Professions and Financial Lines Brief

March 2021

Welcome to the latest edition of Professions and Financial Lines Brief, providing a roundup of global issues and sector insights.

Headlines in this edition include:

A summary of some of the latest court decisions
Cyber insights
D&O/regulatory roundup
Lloyds Bank shareholders class action is a warning to insurers
D&O insurers win declaratory judgment via insured capacity exclusion
The buck stops here: the limits of bankers quincecare duty for push payment fraud
Flagging the limits on duty of care
The renewing of summons in Ireland – the proper legal test and takeaways for solicitors
A new Code of Conduct for building surveyors in Victoria, Australia

As always, we hope you enjoy reading this edition and welcome your feedback.

Matt Deaville
Partner

Case law

We consider the latest significant court decisions impacting claims arising from professional liability and financial lines policies and products.
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Articles

Cyber insights
A roundup of recent global cyber-related developments from Bermuda, Singapore and the US, along with post-Brexit data protection laws.
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D&O/regulatory roundup
Latest global regulatory developments, including the reform of the UK corporate governance and audit oversight whitepaper, the upcoming Climate Biennial Exploratory Scenario stress test and the recent Danish corporate governance recommendations.
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Lloyds Bank shareholders class action is a warning to insurers
We evaluate the first shareholder class action ever to be brought in England and Wales which was defended successfully by Lloyds Bank and five of its former directors.
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D&O insurers win declaratory judgment via insured capacity exclusion
We review this recent decision by a New York trial court which highlighted the impact corporate structure has on the scope and availability of D&O insurance.
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The buck stops here: the limits of bankers Quincecare duty for push payment fraud
A case review of the High Court decision of Fiona Philipp v Barclays Bank which clarified further the “Quincecare” duty of care on financial institutions.
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Flagging the limits on duty of care
An analysis of Uralkali v Rowley [2020] in which the court explored the limits of a professional’s (in this case an administrator) duty of care.
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The renewing of summons in Ireland – the proper legal test and takeaways for solicitors
A case review of the recent Court of Appeal decision of Murphy v HSE which confirmed the correct legal test for the renewal of a Summons under RSC Order 8.
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A new Code of Conduct for building surveyors in Victoria, Australia
We take a look at the impact of the Victorian Building Authority’s first Code of Conduct for Building Surveyors, which came into force on 1 January 2021.
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	Report COVID-19: what will it mean for the future of risk? Our latest report explores the behavioural changes and risks associated with people’s COVID-19 responses. Read more...

@kennedyslaw

Kennedys

Webinar | Wednesday 24 March 2021 | 15:00 - 16:00 GMT

Solicitors professional liability webinar

We will be joined by Jenny Screech, professional indemnity specialist at Howden Insurance Brokers who alongside our panel of Kennedys' experts who will provide:

An update on current claims profiles, market trends we expect to see for April 2021 renewals and a look to the future for October 2021 renewals.
A summary of recent claims we have handled for large law firms including, work types, cause types and risk mitigation strategies.
An overview of the December 2020 SRA report on upholding professional standards.

Register here...

Brexit: the new status quo

In the first of a series of insights into the the post-Brexit landscape, our industry experts provide an overview of what the deal means for a number of critical areas including passporting and data privacy.

Podcast

Cyber Sounds

This informative and entertaining podcast series focuses on all things cyber and more from Kennedys’ experts Oliver Dent, Tom Pelham and Elizabeth Bardsley.

Listen here...