’). This should lay the foundations for a smooth and successful contractual relationship going forward.

The Court of Appeal recently handed down judgment in Liberty Mutual Insurance Europe SE & Ors v Bath Racecourse Company Limited & Ors EWCA Civ 153, a case which raised important issues regarding the interpretation of composite insurance policies and the treatment of furlough payments under business interruption insurance policies.

Series 1, Episode 1: My Life in Sport Our very own Phil Bowers interviews Nicola Palios, the Co-owner & Vice Chair of Tranmere Rovers Football Club.

Following Royal Assent on 26 October 2023, the changes to the Companies Act 2006 made by the Economic Crime and Corporate Transparency Act 2023 (ECCTA) have been implemented via a phased approach, with many of the new measures due to come into force in 2025.