Contracts (Rights of Third Parties) Act 1999: Governs whether third parties can enforce terms of the risk transfer agreement. Essential for determining the scope of parties who can claim rights under the agreement.
Financial Services and Markets Act 2000: Key legislation for regulated financial activities. Sets out regulatory framework and compliance requirements for financial risk transfer arrangements.
Insurance Act 2015: Crucial for risk transfer agreements with insurance characteristics. Covers duty of fair presentation of risk, warranties and terms.
FCA Regulations: Financial Conduct Authority regulations including Conduct of Business Sourcebook (COBS) rules. Applicable if either party is FCA regulated.
PRA Requirements: Prudential Regulation Authority requirements covering capital adequacy and risk management standards for regulated entities.
Common Law Contract Principles: Fundamental principles including offer, acceptance, consideration, intention to create legal relations, and certainty of terms.
Companies Act 2006: Relevant for corporate capacity and authority in entering into risk transfer agreements.
Money Laundering Regulations 2017: Anti-money laundering requirements that may apply depending on the type of risk being transferred.
Consumer Rights Act 2015: Applicable if one party to the risk transfer agreement could be classified as a consumer.
Data Protection Act 2018 and UK GDPR: Regulatory requirements for handling personal data that may be involved in the risk transfer arrangement.
