New European regulations that will take anonymity out of cryptocurrencies could be the nascent market’s entry into mainstream finance, with legal experts predicting that new laws will convince more businesses and investors that payment innovations like bitcoin are legitimate.
A Lloyd’s of London syndicate wrongly dismissed two senior executives and failed to prove allegations that they inflicted £1 million ($1.28 million) of losses by mishandling confidential company data, the High Court in London has ruled.
Victims of pension scammers are losing an average of £91,000 ($116,297), the Financial Conduct Authority and The Pensions Regulator said on Tuesday, as they launched a campaign underlining the risks from the U.K.’s controversial pensions freedoms.
New insurance cover has been arranged for almost 180,000 policyholders following the dramatic collapse of Denmark-based Alpha Insurance A/S in May after it failed to meet regulatory capital requirements, the U.K. Financial Services Compensation Scheme announced on Monday.
Lloyd’s of London has revealed that its Brussels subsidiary, which will ensure it has continued access to the single market after Brexit, has been awarded the same financial ratings as the insurance market’s U.K. base.
A Gibraltar-based insurer cannot avoid paying out millions of pounds for a drunk driver whose passenger was catastrophically injured on the grounds that he failed to report the crash and cooperate with investigators, the High Court in London has ruled.
The Financial Reporting Council has accused PricewaterhouseCoopers of making “incomplete, inaccurate and misleading” statements about the ability of British store chain BHS to stay afloat just before it was sold off for a nominal £1, a leaked report reveals.
Europe’s Solvency II capital regime is preventing insurers from financing longer-term projects and will undermine sweeping plans by Brussels to inject an extra €650 billion ($740 billion) into the economy, the insurance industry has warned.
The U.K. pensions regulator more than doubled what it took in fixed-notice penalties in the year to March compared with the previous 12 months, pulling in £11.5 million ($14.7 million), as a leading pensions lawyer warned of a "wake-up call" for all employers.
The last week has seen the Financial Conduct Authority take on a financial consulting firm, engineering company Doosan Babcock sue insurer Acasta, and a new action from private equity-linked firms that have already brought multiple actions worldwide after KPN Group acquired a Thai wind energy company. Here, Law360 looks at those and other new claims in the U.K.
Kennedys Law LLP has added a veteran commercial partner from BLM LLP to lead its Manchester, U.K., office and strengthen its commercial lines insurance capabilities, the firm has said.
The pensions regulator was studying the implications for retirees on Friday after the U.K. retail chain House of Fraser Group fell into administration and was bought almost immediately by a company owned by colorful businessman Mike Ashley for £90 million ($115 million).
The European Commission on Friday told payment firms that offer services in more than one EU state that they will be required to appoint so-called central contact points to help ensure they comply with the host country’s anti-money laundering rules.
Banks, insurers and company headquarters wanting to be taxed in the British dependencies of Jersey, Guernsey and the Isle of Man may have to show they hold physical board meetings and have sufficient staff on the islands as of next year, recently published government documents show.
The U.K. Treasury said on Thursday it is preparing to publish plans to hand responsibility for financial regulation from European Union regulators to British entities including the Bank of England and the Financial Conduct Authority, with the first details due later this summer and fall.
Harvey Weinstein has been given until September to file a response in a London court to attempts by the European arm of U.S. insurer Chubb Group to avoid covering the American movie producer's legal costs from fighting several sexual assault lawsuits.
Europe’s top insurance regulator said that it has joined a global network of insurance supervisors so that it can help to tackle the sustainability challenges that are affecting the sector, which include climate change.
A Panamanian ship owner has issued a $22.5 million countersuit at the High Court in London against a group of Lloyd’s of London insurers who are suing it for allegedly making an insurance claim on a vessel that was deliberately sunk.
Prudential PLC said it is making “good progress” in carving off its M&G Prudential operation as it revealed that Hong Kong's Insurance Authority will become its principal regulator rather than the Bank of England when the split is complete.
Pension plans in the U.K. transferred a record £7.8 billion ($10 billion) in bulk annuities to insurance companies in the first half of 2018, largely to escape the pressures of Europe’s Solvency II capital regime, new data revealed on Thursday.
Aviva’s U.K. pensions business has reinsured £1 billion ($1.3 billion) of longer-term risk in the U.S., as a growing number of insurers transfer their exposure beyond the European Union to avoid building up hefty capital buffers under the Solvency II regime.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
The U.K. Supreme Court's recent decision in Rock v. MWB came down on the side of commercial certainty, establishing that "no oral modification" clauses mean exactly what they say. Nonetheless, the decision may lead to some problematic cases, say Kathryn Rowe and Peter McMaster QC of Appleby Global.
The European Commission's proposal to amend key European fund management directives introduces new conditions for premarketing a fund in the EU. Unless this proposal is substantially loosened, managers may risk increased regulatory scrutiny if they continue with current fundraising practices, says John Young of Ropes & Gray LLP.
Section 51 of the U.K.'s new Anti-Money Laundering Act imposes public beneficial company ownership registers in the British overseas territories. A general push for enhanced disclosure can only be welcomed, but this particular initiative may not be the correct means to reach a worthy goal, say Ian Hargreaves and Stephanie Sarzana of Covington & Burling LLP.
Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.
Two years after the U.K. Financial Conduct Authority acknowledged the threat cyberattacks pose to the U.K.'s financial system, little progress has been made. The Prudential Regulation Authority's new operating standards, expected to publish this year, must show that it is taking cybersecurity seriously, but without stifling innovation, says Jamie Monck-Mason of Willis Towers Watson.
After the pain heals from what for many businesses was a last-minute scramble for General Data Protection Regulation compliance, many of these businesses will come to appreciate how the effort made them stronger from a compliance, security and even operational performance stance, say Howard Schiffman and Adam Cohen of Yeshiva University.
Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.
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.