Insurance & Reinsurance analysis: The Court of Appeal has given a further COVID-19 business interruption judgment on two important issues. First, whether each insured company under a composite policy was entitled to a separate limit of indemnity or, as insurers contended, the limit was an aggregate limit applicable to all insureds collectively. The Court of Appeal held in favour of insureds on this point. Second, and considered for the first time by the Court of Appeal, whether insureds must give credit for furlough payments received during the pandemic when calculating their business interruption losses. The Court of Appeal held, on the wording of the policies in this case, that they did. The court’s decision on both issues will have significant implications for many businesses seeking to claim COVID-19 business interruption losses. Written by Josephine Higgs KC, 7 King’s Bench Walk.

PI & Clinical Negligence analysis: Claims by factory workers for contracting COVID-19 during the pandemic have been reinstated as a result of a successful appeal of the decision to grant summary judgment to the defendant. Although recognising that the claimants faced ‘an uphill task’ to succeed on the claims, the appeal was allowed. The court held that the judge misunderstood the case on causation that the claimants put forward and fell into the well-known trap of conducting a mini-trial of the issues. This case can help practitioners decide whether to launch an application for summary judgment and how much evidence is required to satisfy the test in CPR 24.3(a). Written by Jasmine Murphy, barrister, at Gatehouse Chambers.

PI & Clinical Negligence analysis: On a summary judgment application by the Secretary of State for Health and Social Care and other defendants, certain allegations in respect of the deceased contracting COVID-19 were struck out of fatal accident claims. The court explained why neither the principle of material contribution to injury (Bonnington Castings v Wardlaw) nor the principle of material contribution to risk (Fairchild v Glenhaven Funeral Services Ltd) applied in the case of the COVID-19 claims. Left with having to prove causation on normal ‘but for’ principles, these elements of the claims had insurmountable evidential difficulties and were struck out. Written by Jasmine Murphy, barrister at Gatehouse Chambers.

Law360, London: A group of claimants suing AstraZeneca over death and injury allegedly caused by side effects of a COVID-19 vaccine said on 9 April 2026 that they hope an inquiry into the response to the pandemic will recommend that the UK's vaccine compensation scheme is reformed.

The Prudential Regulatory Authority (PRA) has published consultation paper CP10/25 with proposals on updates to its supervisory expectations for banks and insurers in managing climate-related risks. CP10/25 proposes revisions to supervisory statement SS3/19: Enhancing banks’ and insurers’ approach to managing the financial risks from climate change.  The proposed revisions incorporate feedback from stakeholders, international standards, and consolidate and clarify PRA public feedback on climate risk since SS3/19 was published. The final SS will replace SS3/19 on publication. Responses are sought by 30 July 2025. David Bailey, PRA Executive Director of Prudential Policy has delivered a speech on the proposed updates to SS3/19, noting the updates enhance the PRA’s expectations and do not represent a change in direction to the PRA’s approach to climate risk.

The Prudential Regulation Authority (PRA) has published consultation paper CP11/25, proposing the withdrawal of supervisory statement SS20/15, which has governed building societies’ treasury and lending activities since 2015. Following engagement with the Building Societies Association and UK Finance, the PRA states that the current guidance is inconsistent with its broader policy framework, creates an unlevel playing field by imposing prescriptive requirements on building societies that do not affect banks, and is redundant given the sector’s evolution in risk management. The proposed change is set to be implemented on 1 January 2026. Responses are sought by 8 August 2025.

The Prudential Regulation Authority (PRA) has published a consultation paper CP2/25 on proposed changes to leverage ratio thresholds. The PRA proposes on raising the retail deposits leverage ratio threshold from £50bn to £70bn.This change aims to reflect nominal GDP growth since 2016 and ensure that major UK banks, building societies, and investment firms are captured by the threshold, while allowing smaller firms more room to grow before being subject to the leverage ratio requirement. The PRA also proposes minor consequential changes to supervisory statement SS45/15, which is part of the UK leverage ratio framework. The PRA is not proposing any changes to the £10bn non-UK asset threshold, as it was implemented in 2023 and continues to function as intended. Responses are sought by 5 June 2025, with the proposed changes set to be implemented on 1 January 2026.

The Financial Conduct Authority (FCA) has updated its webpage on consultation paper CP23/31, published on 20 December 2023, to include the second tranche of new draft UK Listing Rules (UKLRs). Publication of this second tranche completes the draft instrument for the new UKLRs. The CP23/31 closing date of 22 March 2024 remains unchanged for comments on the full set of policy positions as well as the tranche 1 draft rules published on 20 December 2023; comments on the second tranche are sought by 2 April 2024.

The House of Commons Treasury Select Committee has published correspondence from Nikhil Rathi, Chief Executive of the Financial Conduct Authority (FCA) to Dame Meg Hillier MP dated 27 November 2024 in which Rathi outlines Part 2 of the FCA’s consultation paper CP24/2 regarding greater transparency of FCA enforcement investigations, in addition to setting out how FCA enforcement is evolving. The proposals will be addressed by the FCA before the Committee on 10 December 2024.

The Financial Conduct Authority (FCA) has issued the second phase of its consultation paper CP24/2 on proposals to increase transparency in enforcement investigations. This follows significant concerns raised in response to the original consultation. The FCA is now seeking further views on the practical implementation of the public interest test, with the FCA Board aiming to reach a final decision in the first quarter of 2025. This consultation forms part of the FCA's broader reforms to enhance the pace and focus of its enforcement efforts. Responses are sought by 17 February 2025.

The Financial Conduct Authority (FCA) has published its response to the House of Lords Financial Services Regulation Committee’s (FSRC) report on consultation papers CP24/2 Parts I and II, outlining its enforcement achievements and addressing key recommendations. The FCA confirmed it will not move forward with proposals to publicise investigations into regulated firms under a new framework, citing stakeholder resistance. However, it will adopt other transparency measures, including anonymous updates and reactive confirmations. It acknowledged communication shortcomings and committed to publishing a ‘lessons learned’ document. The FCA defended its cost-benefit analysis approach and emphasised alignment with government objectives for growth and competitiveness.

The Financial Conduct Authority (FCA) is consulting on proposed changes to its Financial Crime Guide. The changes relate to sanctions, proliferation financing and transaction monitoring. The FCA is also proposing to add references to cryptoassets and the Consumer Duty, along with consequential changes throughout the Guide. Responses are sought by 27 June 2024.