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This article was first published by the FT's Pensions Expert.

In the recent decision in Mundy v TUI [2023] EWHC 385 (CH), the High Court considered how a rejected offer to settle liability on a 90%/10% basis ("90/10 offers") fitted with the provisions of CPR 36.17.

In its Annual Business Plan for 2023/24, the second of its three-year strategic plan, the Financial Conduct Authority ("FCA") – among other things - continues its drive to become a more assertive regulator, and to strengthen its enforcement strategy, with investment in people, data, and technology. This includes a significant increase in headcount in its Enforcement and Market Oversight Division ("Enforcement Division") intended to build capacity and resilience in its case and investigation teams, and to enable it to act faster against firms causing harm to consumers and/or markets.

Welcome to our Spring Update setting out our thoughts on some of the latest developments in the field of employee incentives and remuneration. Do reach out to a member of the team if you need help navigating these changes.

The Competition and Markets Authority (CMA) has published an open letter to online B2C businesses, highlighting certain practices that may mislead consumers. The focus is on claims relating to the need to act urgently and price reductions.

We are increasingly seeing requests from borrowers to carve-out assets from the scope of a lender's otherwise all asset English security package. Whilst there may be commercially sensible reasons for this request, lenders should be aware of the potential impact on their enforcement rights before agreeing to this.

Travers Smith LLP has advised shareholders Basalt Infrastructure Partners (Basalt) and Fiera Infrastructure (Fiera) on the refinancing of UK ferry operator Wightlink.

The European Supervisory Authorities (ESAs) have published a Joint Consultation Paper on proposed amendments to the Sustainable Finance Disclosure Regulation Delegated Regulation Regulatory Technical Standards (SFDR RTS).  The Consultation Paper focuses on the principal adverse impact (PAI) indicators, financial product disclosures, as well as addressing some technical issues. 

The Pensions Regulator (the Regulator) has recently published a review of the industry's first wave of pension scheme climate change disclosure reports, revealing some interesting examples of good practice as well as potential areas for improvement in the industry.

Travers Smith has advised DLM Bidco Limited, the bidding vehicle of a consortium led by BaltCap, the largest private equity fund manager in the Baltics, and including Cogels Investments Limited, the investment vehicle of Stephen Blyth (former CEO of Xpediator), and Justas Versnickas, the Managing Director of, and 20% shareholder in, Delamode Baltics, a subsidiary of Xpediator, on its recommended cash offer for AIM-listed Xpediator plc.

Travers Smith LLP has advised Hunter Point Capital on a strategic partnership with Inflexion, a leading mid-market private equity firm investing across the UK and Europe. Under the terms of the partnership, Hunter Point Capital has made a passive minority investment and plans to support Inflexion’s growth.

The Court of Appeal has recently considered the Henderson abuse principle, which precludes a party from raising in subsequent proceedings matters which were not but could and should have been raised in earlier ones.  

Travers Smith LLP has advised BUUK Infrastructure (“BUUK”) on its acquisition of Levelise Limited ("Levelise"), a home energy management system that links high numbers of domestic battery systems to a suite of advanced algorithmic controls. The transaction also involved the transfer of assets from Social Energy Limited to Levelise prior to completion.   

In the recent case of Norton and another v HMRC [2023] UT/2021/000057, the Upper Tribunal had to consider whether a discovery assessment issued before the end of the normal enquiry window was valid.

In our latest Tax. Simplified. podcast episode, Head of Incentives and Remuneration, Mahesh Varia, and Knowledge Counsel, Kulsoom Hadi, discuss two recent cases involving intermediaries linked to Gary Lineker and Eamonn Holmes and consider what this might mean for other workers providing their services in this way and their clients.