Britain’s finance watchdog has fined a compliance specialist at two wealth management firms for putting investors at risk of losses because of failings which led to a "serious risk" that unsuitable advice would be given over the transfer of defined benefit pension schemes.
The Law Society of England and Wales for the first time will formally name specialists in the field of occupational disease, tapping a partner at insurance law firm BLM LLP who spearheaded the accreditation proposal to serve as chief assessor, BLM said Wednesday.
Global law firm Baker McKenzie has hired a former global chief operating officer at rival Linklaters LLP as its COO in its London office, the firm has announced.
Rules forcing investment firms to act in the best interest of their clients will be widened to consider the increasing use of automated advice in the advisory market, under draft guidelines published Thursday by the European Securities and Markets Authority.
The U.K. government published its historic bill to convert European regulation into British law on Thursday, taking a big step toward Brexit and prompting London’s finance and insurance sectors to say they will step up lobbying to ensure their voice is heard throughout the complex legislative process.
Europe’s financial and insurance industries urged the European Commission on Thursday to explain how it will enforce its looming data rulebook from May 2018, and demanded a much greater voice in preparations for the complex regulations.
The U.K.’s top insurance lobby has challenged claims by the Financial Conduct Authority that dipping into pension savings early has become the “new norm” after radical reforms were introduced in April 2015.
The U.K. will negotiate with Brussels over which cases still pending before Europe’s top court should continue beyond day one of Brexit as Britain pushes to minimize disruption to banks and businesses, the government said on Thursday.
Former lawyer Nicky Morgan has become the first female politician to be elected chair of an influential parliamentary panel responsible for holding Britain’s financial bodies and regulators to account, following a late announcement on Wednesday.
While the U.K. Supreme Court’s ruling granting breakthrough new pension rights is a victory for same-sex partners, attorneys say the decision has some pension schemes worried about the increased costs — while others wonder if the judgment will even survive Brexit.
The U.K. Court of Appeal has made clear that whistleblowers can expect protection under the law even if the public interest of their disclosures extends only as far as other work colleagues, in a ruling that comes at a time when governments are working toward strengthening whistleblower rules.
The Bank of England expressed concern Wednesday that Europe’s overstretched corporate bond market may not hold up under a market shock, and it has run a simulation stress test to determine how well this part of the nonbank financial sector would respond.
The Financial Conduct Authority warned on Wednesday that it could be forced to intervene in Britain’s multibillion-pound retirement income market after a report by the finance watchdog revealed more people are raiding their pension pots without taking advice.
Britain’s top insurance lobby set out plans Wednesday for a new framework for setting the controversial discount rate used to assess compensation for serious personal injuries, which has saddled firms with millions in extra costs after a recent change.
Significant legal uncertainty surrounds crossborder financial contracts between market participants in the U.K. and the EU that were written before Brexit but which mature afterward, the leading global capital market lobby group said on Wednesday.
The European Union’s chief Brexit negotiator said on Wednesday that talks over Britain’s withdrawal from the bloc could be derailed by an escalating row over Britain’s controversial divorce payments, jeopardizing the position of London’s financial services sector in the future.
The U.K. Supreme Court ruled on Wednesday that a gay man could continue to receive his husband’s occupational pension payments after the partner’s death, in a closely watched equality ruling that could dramatically expand the liabilities of insurance companies.
The U.K. Financial Conduct Authority’s aggressive pursuit of enforcement investigations amid Brexit negotiations has unsettled City talent and may even deter investment, top white collar attorneys warn, risking further damage to London’s future as a financial center.
U.K. reforms to the way personal injury compensation is calculated are changing the way firms approach claims, lawyers say, as insurers explore out-of-court agreements and annual payments to avoid massive one-off settlements.
European Union lawmakers investigating the Panama Papers tax evasion scandal on Monday heaped pressure on the bloc’s officials to stamp out practices of money laundering, tax evasion and avoidance.