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.
Ireland’s central bank has banned CBL Insurance Europe DAC, a subsidiary of New Zealand insurer CBL Corp. Ltd., from writing any further business following concerns about its capital reserves.
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 process.
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 regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle LLP.
The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.
In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed. But the question of how the judiciary might conform to Burt’s expectations raises practical problems, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit.
As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.
Blockchain technology holds great potential to revolutionize the financial services industry, but it is not quite there yet. More work needs to be done across development and regulation to win the full trust of the wider financial sector, says Ross Nicholls of IR Global.
Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.
One of the challenges American practitioners face in contemplating General Data Protection Regulation compliance is that the underlying principles and language of European data privacy law feel foreign. U.S. companies can prepare by adopting a 10-step framework, says Seth Berman of Nutter McClennen & Fish LLP.
While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.