Articles

Blockchains & Smart Contracts: A revolution in the making

By Dimitra Alexopoulou

Blockchains and Smart Contracts are at the leading edge of technological innovation.  A look at what bloackchains and smart contracts are, issues for AML, law and jurisdiction, and problems with enforcement.

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Costs: Has the Time Come to Dispose of the Crystal Ball?

By Christopher MacQueen

Litigation, like any other business decision, requires a weighing of risk (cost) and reward. The law surrounding recoverability of a successful parties litigation costs has recently been clarified and our guide aims to provides you with everything you need to ensure that you are accurately building these into your decision making process. 

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Life's a breach: a short guide to the GDPR

By Kate Payne and Mark Estafanous

Under the GDPR, the balance of power shifts from the data controller to the data subject, with the data controller being required to prove the legitimate interest and/or reasoning for retaining the personal data. 

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Some Key Changes Under the Insurance Distribution Directive (IDD) - What You Need to Know

The IDD came into force in Europe on 23rd February 2016 and must be implemented in the UK by 23 February 2018. HM Treasury and the FCA have been consulting on its implementation in the UK.

Separately, HM Treasury has published a consultation paper with proposals to amend the definition of “financial advice”.

In a number of areas, the FCA rules already go beyond the IDD, and mostly in those areas the FCA is not proposing to change its current provisions. Some other areas will require little change.  Where, however, the IDD goes beyond existing UK rules, changes will be implemented. We highlight some of these changes in this article. 

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Sanctions Update June 2017 – The UK’s Post-Brexit Regime

Almost exactly a year ago, on 24 June 2016 – the day after the Brexit vote – I gave a Lecture at Lloyd’s called “The Insurance Act, Sanctions and Other Claims Pitfalls”. A link to the notes for that is here.

At that time, with the referendum having only just happened, it was difficult to be certain about how UK sanctions legislation might change following the decision to leave the EU.

Almost a year later, on 21 June 2017, the Government has clarified matters by introducing in the Queen’s Speech an International Sanctions Bill as part of its Brexit-related legislation agenda. The purpose of the new Bill is “support our role as a permanent member of the UN Security Council and a leading player on the world stage, by establishing a new sovereign UK framework to implement international sanctions on a multilateral or unilateral basis. The Bill will return decision-making powers on non-UN sanctions to the UK, and enable the UK’s continued compliance with international law after the UK’s exit from the EU”.

Read the full Update [pdf]

Challenging decisions made by the Financial Ombudsman Service

A review of the recent case of R (Aviva Lide & Pensions (UK) Limited) v Financial Ombudsman Service [2017], which examines the scope by which an insurer can challenge a decision of the FOS and, in particular, if the Ombudsman chooses to deviate from the law, whether the Ombudsman is required to explain its reasons for doing so.

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