News & Views

One of the fundamental reasons to run a dental business via a limited company is to protect the owners and directors from incurring personal liability for the debts and liabilities of the business. The general rule is that an owner or director of an incorporated business cannot be held personally liable for its debts and liabilities provided their actions fall within the parameters of the company’s constitution and the actions are otherwise lawful.

In a recent warning to the operators of cryptoasset automated teller machines (“CATMs”), the FCA confirmed that of the cryptoasset firms listed on its register, none have been approved to offer CATM services. Therefore, any providers that do operate CATMs in the UK do so unlawfully and risk getting on the wrong side of the regulator.

In January last year, the government issued a consultation paper and call for evidence on the UK’s regulatory approach to cryptoassets and stablecoins. The consultation paper wanted views on how the UK can ensure its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers, market integrity, and financial stability. The government’s proposals in the consultation paper were largely informed by views expressed by UK’s the Cryptoassets Taskforce (made up of HM Treasury, the Bank of England, and the FCA) in its final report setting out a regulatory pathway for the UK to mitigate the risks, and enhance the benefits, of cryptoassets and distributed ledger technology (“DLT”).  

‘Building Back Better’ has become the world’s slogan - from budget decisions to carbon emissions. The concept is, of course, far from new. It has been used in disaster recovery parlance for decades and derives from evidence that the collective shock of a major catastrophe somehow seeds a desire in those affected not just to return to normal but to pursue a better normal.

O’Connors has collaborated with Baker Tilly on a three-part series of articles on the theme Managing Cyber Risk. First published by AIRMIC this article is part one which addresses IT contracts and the complexities that come with cyber risk for law firms, although the issues raised apply equally to other sectors.

O’Connors has collaborated with Baker Tilly on a three-part series of articles on the theme Managing Cyber Risk. First published by AIRMIC this article is part two which addresses cyber liability insurance policies.

According to research by challenger insurance broker hubb, UK businesses are demanding greater transparency from their insurance brokers in the placement of their insurance programs, not least in relation to fees charged, commissions received and potential conflicts of interest. By identifying the right insurance broker for your business and appointing them on the right contractual terms, you can ensure this transparency is achieved.

The recent COP26 in Glasgow had a much greater focus on private sector businesses than in previous summits, increasing the pressure on them to transition to net-zero carbon emissions.

The focus of most articles on Brexit and financial services has been on how Solvency II will impact the way insurers (and other financial institutions) do business now that the UK has left the EU and declined to remain in the single market. Important though this issue is, for many UK-based insurance brokers, the more pressing Brexit issue has been the loss of access to the EU single passport regime under the Insurance Distribution Directive.

Now that the so-called ‘Freedom Day’ has come and gone, we have been reflecting on the events of the last 18 months or so and the impact of the Financial Conduct Authority’s (FCA) business interruption insurance test case. The Supreme Court’s judgment in the test case was headline news in the insurance and national press for weeks, and the tremors it created still reverberate in the marketplace today.