Allianz Insurance PLC has unveiled new software to help brokers target underinsured clients after the Financial Conduct Authority warned that 40 percent of smaller British businesses may lack sufficient cover.
Investors want improved disclosures from company boards about how they identify and manage risk to protect the sustainability of banks and businesses, according to a report released Thursday by Britain’s accounting and financial reporting watchdog.
Lighthouse Group PLC, a financial adviser suing two insurers over their refusal to honor claims linked to the sale of unregulated investments, has said it “should not be left out of pocket” because the insurers cannot agree which firm is liable to indemnify the company.
European regulators are improving their ability to measure risks to the global financial system posed by the murky multitrillion-dollar hedge fund industry, but major gaps still remain, an international securities watchdog said Thursday.
Financial technology startups are set for a big funding boost under U.K. government budget proposals to unlock £20 billion ($26.62 billion) for new technology over the next 10 years, providing new support for a fledgling industry already boosted by special regulatory programs.
An influential financial services lobby group said Thursday the government needs to do more to protect Britain's legal industry and urged it to set out plans to secure the sector’s access to European markets after Brexit.
Clyde & Co. LLP has hired two leading insurance dispute lawyers to launch a new office in the southwest city of Bristol in 2018, the London-headquartered firm announced on Thursday.
U.K. insurers expressed their relief on Thursday after Chancellor Philip Hammond revealed in his Budget that he was not raising insurance premium tax for a fourth time in two years.
Insurer Aviva Life and Pensions UK Ltd. is being sued for allegedly refusing a customer’s request to transfer a £212,000 ($282,193) pension plan held with the insurer to an occupational pension scheme on the grounds it thought the customer’s pension would be at risk, according to a claim filed with the High Court in London.
Developing the pan-European pension product is like “trying to solve an octagonal Rubik’s Cube,” a European Parliament rapporteur admitted on Wednesday, urging policymakers to keep proposals as simple as possible.
Britain’s Treasury promised new measures to tackle tax dodging on Wednesday in its budget statement and is set to bolster enforcement following a string of leaks that highlight how the U.K. is a major conduit for tax evasion.
France's central bank governor urged a European Union watchdog on Wednesday to allow national regulators to continue approving the capital buffers that insurers must hold to meet the bloc's solvency requirements.
Insurers and asset managers are developing new products in the expectation that the European Union's ambitious pan-European pension project could soon become reality, the bloc's top insurance regulator said Wednesday.
The chairman of the European Insurance and Occupational Pensions Authority on Wednesday urged firms to consider “all possible solutions” to help them lessen the risks that they will face if Britain crashes out of the European Union without a trade deal in place.
U.K. Chancellor Philip Hammond faced pressure on Tuesday to exempt charities from paying insurance premium tax when he announces Wednesday’s budget, with key organizations including a charity insurer saying they are battling financial strain as it is.
Britain’s accounting watchdog could start levying fines of more than £10 million ($13.2 million) on the Big Four professional services firms under recommendations published Tuesday, more than double the highest penalty it has handed out so far.
The legal profession remains a high risk for money laundering, with phony investment schemes one of the biggest dangers, the regulatory body for solicitors in England and Wales warned on Tuesday.
Europe’s securities watchdog moved Tuesday to clear up confusion in the financial sector about insider trading laws governing transactions made by senior staff and trading carried out by their firm as it is prepares to announce its results.
U.K. motor insurers could save up to £2.5 billion ($3.3 billion) next year if widely anticipated changes to compensation calculators are made and reforms to clamp down on spurious accident claims are passed, Ernst & Young said Monday.
A Bermuda-based speciality insurer has revealed it is to set up a new headquarters in Luxembourg to allow it to continue serving European clients beyond Brexit in March 2019.
Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.
The law relating to the taking of discovery directly from U.S. law firms is evolving in favor of disclosure when documents have been provided to third parties. Law firms must be vigilant in handling their clients' documents or face being responsible for producing them to third parties, say Steven Kobre and John Han of Kobre & Kim LLP.
Despite the advances of the European single market, there remains a confusing combination of EU and nation-specific rules governing the sale of fund products in Europe. Attorneys with Dechert LLP answer some commonly asked questions and explain how to sell alternative investment funds in the European Economic Area.
It was a privilege to spend a half-hour on the phone with the nation's foremost First Amendment lawyer. Floyd Abrams and I discussed his career, his new book and what he sees in his free-speech crystal ball. And he was a very good sport when I asked if it is constitutionally protected to yell inside a movie theater: “Citizens United is a terrible decision and should be set on fire,” says Randy Maniloff of White and Williams LLP.
Under the U.K. Criminal Finances Act 2017, the procedures for reporting suspicious financial activity have changed. Law firms, accounting firms and banks must now take on a more active role in identifying sources of information relevant to determining whether a money laundering offense has taken place, and must respond to information requests from other regulated firms, say attorneys with Dechert LLP.
After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.
Early attention to the antitrust considerations of a given transaction can go a long way toward promoting the chances of a timely or early clearance. However, promoting a speedy and efficient review in the EU requires different procedures compared to when a U.S. filing is needed, say attorneys with Bryan Cave LLP.
Differences in law, practice and procedure between the U.S. and U.K. legal systems require policyholders and their captives to carefully consider the applicable law and forum for resolving disputes before entering into an insurance or reinsurance policy or contract containing an international arbitration agreement, say attorneys with Reed Smith LLP.
Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.
While most of the world is talking about the IT problem that grounded British Airways planes, pension lawyers have been discussing British Airways v. Airway Pension Scheme Trustees, and the danger of leaving the power to direct scheme benefits in the hands of someone who does not have to pay for it, says Rosalind Connor of ARC Pensions Law.