The U.K. government has completed its translation of Europe's new insurance sales directive into domestic law ahead of the October deadline, HM Treasury announced on Wednesday, after the rules were delayed by seven months to give the industry time to prepare.
Bosses of companies that plague consumers with unsolicited telephone calls and texts could be fined as much as £500,000 ($665,000) under proposals announced Wednesday by the government, which plans to hand the Information Commissioner’s Office powers to hold directors directly responsible.
U.K. law firms have come up with numerous approaches to a new requirement for disclosing gender pay gap information, and the ensuing PR storm is pushing them in conflicting directions.
Lloyd's of London won't get another shot at preventing the Federal Deposit Insurance Corp. from collecting on a $10 million directors and officers policy issued to a failed bank, after the U.S. Supreme Court on Tuesday declined to take up the case.
A Uruguayan insurer has claimed it can dodge losses allegedly sustained when a pleasure yacht ran aground on a sea reef near the Philippines and was looted by thieves, because the vessel's owner was sailing at night using outdated charts and equipment..
Australia's largest insurer is the latest to win regulatory backing for a major new Brussels subsidiary, QBE said Tuesday, as companies accelerate their plans to keep serving European customers after Brexit.
A British unit of insurer Markel Corp. has denied it owes nearly £14 million to a U.K. agricultural lender that claims the insurer is liable for a judgment against a now-defunct surveyor accused of negligence, arguing that a broker’s “dishonest” representations means it has no obligation to pay out.
The U.K. Financial Conduct Authority stepped up its scrutiny of senior managers at financial services firms last year as part of its efforts to tighten up its regulatory supervision of the top roles, according to data published by law firm Cleveland & Co. on Tuesday.
A senior U.K. lawmaker has pushed the Financial Conduct Authority to prevent dubious financial advisers from targeting pension savers, after the amount of money transferred out of defined benefit retirement funds more than doubled last year.
The last week has seen an Irish real estate developer sue Ireland's "bad bank," a contract dispute between two African banks and a French fishing operator, and several major insurers take Danish shipping giant Maersk to court. Here, Law360 looks at those and other new claims in the U.K.
Criminals are exploiting the confusion around Europe’s new data protection regime by masquerading as financial firms and persuading consumers to disclose their banking details, a major trade organization warned on Friday.
The U.K. pensions watchdog said Friday that it has pressed an international company to pump £3 million ($4 million) into its defined benefit retirement fund, warning other employers of similar regulatory action.
The insurance fraud division of the London police questioned 15 people across England and Wales this week in a targeted investigation that police are calling "days of action,” after a number of insurers, including Allianz and Zurich, made allegations of fraudulent claims.
Confusion reigns over how the European Union's new data regime coming on the books Friday will address blockchains, the decentralized data trails that facilitated the rise of the cryptocurrency bitcoin. Elements of the emerging technology appear to clash directly with the law's rules for deleting and minimizing data. But industry lawyers say a delicate coexistence between blockchain and the General Data Protection Regulation is on the horizon — though getting there won't be easy.
Companies rushing to register with the U.K.’s data regulator have overwhelmed the agency’s website on the day before Europe’s General Data Protection Regulation goes live, the watchdog said on Thursday.
Banks and insurers are scurrying to prepare for Europe's sweeping data regime that comes into force on Friday, but legal advisers predict that regulators will likely offer a grace period as they adjust to their own formidable new duties.
A group of insurers who deny they owe Brightside Group Ltd. £2 million stemming from its legal dispute with Southern Rock Insurance should have known the broker had an agreement to place e-insurance with the firm, Brightside has said, rejecting the insurers’ arguments otherwise.
Europe’s sweeping data protection regime could expose companies to a whole new level of threat, an AIG executive told Law360 Thursday, saying solicitors and accountants are especially at risk of being exploited by hackers after the regime goes live Friday.
The European Union's insurance regulator has urged policymakers to breathe life into their plans for a pan-European pension to help address the bloc's annual retirement savings gap of €2 trillion ($2.34 trillion).
The European Commission unveiled a package of financial and insurance reforms on Thursday to advance plans for a capital markets union, including a new class of sovereign bond-backed securities that it hopes will encourage banks and investors to diversify their government bond exposure and help shield the market from financial crises.
While many U.S. companies have already begun work on complying with the General Data Protection Regulation, it has such a long reach that it may encompass many organizations that would not ordinarily expect to be subject to European data privacy laws, say attorneys at Gibson Dunn & Crutcher LLP.
Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.
The upcoming divorce between the United Kingdom and the European Union will have ramifications for health, safety and personal injury claims in the U.K., as well as for U.K. residents' access to insurance while traveling in the European Economic Area, says John Hall of Tilly Bailey & Irvine LLP.
The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.
Solvency II has been a challenging regulation for European insurers, but insurers seeking to pass stress tests can rely on strategies like convertible bonds, which provide significant capital requirement relief without sacrificing return on invested assets, say Dan Partlow and Hart Woodson of Advent Capital Management LLC.
Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.
While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.
By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.
To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.
Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.