Britain's financial services have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.
U.K. banks have set aside £44.2 billion ($62 billion) to cover claims for missold payment protection insurance, approximately five times the cost of staging the London Olympics in 2012, new data shows.
The last week has seen hundreds of new claimants bring competition suits against Visa and MasterCard, Italian bank Dexia lodge a claim against a Sicilian city still staring down a pre-crisis-era derivatives contract, and the liquidator for an FCA-targeted carbon credit investment scheme file a negligence claim against Nabas International Lawyers LLP.
The former owner of British Home Stores was ordered by a court to pay £87,170 ($121,800) on Friday for failing to turn over information to a U.K. watchdog as it investigated a multimillion-pound deficit at the now-defunct retailer.
Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.
The U.K. Prudential Regulation Authority is to examine whether insurers are securing themselves against risk in cyber underwriting, a senior PRA official told Law360 on Friday, amid concerns that companies may have to make huge payouts after a catastrophic attack.
The U.K.’s largest insurer, Aviva PLC, announced on Friday that it has sold its entire shareholdings in two of its joint ventures in Spain, allowing it to boost its capital surplus by approximately £150 million ($209.5 million) and meet Solvency II requirements.
The U.S. Department of Justice urged a Massachusetts federal court on Wednesday not to split a freshly filed charge against a former State Street executive into a separate trial, saying the new charge goes after the same scheme only targeting a different victim.
The U.K. Court of Appeal on Thursday rejected an attempt by Acasta European Insurance Co. Ltd. to overturn a ruling that found the insurer must cough up £1.1 million ($1.5 million) to Nesbit Law Group LLP under a financial guarantee indemnity that underpinned loans provided to the personal injury law firm.
When Barclays on Monday becomes the first British bank to reveal in court how it will comply with new ring-fencing regulations, pension lawyers will look to how the bench reacts to the lender's controversial plan to house its pension scheme in its newly separated investment banking arm.
A parliamentary committee called for regulatory reform while grilling executives of the British pensions regulator on Thursday for failing to see early signs of financial stress that led to the collapse of construction giant Carillion PLC under a £800 million ($1.1 billion) pension deficit.
Private companies could be compelled to hand over information to help the insurance industry in the aftermath of a cyberattack, the head of Lloyd’s of London told Law360 on Thursday.
Governments must help insurers gain access to information on cyberattacks to help them price risk for customers and determine their own exposure to a potential rush of claims, the deputy secretary-general of the Organisation for Economic Co-operation and Development indicated on Thursday.
The U.K.'s antitrust watchdog said Wednesday it planned to release its initial conclusions on the state of competition among investment consultants in July after deciding to continue to focus mainly on services aimed at pension schemes.
Katten Muchin Rosenman UK LLP has tapped two new partners from Lloyds Banking Group PLC and Jones Day to lead its London banking and financial services practices, bringing with them expertise in commercial real estate and investment regulations.
Three directors of insurance brokerage FJ Lock & Associates Ltd. have sought to dismiss allegations they owe the U.K. investment firm that acquired their business around £500,000 in payments connected to the acquisition.
A parliamentary committee approved the appointment of Charles Randell as chairman of the Financial Conduct Authority on Wednesday, despite what he called an earlier "error of judgment" that involved him in a tax avoidance scheme.
Lawmakers will grill the U.K.’s pension regulator and two accountancy firms on Thursday over their role in the collapse of construction giant Carillion PLC.
Global auditing giant KPMG revealed plans on Wednesday to help insurance firms comply with demanding new accounting rules due in 2021, warning that more than a third of companies around the world have yet to make any preparations.
The U.K.'s chief Brexit negotiator on Tuesday signaled the country's support for pan-European state aid and merger control rules, positing competition and high regulatory standards as key to Britain's future relationship with the European Union.
The U.K. pensions regulator said Tuesday is investigating several pension schemes for alleged cold calling and has appointed an independent trustee to run one of them following concerns about more than £3 million ($4.2 million) of assets under its management.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
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.