Europe’s securities watchdog wants tighter control of firms from outside the European Union operating in the bloc, including from the post-Brexit U.K, and will push lawmakers for more powers to oversee cross-border trading activities, a senior regulator said Thursday.
Britain’s financial services watchdog said Thursday it has started civil proceedings against two unregulated "pensions introducer" firms, alleging that they gave out unauthorized advice and made misleading statements about retirement investments.
The European Union’s chief Brexit negotiator said Wednesday that the United Kingdom’s proposals for a deal that includes existing benefits on trade would not be possible, adding further uncertainty for U.K. banks and businesses waiting for clarity on their future regulatory relationship with the bloc.
A group of insurers have failed in their bid to claim priority over a slice of a £7.9 million ($10.6 million) fund held by the High Court which they claim they are owed in premiums from insurance policies that were used to fund collapsed property investment firm Harlequin Property (SVG) Ltd.’s successful lawsuit against its advisers Wilkins Kennedy.
The governor of the Bank of England gave his backing on Wednesday to plans by the Financial Conduct Authority to formally recognize industry codes of conduct.
European Union insurers urged the bloc’s lawmakers on Wednesday to clamp down on systems developed by vehicle manufacturers that capture driver data, calling on them to respond to new data protection laws that could be circumvented by new technology.
Britain’s top City regulator told senior politicians on Wednesday that the U.K. must agree a Brexit transition period with the European Union “pretty damn quick” or risk chaos in financial and insurance markets.
London’s commercial insurance industry outlined plans on Wednesday for a specific post-Brexit trade agreement for mutual market access and recognition of both the U.K. and European Union’s regulatory regimes, in a deal similar to a reinsurance agreement struck between the EU and U.S.
The government body responsible for modernizing civil procedure in England and Wales released a sweeping report on Tuesday about how insurance to cover legal costs could improve citizens’ access to justice.
Six million British insurance policyholders could be at risk if the U.K. and Brussels fail to legislate to preserve cross-border insurance contracts after Brexit, the Bank of England warned on Tuesday.
The European Court of Justice ruled on Tuesday that farm machinery including diggers, bulldozers and tractors must be insured against damages from civil lawsuits, but only when used primarily for transport.
The U.K.’s national terrorism reinsurer said on Tuesday that it will begin offering cover against cyberattack from April, as experts warned that online extremists are rapidly developing their ability to strike at critical infrastructure.
The $18 billion Towers Watson & Co.-Willis Group merger became the subject of another suit last week as a retirement fund told a Virginia federal court it and other shareholders were “sold out” by the Towers Watson CEO for a $165 million pay deal.
United Kingdom-based professional services firm RPC and Chicago-based BatesCarey on Monday both announced partner hires from two different Sedgwick offices, a week after the troubled San Francisco-based firm told employees it would close early next year.
The U.K. government has achieved a “sea change” by forcing employers to enroll nearly 9 million staff on pension plans, but companies’ rising contributions could undermine progress from April onward, a think tank warned Monday.
German insurer Allianz SE said Monday that it will spend nearly €2 billion ($2.4 billion) to buy out the remaining shareholders in trade credit insurer Euler Hermes, knocking 4 percent off Allianz’s Solvency II ratio.
Ireland's central bank said Monday it had fined an insurance unit of Italian banking group Intesa Sanpaolo €1 million ($1.2 million) after an investigation revealed “significant failures” in the firm’s money laundering controls and procedures.
Lawmakers have begun deliberating whether the U.K. government needs to make further changes to its regulatory framework for pensions, a parliamentary committee spokeswoman said Monday, after two major providers said Britain’s reforms lacked direction and were creating confusion.
Global supervisors have told governments to make sure that insurers selling basic cover to the world’s poorest communities keep products simple to prevent misselling and to avoid excessive costs.
European financial regulators said Friday they are reviewing some aspects of the final stage of new derivative laws that enter into force across the EU in January, following concerns that the legislation clashes with U.S. and other foreign standards.
When highly automated vehicles are prevalent on the road there will be at least three major areas in which risk allocation associated with automobiles will change: litigation, contracting and regulation, say Jason McCarter and Tracey Ledbetter of Eversheds Sutherland.
In his recent judgment on a recusal application in Miley v. Friends Life, Justice Mark Turner of the English High Court has given practitioners guidance on how to approach applications for judicial recusal, and has highlighted the key points to be aware of when contemplating such an application, says Luka Krsljanin of 2 Temple Gardens.
Just as the U.K.'s Serious Fraud Office is beginning to find its feet, its fate is now in doubt — a prospect that would hobble U.K. domestic enforcement and lead to further expansion of the U.S. Department of Justice’s already-robust role in policing London markets and U.K. corporates, say Roger Burlingame and Rachel Goldstein of Kobre & Kim LLP.
When a law firm appoints a chief privacy officer, not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but clients see how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.
Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.
Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.
Political and nonpayment risks have the potential to wreak havoc on international trade and investment, but if carefully navigated, they can lead to major investment opportunities. Political risk and export policies remove some of the guesswork, enabling companies to focus on their businesses with increased confidence, say attorneys with Covington & Burling LLP.
It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.
The debate over the possible merger between the United Kingdom's National Crime Agency and Serious Fraud Office has underlined the chronic underfunding of law enforcement. Increasing the budgets of the police and Crown Prosecution Service would be more helpful than an unnecessary merger, says Collingwood Thompson QC of 7 Bedford Row.
With the recent charges brought against Barclays PLC, the U.K. Serious Fraud Office and Financial Conduct Authority have made clear their intention to expand the law on corporate criminal liability beyond the current identification doctrine and punish those who fail to keep up new legal standards, say Robert Amaee and James McSweeney of Quinn Emanuel Urquhart & Sullivan LLP.