The Financial Conduct Authority (FCA) has fined Porta Verde Financial Services Limited (Porta Verde) £25,000 for the serious mis-selling of insurance products by two of its appointed representatives (ARs).
Read MoreThe Court of Appeal in European Risk Insurance Company HF v Collette Ann McManus & Ors [2013] EWHC 18 (Ch), has upheld a High Court judge’s decisions to a) refuse declaratory relief and b) award the claimants 60% of the costs of the hearing, stating that the first instance judge had given detailed and rational explanations for her decision to withhold the declaratory relief sought and that it could see no basis for interfering with this exercise of her discretion on either this or the issue of costs.
Read MoreThe Competition Commission (CC) has published its provisional findings in its investigation into the private motor insurance market, as well as possible remedies to address the competition concerns identified. This follows its issues statement of July 2013 that set out market characteristics it considered might be adversely affecting competition (please see our previous blog here).
Read MoreCatalyst Investment Group Limited (Catalyst) was found to have shown a “reckless disregard for investors’ interests” having failed to disclose the high risk nature of bonds issued by ARM Asset Backed Securities SA (ARM), according to the FCA’s director of enforcement and financial crime, Tracey McDermott.
Read MoreThe Alexandros T [2013] UKSC 70 concerned the application of Articles 27 and 28 of EC Regulation 44/2001 (the Brussels Regulation). Where proceedings are issued in more than one Member State and involve the same cause of action, Article 27 requires any court other than the first seised to stay proceedings until jurisdiction is established by the first court seised.
Read MoreIn Rathbone Brothers Plc & Mr Michael Paul Egerton- Vernon v Novae Corporate Underwriting & Ors [2013] EWHC 3457 (Comm), Rathbone Brothers Plc (Rathbone) and Mr Michael Paul Egerton-Vernon (PEV) brought proceedings in the English High Court to recover under the excess layer of a professional indemnity insurance policy held with Novae Corporate Underwriting & Ors (Novae).
Read MoreIn a lengthy judgment, Mr Justice Andrew Smith found that damage resulting from the grounding of the vessel “Irene EM” was caused by an insured peril and, as a consequence, was covered by insurance. The judge also held that the vessel was a constructive total loss (CTL).
Read MoreIn Equitas Limited v Walsham Brothers & Company Limited [2013] EWHC 3264 (Comm), Equitas claimed that the defendant broker, Walsham, received substantial sums (claims on outwards policies and premiums on inwards policies) which it should have remitted to the syndicates (or, after an assignment to Equitas in 1996, to Equitas).
Read MoreIn The London Steam-Ship Owners’ Mutual Insurance Association Ltd v (1) The Kingdom of Spain (2) The French State [2013] EWHC 3188, London Steam-Ship (the Claimant) sought an English judgment pursuant to s. 66 Arbitration Act 1996 (the Act) enforcing arbitral awards it had obtained against the Kingdom of Spain and the French State (the Defendants).
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