Publication
Changes proposed to UK Corporate Governance Code
On May 24, 2023 the Financial Reporting Council (FRC) published a consultation paper (Consultation) proposing revisions to the 2018 UK Corporate Governance Code (Code) .
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United Kingdom | Publication | January 2021
The Supreme Court has handed down judgment in FCA v Arch Insurance (UK) Ltd and others [2021] UKSC 1, more commonly known as the ‘FCA Test Case’. The FCA Test Case was brought by the Financial Conduct Authority on behalf of policyholders under the Financial Markets Test Case Scheme in order to determine whether certain non-damage clauses commonly used in business interruption property insurance policies would cover losses caused by the cessation of business due to the COVID-19 pandemic. The FCA Test case was brought with the agreement of eight insurance companies to resolve legal issues of general importance to the insurance market.
The Test Case has attracted significant media attention and the judgment was much anticipated. The decision will have an impact on future insurance claims and is not limited to those resulting from the pandemic.
On January 15, 2021, the Supreme Court handed down its judgment on appeal which was ‘leapfrogged’ from the decision of the High Court (FCA v Arch Insurance (UK) Ltd and others [2020] EWHC 244). Six of the eight insurance companies appealed the first instance decision, as did the FCA in respect of those issues on which it had not been successful.
There were six issues that the Supreme Court considered:
Lords Hamblen and Leggatt gave the main judgment, with which Lord Reed agreed. Lord Briggs gave a separate but concurring judgment, with which Lord Hodge agreed. The court found as follows:
The FCA estimates that the decision will affect around 370,000 policyholders who will be able to recover losses relating to business interruption due to COVID-19. But the implications of the decision go beyond the pandemic and will impact claims that have nothing to do with the events of the past year.
Publication
On May 24, 2023 the Financial Reporting Council (FRC) published a consultation paper (Consultation) proposing revisions to the 2018 UK Corporate Governance Code (Code) .
Publication
In a long-awaited decision, the Tribunal in a Paris-seated ICC arbitration has ordered the Republic of Turkey (Turkey) to pay the Republic of Iraq (Iraq) approximately USD 1.5bn and to suspend the loading and export of crude oil from Kurdistan transported through the Iraq-Turkey Pipeline (ITP).
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