The British government said that U.K. regulators will take the lead on “domesticating” European technical rules governing the financial services and insurance sectors to ensure that laws are in place ready for Brexit.
Specialty insurance market Lloyd's of London has kicked off a search for staff to fill its new European headquarters in Brussels as it prepares to protect itself against fallout from the U.K's exit from the European Union in 2019.
The High Court has dismissed a global commodities merchant’s insurance claim against a Lloyd’s of London insurer over a fictitious shipment of copper ingots, saying the company’s marine cargo insurance policy did not cover losses because fraudulent documents were used to trade in a non-existent cargo.
Britain’s chief negotiator told a parliamentary committee on Wednesday that while an agreement on the future relationship between the U.K. and the European Union will not be legally binding when lawmakers vote on the terms of Brexit later this year, he expects the European Council will abide by its terms as if it were.
The Association of British Insurers has outlined steps for creating a comparison tool to help savers who want to dip into their retirement funds and called for support from the pensions industry and the financial watchdog.
British insurers repeated calls on Wednesday for "fundamental reform" of the standard U.K. fire safety tests for building materials after they released a study conducted after London's 2017 Grenfell Tower disaster that found they fail to properly assess risk.
Promised reforms to U.K. personal injury compensation calculators edged closer to reality on Tuesday as the first parliamentary debate on the government's legislative proposals got underway at the House of Lords.
Clyde & Co LLP on Tuesday announced the hire of a partner specializing in professional indemnity for its U.K. professional and financial disputes group based in London.
The European Commission said on Tuesday that consumers in the European Union continue to face obstacles as they try to decide which investment funds, investment-driven life insurance and private pensions to buy.
A politician urged the U.K. Financial Conduct Authority on Tuesday to crack down on "phoenixing," in which rogue financial and insurance advisers cease activity and then set up a new firm to avoid taking responsibility, amid claims the practice undermines trust in the financial services sector.
The Financial Conduct Authority warned on Tuesday that scammers swindled financially vulnerable consumers out of more than £3.5 million ($4.9 million) in 2017 by persuading them to pay fees to supposedly cover insurance, administration or deposit costs.
The Pensions Regulator announced on Tuesday that it will prosecute Samuel Smith, one of Britain’s best-known brewers, and its chairman for failing to turn over information during an investigation into its retirement funds.
Financial firms in the U.K. and the European Union must prepare for all possible outcomes of the Brexit negotiations, including the risk of a divergence in supervision that could affect the bloc’s decisions on granting U.K.-based firms regulatory “equivalence,” a senior EU official warned Tuesday.
The U.S. government agreed not to pursue an appeal of issues it lost in a Swiss insurer’s lawsuit over tax treaty benefits, while telling the D.C. Circuit on Monday that the insurer’s arguments for a $38.2 million tax refund were unpersuasive.
The European Union’s highest court has been asked for guidance on how EU rules affect Finnish efforts to tax premiums on a U.K.-written insurance policy covering acquisition-related risks, based on whether the deal target has operations in Finland, according to a Monday post in the EU’s official journal.
A trade group for Lloyd’s of London reassured underwriters on Monday that their policies covering physical damage do not generally extend to cyberattacks, which had been a growing source of concern for the industry.
The European Commission will table a new law in May to help it develop a European-wide classification system that defines what qualifies as sustainable investment in a drive to boost investment in the sector and fight climate change.
The European Commission set out plans for new EU-wide rules on Monday to help guarantee the protection of insiders who blow the whistle on breaches of the bloc's laws that will require many companies to set up internal reporting systems.
The High Court in London has paved the way for Old Mutual PLC, an Anglo-South African financial services and insurance company, to separate itself into four units as it seeks to drive up its value for shareholders.
Britain’s financial services firms should start “thinking like criminals” to tackle cybercrime, according to a report Monday by KPMG and a U.K. finance industry group, which also urged firms to join forces with lawmakers and enforcement agencies.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.
To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.
The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.
With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.