The U.K.’s pensions watchdog said Wednesday it has suspended a pension scheme trustee following the launch of a police investigation into a suspected liberation scam involving millions of pounds.
One in 10 British employers have cut salary increases for their workers in order to meet new automatic enrollment schemes for pensions requiring company contributions, the U.K. government said in a report published Wednesday.
Legal proceedings between a U.K. investment company and three directors of insurance broker FJ Lock Associates Ltd. will remain on ice until June 29 while the two sides try to thrash out a settlement over claims that the firm is owed £500,000 ($660,000) in payments stemming from its deal to buy the broker.
Allen & Overy LLP announced on Wednesday that it has hired a partner specializing in financial services regulation to rejoin its London office after a two year stint at Cleary Gottlieb Steen & Hamilton LLP.
Millions of people in the U.K. and across the European Union face financial uncertainty because of failures to solve cross-border contract continuity issues after Britain leaves the EU in March 2019, an influential industry lobby group warned on Wednesday.
The European Union has edged closer to creating a blocwide pension product after member states agreed to their negotiating stance for draft reforms aimed at narrowing an annual savings gap of €2 trillion ($2.32 trillion).
The European Union’s highest court on Tuesday gave national regulators across the bloc guidance on when the public should be allowed access to their files on supervised firms, clarifying a rule within the MiFID regime on the sharing of confidential information.
Legal proceedings between broker Brightside Group Ltd. and a group of insurers including American International Group were halted on Monday to give the sides time to try and thrash out an out-of-court settlement over £2 million ($2.6 million) the firm says it is owed under a professional indemnity policy.
European Union banks trading with financial firms based in “high-risk” countries outside of the bloc will be required to follow more stringent due diligence measures, the European Parliament and Council said Tuesday.
Seventy-seven fraudsters have been found guilty of staging car accidents and exaggerating claims in an attempt to fraudulently claim thousands of pounds from multiple insurers across the industry, the U.K.’s Insurance Fraud Bureau has announced.
The U.K. Financial Reporting Council on Monday called for urgent quality upgrades at accounting firms, and singled out KPMG over an "unacceptable deterioration" in its work for big U.K. companies after 50 percent of its 2017 audits required significant improvements.
The Prudential Regulation Authority’s refusal to soften some of the most controversial capital buffers under Europe’s Solvency II regime means British life insurers will keep ditching longer-term risks and snubbing opportunities to take on pension liabilities, lawyers say.
A director of a travel agency has been handed an eight-month prison sentence after making false travel insurance claims worth £16,000 ($21,000) and stealing £53,000 from his customers, the City of London Police said on Monday.
Independent committees overseeing workplace pensions may soon have to report their policies on climate change, the U.K.'s Financial Conduct Authority said on Monday, amid growing calls for corporate action against environmental threats.
Banking and insurance group Virgin Money Holdings PLC said Monday it has accepted a £1.7 billion ($2.25 billion) takeover offer by rival banking group CYBG PLC, despite ongoing scrutiny from the Financial Conduct Authority over a sharp spike in its share price ahead of the announcement of its bid.
The U.K. government on Monday set forth proposals to give Britain’s pension scheme members new powers to demand their savings pots are used to tackle environmental issues like climate change rather than seeking the best financial return.
The last week has seen AIG lodge a claim against a major European construction operation, two Hong Kong asset managers sue Noble Group, and a new suit against RBS and NatWest. Here, Law360 looks at those and other new claims in the U.K.
A financial adviser has hit back at a former client’s claim of professional negligence, arguing in new court documents that the case is time-barred and based on arguments that have already failed at the tax tribunal.
The European Union’s insurance regulator said on Friday that it will concentrate on helping insurance firms and startup companies to develop innovations that will bring digital technology to the sector in the coming year.
The Court of Appeal in London awarded AXA Insurance PLC exemplary damages on Friday over a "sophisticated, well-planned and brazen" cash for crash scam carried out by a group of fraudsters behind a series of fake claims for road accident injuries.
Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.
The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.
Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.
Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.