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ARCHIVED: This Practice Note has been archived and is no longer being maintained. Structural banking reform and ring-fencing The global financial crisis underscored the necessity for international structural reform of banking. In the UK, the Government brought forward a suite of measures to bolster the resilience of the UK financial system and to avoid taxpayers carrying the burden when banks fail. The Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) inserted fresh measures into the Financial Services and Markets Act 2000 (FSMA 2000), obliging the largest UK banks to segregate, within their groups, essential retail banking services from other activities, such as investment and international banking. This separation is termed ring-fencing. Its objective is to shield UK retail banking from shocks arising elsewhere in a banking group, which could otherwise adversely affect global financial markets. Ring-fencing legislation applies only to UK banks with a three-year average of more than £25bn in ‘core deposits’—broadly from individuals and small to medium-sized businesses...

During any due diligence, a purchaser should establish whether an energy performance certificate (EPC) and a recommendation report are required, and then confirm that a valid EPC has been provided. In a multi-let building, several EPCs may be needed for different parts of the property. An EPC allows the buyer to assess the building’s energy efficiency. It sets out a rating that can be benchmarked against the average for comparable stock. A poor score may negatively affect the property’s value. A recommendation report must accompany the EPC unless there is no reasonable potential to improve performance against the energy standards currently in force. However, owners are not legally obliged to follow the recommendations. See our Overviews: Energy performance certificates and minimum energy efficiency requirements (MEES)—overview and Energy and renewable apparatus in buildings—overview, and our Practice Notes: Energy performance certificates (EPCs)—what are they and when are they required? and Energy performance certificates (EPCs)—issues for commercial landlords and tenants. Do the Energy Performance of Buildings (England and Wales) Regulations...

This Checklist This Checklist presents, in a tabular format, the matters to address when preparing a loan that references a compounded risk-free rate (RFR) such as the Sterling Overnight Interbank Average Rate (SONIA), calculated in arrears. It explains the purpose of the key provisions, highlights issues to weigh up, and offers drafting pointers and practical guidance for practitioners. For further analysis, see Practice Note: Interest provisions in risk-free rate based loan agreements. The Checklist draws on provisions contained in the Multicurrency Term and Revolving Facilities Agreement incorporating backward-looking compound rates and forward looking term rates (lookback without observation shift) issued by the LMA (the LMA Compounded RFR Facilities Agreement). The LMA’s recommended form documentation, with accompanying user guides and commentary, is accessible to LMA members on its website. While the Checklist is prepared on the basis of LMA-style documentation, the guidance will also be relevant to bilateral transactions and agreements using other loan forms. Practice Note: Interest provisions in risk-free rate based loan agreements provides a fuller discussion and...

Aon plc, the British‑American management consultancy, said it would ‘naturally’ give company directors more sway over a scheme if trustees of defined benefit plans were obliged to obtain the sponsor’s agreement to a new ‘statement of strategy’, as outlined by TPR earlier in March 2024. TPR also stated that managers of defined benefit retirement schemes must lodge the strategy alongside their routine valuation documents from 22 September 2024. A defined benefit pension delivers a guaranteed income each year for life, determined by a worker’s final or average salary...

Insurance & Reinsurance weekly highlights—18 January 2024 In this issue: Ukraine conflict Coronavirus (COVID-19) Cases and decisions Types of insurance Market practice Regulation Solvency II New and updated content Case trackers Key dates Daily and weekly news alerts LexTalk®Insurance: a Lexis®Nexis community Ukraine conflict This week, Scottish practice Brodies LLP confirmed it had supported Ukraine’s Export Credit Agency on an innovative war risks insurance mechanism, extending protection to shipowners and charterers and enabling the nation to move cargo across the Black Sea amid ongoing hostilities with Russia. See News Analysis: Brodies steers war risk insurance for Ukrainian exports. The conflict in Ukraine has profoundly reshaped the aviation insurance sector. Claims on aviation policies have become a central battleground as lessors try to recoup losses for aircraft left in Russia (typically still held and operated by Russian carriers). Consequently, a wave of proceedings has been commenced before the English, US, and Irish...

On 5 February 2025, the broking and risk adviser reported in its Global Insurance Market Index that average costs kept sliding further in the last quarter of 2024, following a 1% decline between the second and third quarters of that same year. Marsh noted the steepest reductions late in 2024 were in the UK and the Pacific, where typical prices dropped by 5% and 8%, respectively, according to the report. In the US, rates were unchanged over the same time period, the report said. Globally, property insurance pricing fell by 3%, the study added. Casualty insurance rates were the only major class to register an increase across the...

ARCHIVED: This Practice Note is archived and not being maintained. It reviews the Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) Regulations 2020 (Week’s Pay Amendment Regs 2020), SI 2020/814, which ensure that employees furloughed under the Coronavirus Job Retention Scheme (CJRS) for any period ending on or before 30 September 2021 receive statutory redundancy pay, statutory notice pay and other entitlements by reference to their usual earnings rather than the reduced furlough rate. For details on the Coronavirus Job Retention Scheme (CJRS), extended to 30 September 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 May to 30 September 2021) [Archived]. For general guidance on working out a week’s pay under sections 221–224 of the Employment Rights Act 1996 (ERA 1996), see Practice Note: Calculating a week’s pay. The Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) Regulations 2020 (Week’s Pay Amendment Regs 2020), SI 2020/814, which took effect on 31 July 2020, prescribe how a week’s pay is to...

