The Financial Conduct Authority’s incoming chairman told a Treasury Committee hearing Tuesday that he wants to conduct his own evaluation of the watchdog’s handling of controversial cases like the Royal Bank of Scotland PLC’s alleged mistreatment of business clients.
The U.K. Ministry of Justice has agreed to allow traffic accident victims to contact insurers directly through a controversial new claims portal that would cut lawyers out of the equation.
Barclays PLC scored an early victory in its £1.1 billion ($1.5 billion) legal fight with credit card provider CCUK Finance Ltd. on Tuesday when a High Court judge ruled the British lender can pursue a multimillion-pound payment protection compensation counterclaim against the firm.
The U.K.’s financial services watchdog said Tuesday it wants to harness technology to improve regulatory reporting by firms in the sector, using automated processes that could help eliminate inaccurate and inconsistent filing.
The scandal surrounding Carillion PLC, the construction giant which collapsed in January, deepened on Tuesday with revelations that Britain’s pensions regulator twice failed to act on requests to intervene from trustees of the firm's retirement scheme.
An appeals court in the U.K. rejected on Monday an attempt by a group of insurers to overturn a lower court’s ruling that Connect Shipping Inc. is entitled to claim £12 million ($16.8 million) in losses after one of its ships caught fire in the Red Sea near Egypt in 2012.
The U.K.’s Financial Conduct Authority said Monday it has sealed an agreement with the U.S. Commodity Futures Trading Commission to coordinate innovation in financial technology, a step the regulators hope will ease mutual market access.
Great Lakes Insurance SE has said a loss adjuster’s defense in a £2.5 million ($3.5 million) lawsuit against it over a botched repair job is “highly artificial" and does not provide a realistic assessment of the firm’s responsibility for faulty renovations to the roof of a listed building.
Countrywide Surveyors Ltd. has settled a claim it brought against a group of insurers over their refusal to pay out £5 million ($7 million) which the surveyor paid to mortgage lenders to end a dispute over 72 wrongly valued properties, according to court documents.
The Financial Conduct Authority revealed on Monday that the number of fraudulent "cloned" companies it has warned U.K. consumers about leapt by approximately 25 percent in 2017.
A nonprofit watchdog group dedicated to helping the U.K. insurance industry fight organized fraud networks revealed on Monday it had tapped Zurich Insurance and Allianz to add two senior executives to its board.
A parliamentary committee is to urge the U.K. pensions regulator to be ready to respond following reports that colorful millionaire Sir Philip Green may sell his retail empire, which is burdened with a £565 million ($791 million) pension deficit.
The last week has seen Chubb bring an action against U.S. forestry giant Weyerhaeuser, Russia's Kapital Insurance lodge a claim against more than a dozen insurers and reinsurers, and the Financial Services Compensation Scheme sue Heritage Corporate Trustees for breach of fiduciary duty. Here, Law360 looks at those and other new claims in the U.K.
The High Court in London has ordered the former president of Micronesia and two associates to pay nearly £52,000 ($73,000) in costs following a dispute over a ship that allegedly hit a coral reef in Micronesian waters, according to documents seen on Friday.
U.K. insurance brokers should decide swiftly whether to set up a new European subsidiary to keep business channels open after Brexit, Ernst & Young and a leading industry lobby have warned.
The Information Commissioner’s Office will not seek a retrial in its case against Hiscox Underwriting Ltd. over alleged breaches of data protection laws, because a key witness has fallen ill and will not be able to give evidence, a London court heard Friday.
The U.K.'s statutory compensation program said Thursday it is preparing to declare Active Wealth (U.K.) Ltd. in default after the firm came under scrutiny for advice it gave to members of the troubled British Steel Pension Scheme.
Pop star Kanye West’s touring company and syndicates of Lloyd’s of London on Wednesday resolved their California federal court dispute over $10 million worth of coverage for shows he canceled after reportedly having a mental breakdown last year.
The Financial Conduct Authority is preparing to publish a report by June on how insurers use Big Data sources for pricing their policies, including whether decisions are influenced by the names or addresses of insurance customers.
The U.K.’s Financial Conduct Authority has set out plans to allow innovators in the financial sector to test new products and services in multiple jurisdictions without the burden of regulation, building on its four-year-old domestic "sandbox" scheme.
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.
The solid foundation to Brexit negotiations that Theresa May thought she would lay down with this election has crumbled to dust. And the result for businesses planning for a post-Brexit world is a prolonged period of speculation and uncertainty, according to Alistair Maughan of Morrison & Foerster LLP and Sir Paul Jenkins, the U.K. government's most senior legal official from 2006 to 2014.