Colon Cancer Foundation’s Post

Preparing for your CII J02 Trusts exam? Review this model question and answer to ensure you know the duties of trustees: https://lnkd.in/gEJUec4 \#J02

This 2024 decision (Released Today) of the Ontario Superior Court of Justice Divisional Court reversed a LAT decision on the basis that the Claimant was denied procedural fairness and highlights three (3) important principles: 1) If the LAT Adjudicator denies a Claimant the right to cross-examine the insurer's witness, that is a lack of procedural fairness and the decision will be overturned and sent back to another Hearing Adjudicator (This would also apply to an insurer being prevented from cross-examining a Claimant’s witness). 2) If the LAT Adjudicator raises an issue (here it was a causation issue) where neither party raised the issue (and in fact both parties explicitly acknowledged causation) on their own accord and did not advise the parties and allow them to respond, that is a lack of procedural fairness, and the decision will be overturned and sent back to another Hearing Adjudicator. 3) If the LAT Adjudicator refers to documents filed with the Tribunal but not entered into evidence and did not advise the parties and allow them to respond, that is a lack of procedural fairness and the decision will be overturned and sent back to another Hearing Adjudicator. See Relevant Excerpts Highlighted As always, if you found this post helpful, please like and share for maximum reach. Thank you to Fabio Longo for sharing this important case released today.

The introduction of a CSLR levy has generated concern about the retrospective aspect this additional cost will have on advisers and clients.    Sarah Abood, CEO of the Financial Advice Association Australia (FAAA), is among those who have expressed concerns regarding the added cost to advisers by the CSLR levy.   Find out more in this ifa (Independent Financial Adviser) article: https://lnkd.in/gmMWhyAj #financialadvice #CSLR #financialservices #industry #advisers

REVISED LLP SORP PUBLISHED: The CCAB has published a new edition of the LLP SORP and their Press Release accompanying the release states: “The underlying purpose of the SORP is to deal with issues that are specific to LLPs and ensure that, as far as possible, LLPs present financial statements that are comparable with those of other entities. The SORP has been updated to reflect The Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022 (SI 2022/46) which require certain LLPs and groups to make climate-related financial disclosures aligned with the Taskforce for Climate-related Disclosures (TCFD) recommendations. Additional guidance has been added to the SORP in relation to: - The sharing of group profits and amounts payable to former members; - Post-retirement obligations in the context of FRS 103 Insurance Contracts; - Certain scenarios when section 26 Share-based Payment of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland might apply to post retirement payments to members; and - The treatment of profits which are automatically divided to members who do not provide any substantive services to the LLP. The updated SORP is effective for periods commencing on or after 1 July 2024 (with early adoption permitted). https://lnkd.in/eVx_m_AU

The Securities and Exchange Commission provided exemptive relief to certain registrants affected by the permanent suspension of BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “BF Borgers”), from appearing and practicing before the Commission as an accountant. It is expected that registrants that previously retained BF Borgers will need to engage a new, qualified, independent, PCAOB-registered public accountant to audit or review the financial information included in their Commission filings. Full article here: https://bit.ly/3wZEhBR #SECFiling #SEC #SecurexFilings #SecuritiesandExchangeComission #QuarterlyReports

https://lnkd.in/et7VaKyu | Following recent consultation between the BVI FSC and insolvency practitioners, the BVI has expanded its statutory assistance regime to an additional 24 jurisdictions. This reflects the BVI's continuous commitment to maintaining its position as a premier financial hub that adapts to the evolving global financial landscape. #BVI #Insolvency

The High Court has today handed down judgment in the case brought by the liquidators of four of the BHS group of companies alleging misfeasance, wrongful trading and breach of statutory and fiduciary duties against various of the companies' former directors (Mr Henningson, Mr Chandler and Mr Chappell). The claims, brought by Antony Wright and Geoff Rowley of FRP Advisory, followed the collapse of BHS in April 2016, a year after it was sold to Retail Acquisitions for £1 by Sir Philip Green. Only Mr Henningson and Mr Chandler are bound by the judgment handed down today: Mr Chappell did not participate in the trial and the claims against him were severed for determination in due course.   The liquidators were successful with the following claims: 1. in relation to the wrongful trading claim, Mr Henningson and Mr Chandler were each liable to contribute £6.5 million to the BHS group of companies' assets; 2. regarding the misfeasance claim, Mr Henningson was found to have exercised his powers for an improper purpose and both Mr Henningson and Mr Chandler were found to be in breach of their section 172 duty to promote the success of the BHS group of companies by considering the interests of their creditors; and 3. both Mr Henningson and Mr Chandler were each found liable for various of the individual misfeasance claims brought against them. See the full judgment here: https://lnkd.in/epHgkvbg

ESFA Financial Health Guidance - Be Aware and Be Warned ! An article worked this morning. Just look at the impact of reviewing parental accounts on those PE providers - £135m of negative shareholder funds in just three providers !!! - I hope the DFE have a team that can actually read a set of accounts because the ESFA teams couldn't. If the rules are applied correctly, nearly all PE backed providers would have INADEQUATE financial health and have a £0 contract value. That is why contracting has to be co-ordinated between Combined Authorities and DFE. I also did predict in 2021 (see the article sent to the PAC) that AEB tendering would result in litigation against the ESFA. Whether the litigant wins or not, the outcome (as with our case) will be interesting. Contact me if you want to discuss peter@marplesft.co.uk or 07979857438

An interesting analysis of the new ESFA Guidance into assessiong the financial health of PTPs.

Although the FCRA does not provide a precise definition of what constitutes a reasonable investigation, case law continues to refine what is considered legal disputes and factual inaccuracies. The ACA International, the Association of Credit and Collection Professionals compliance team summarizes the case, also covered in our amicus brief filed last week, here: https://lnkd.in/g_ihfY7Z Look for more in the ACA Daily newsletter this week. #HelpingMemberSucceed