This Practice Note This Practice Note examines how standard essential patents (SEPs) and fair, reasonable and non-discriminatory (FRAND) licensing feature in patent disputes before the Courts of England and Wales (the English Courts). It focuses, in particular, on the legal position following the UK Supreme Court’s ruling of 26 August 2020 in the combined Unwired Planet and Conversant appeals, and the practical consequences of that decision. For further information, see News Analysis: Supreme Court—English courts can determine terms of global licences for portfolios of standard essential patents (Unwired Planet v Huawei). Since then, two further significant rulings on FRAND rates have been issued in England and Wales and have been the subject of appeal judgments, as noted below: First, judgment was handed down on 16 March 2023 in the dispute between InterDigital and Lenovo following a High Court FRAND trial in January 2022. It offered additional guidance on several of the issues considered in Unwired Planet. The appeal judgment in InterDigital v Lenovo was handed...

What is the PCSPS? Until 30 September 2002, the Principal Civil Service Pension Scheme (PCSPS) was the only pension option for the civil service. From 1 October 2002, four distinct sections were introduced within the PCSPS: Classic (the 1972 Section), Classic Plus (a blend of Classic and Premium), Premium (the 2002 Section) and Nuvos (the 2007 Section). The first three operate on a final salary basis, whereas Nuvos is a career-average section. For further details on how these sections were established, see below. Subsequently, on 1 April 2015, a new arrangement, the Civil Service Pension scheme (CSP) alpha, was created to provide benefits on a career average basis. When alpha was brought in, the government acted to close the PCSPS to future accrual, subject to: the retention of a final salary link in the PCSPS for active members, meaning benefits earned in the PCSPS are calculated using final salary at the point of leaving the civil service rather than when active PCSPS membership ended... ...

A: Gut feel Comments or observations Instinctive income forecast B: Trends Data Year Fee income £ % uplift on prior year Indicators that the % change is not part of the wider trend [ 2025 ] [ 2024 ] [ 2023 ] [ 2022 ] [ 2021 ] Conclusions Comments or observations Trend analysis fee income prediction C: Capacity No. of fee earners Expected chargeable hours per fee earner Average hourly rate Expected gross income % of recorded time billed in previous years Capacity income prediction D: WIP (work in progress) levels Data Value of WIP at year end [ 2024 ] Value of WIP at year end [ 2025 ] Number of open files at year end [ 2024 ] Number of open files at year...

Raw data required Total number of full-time fee earners – [ Insert number ] Total number of part-time fee earners – [ Insert number ] Total number of days per week worked by part-time fee earners – [ Insert number ] Total chargeable hours – [ Insert number ] Hourly rates being charged – £[ Insert figures ] Value of WIP billed – £[ Insert figure ] Billings – £[ Insert figure ] Calculating the variables Please click for an Excel version of this variable calculation sheet and an illustrative worked example. Number of fee earners as FTEs — Formula: Full-time fee earners plus pro rata part-time fee earners; Calculation: [ Insert details ]; Result: [ Insert result ] Average annual chargeable hours per fee earner — Formula: Firm’s total chargeable hours ÷ number of fee earners; Calculation: [ Insert details ]; Result: [ Insert result ] Average hourly rate — Formula:...

1 General information Review date [ Insert date ] Reviewer(s) [ Insert name(s) ] Scope of review ☐ Firm-wide ☐ Departmental [ insert details of department ] ☐ Fee earner [ insert details of fee earner ] Total client surveys reviewed [ Insert number ] Survey date range [ Insert date range ] 2 Data 2.1 How clients have rated our service Survey question Number of responses How easy was it to access our services? [ Insert number ] — Very good [ Insert number ] — Good [ Insert number ] — Average [ Insert number ] — Poor [ Insert number ] — Very poor [ Insert number ] — No answer given If you visited our offices, how would you score the welcome you received? ...

Statutory paid holiday entitlement For guidance on the general statutory right to paid holiday, see Practice Notes: Holiday and Holiday pay. Under the Working Time Regulations 1998 (WTR 1998), SI 1998/1833, a worker is entitled to 5.6 weeks’ paid annual leave each leave year, consisting of: a core entitlement of four weeks’ annual leave, giving effect to Directive 2003/88/EC, the Working Time Directive (WTD) a further entitlement of 1.6 weeks’ annual leave, which arises solely under domestic legislation A worker is due a week’s pay for every week of leave, calculated in line with sections 221 to 224 of the Employment Rights Act 1996 (ERA 1996). The method for working out a week’s pay varies according to whether the worker has normal working hours. For more detail, see the section of Practice Note: Holiday pay titled Calculating statutory holiday pay: general. For workers without normal working hours, a week’s pay is the worker’s average weekly remuneration over the 52 weeks ending with...