The U.K. Financial Conduct Authority has helped lower charges on nearly £25 billion (33.5 billion) of assets held in workplace pension schemes following a four-year crackdown on excessive costs, the government announced on Wednesday.
The extraterritorial reach of new European financial regulation again threatens to impact the U.S. and other foreign markets as incoming disclosure requirements for specialized financial products can apply much further afield, lawyers warn.
A U.K. High Court judge said Tuesday an insurance claimant could continue his legal fight against his brother over the disputed proceeds of a critical illness insurance payout that named the claimant’s sibling as the beneficiary.
The head of Parliament’s Work and Pensions Committee demanded further answers on Wednesday from a low-cost gym chain following allegations that the company inappropriately treated its personal trainers as freelancers, though he acknowledged the company's progress on employment rights.
The Bank of England secretly warned judges earlier this year about a flood of applications by insurers shifting their cross-border contracts out of the U.K. ahead of Brexit, the central bank revealed on Tuesday.
The U.K. Financial Conduct Authority fined Bluefin Insurance Services Ltd. more than £4 million ($5.3 million) on Wednesday for purporting to offer "truly independent" advice, despite being owned by AXA U.K. PLC, and for failing to manage conflicts arising from that arrangement.
Chinese insurer Ping An has avoided having to pay out $2.1 million toward the cost of dealing with a damaged oil tanker’s cargo after a U.K. High Court judge found that the ship’s owners had failed to properly maintain the vessel, which meant it was unseaworthy when it was put to sea.
The European Union’s top court has been asked whether EU rules governing the recognition of court judgments in member states across the bloc should apply to a bankruptcy dispute involving the Belgian subsidiary of BNP Paribas.
Insurers on Tuesday demanded leniency from European Union policymakers toward companies that use customer data to help vary prices for particular social groups, which could be considered "profiling," under impending data protection laws that take force in May.
The threat of disruption to financial services contracts worth trillions of dollars that would be caused by a messy Brexit will force both the U.K. and European Union to reach a swift agreement on continuity, a senior British minister said Tuesday.
Controversial U.K. pension reforms risk fueling inequality by allowing wealthier savers to withdraw lump sums from their pensions to fund early retirement, the Organisation for Economic Cooperation and Development warned Tuesday.
The U.K. pensions regulator is facing questions from the chairman of Parliament’s Work and Pensions Committee about its oversight of a grocery supplier, following reports that the company ran an £80 million ($107.3 million) pension deficit.
An influential British lawmaker has demanded answers from Toys R Us about the health of its pension scheme after the troubled retail chain earmarked "at least" 26 U.K. stores for closure.
The High Court in London on Friday granted an accountant more time to resist paying back nearly £44,000 ($59,250) in defense costs to the European division of QBE Insurance Group, Australia’s largest global insurer, after he was accused of misappropriating company money in his role as a joint administrator of MK Airlines.
The U.K.'s finance watchdog plans to focus on substandard financial advice and encourage advisers and investment managers to report suspicious activity to the regulator, a director at the Financial Conduct Authority said on Monday.
Governments must extend existing laws on duties of care and conflicts of interest to cover the impending arrival of automated pension advisers, the Organization for Economic Cooperation and Development said on Monday.
The governing body of London's "Square Mile" of financial services and insurance firms signed a four-year standard-setting agreement with Tokyo on Monday as it seeks greater regulatory cohesion with other major financial centers after Brexit.
U.K. lawmakers will hear evidence next week that conmen are targeting the pensions of 130,000 steelworkers, whose savings scheme has been described by a senior politician as a “honeypot for scammers.”
The last week has seen more than a dozen Indian banks sue the co-owner of the Force India Formula 1 team as he faces possible extradition from the U.K., the Nigerian government takes on JPMorgan, and Ace lodges a dispute against Aviva Life.
A U.K. High Court judge said Friday that a group of insurers led by Aspen Underwriting Ltd. can bring a damages claim for alleged misrepresentation against the banker of a Turkey-based shipping company in the United Kingdom because it falls under tort law.
Blockchain has grown well beyond its cryptocurrency roots, leading proponents to suggest that it can aid in everything from voter registration to supply chain tracking. Companies can prepare for insurability and regulatory issues by recognizing potential risks in advance, say Brian Scarbrough and Justin Steffen of Jenner & Block LLP.
Last month, the U.K. government announced its plan to implement a data protection bill that will avoid disadvantageous divergence with the EU's data protection regime. Companies in the U.K. should take this opportunity to clean up their data protection practices, and may need to look at other protective measures depending on the U.K.'s data protection adequacy, say Sarah Delon-Bouquet and Roman Madej of Bryan Cave LLP.
The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.
In Chesterton v. Nurmohamed, a U.K. appeals court recently found that disclosing a breach of a worker's contract may satisfy the public interest requirement for whistleblower protection if a sufficiently large number of other workers are affected. This decision may cause some concern for well-known employers, say Emma Vennesson and Katherine Newman of Faegre Baker Daniels LLP.
As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.
In an age where technology is poised to disrupt the existing landscape, insurers who embrace the changes and turn them into opportunities will thrive in an increasingly competitive marketplace, say Huhnsik Chung and Christina Cerutti of Baker McKenzie.
It’s safe to say that while demand ebbs and flows for legal services, there will never be a shortage of opinions about lateral partner hiring, which is positive for the industry, as anything with such vital importance to careers should attract significant attention. However, there is a unique mythology that travels with the discussions, says Dan Hatch of Major Lindsey & Africa.
With more than a third of lawyers showing signs of problem drinking, and untold others abusing prescription drugs and other substances, it is time for law firms to be more proactive in addressing this issue, says Link Christin, executive director of the Legal Professionals Program at Caron Treatment Centers.
The current trend of rolling back privilege in an investigatory context is a troublesome development for companies, and may lead to a reduction in self-reporting and investigation. Even more concerning are the implications on litigation privilege, meaning that defendants will need to incriminate themselves in order to satisfy the evidential test as to when a prosecution was reasonably anticipated, says Georgina Jones of Taylor Wessing LLP.
David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.