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Small firms thrown lifeline in insurance test case ruling

Mary Talbot-Rosevear BBC Financial Conduct Authority Insurance Payments Small firms

Image copyright: GETTY IMAGES Small businesses have been thrown a lifeline after the High Court ruled some insurers should have paid out for losses caused by lockdown. Judges ruled that the disease clauses in some business interruption policies should have meant they were covered. Following lockdown, a host of businesses had to close and many looked to insurers to cover their losses. But many insurers disputed the claims, arguing policies were never meant to cover such unprecedented restrictions. The test case was brought by the Financial Conduct Authority and had the potential to affect 370,000 mostly small businesses. The insurers can appeal...

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PSD2 - PAYMENT SERVICES DIRECTIVE

George Rosevear PSD2

Anyone selling or buying in the European Union (EU) or the European Economic Area (EEA), needs to be aware of a revision to the Payment Services Directive, which is coming into force on 14 September 2019.  This revised Directive is intended to increase protection against online fraud for anyone buying or selling goods and services within the EU or EEA. The Payment Services Directive is an EU Directive, administered by the European Commission to regulate payment services and payment service providers throughout the European Union and European Economic Area. The Directive's purpose was, and still is, to increase pan-European competition...

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MAKING TAX DIGITAL UPDATE

Mary Talbot-Rosevear

Accounting Standards compliant to EU standards. There are some ironies. The Accountancy profession spent three years aligning its presentation of Corporate Accounts with the EU’s preferences, and the profession continues to operate with these new standards. Should the UK leave the EU, will those standards remain as they are or be tinkered with again? Who knows? Making Tax Digital [MTD] – A good idea from Sweden? During the past couple of years, the profession has also been preoccupied with preparing for Making Tax Digital [MTD]. MTD for VAT Her Majesty’s Revenue & Customs [HMRC] took the soft option and applied...

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ON THE BRINK

George Rosevear

Sitting and contemplating this headline, we now know the outcome of the House of Lords’ deliberations on the legislation to pass a Bill to prevent a no deal Brexit...

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BANK OVERDRAFT CHARGES SLASHED

George Rosevear

Banks will no longer be able to charge exorbitant amounts for unauthorised overdrafts, following the announcement by the City regulator, the Financial Conducts Authority (FCA), of radical reforms to try to fix a dysfunctional market. The changes will come into force next year in April 2020 and apply to personal bank accounts. Currently, bank customers can be charged if they accidently go over their account limit. The FCA’s proposal will limit the banks’ ability to penalise customers to the extent that they currently. The banks will only be able to charge the same amount as authorised overdrafts. The FCA expects...

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