The Financial Conduct Authority and other industry regulators announced on Friday that they are banding together to tackle failed rogue companies that rise from the ashes as a new business so they can skirt liabilities, which is known as “phoenixing.”
A roofing company has denied claims by its insurer that it failed to prevent a blaze that tore through an English pub and caused £3.7 million ($4.8 million) of damage, according to documents filed at a London court.
European data protection chiefs shed some light Thursday on why they have been slow to issue fines under the General Data Protection Regulation, with the U.K. authority comparing the new regime to a "teething toddler" and Ireland's watchdog urging those seeking precedent-setting rulings to be patient.
A Lloyd's of London underwriting group doesn't have to cover oil and gas producer Apollo Energy's oil spill cleanup costs, a Louisiana federal judge ruled Wednesday, holding that Apollo waited too long to report its claim and dismissing the company's suit.
The entirety of Spanish boutique Arias SLP's team, including its founding partner, will soon join Herbert Smith Freehills LLP, bolstering the firm's Madrid litigation and arbitration group with their extensive disputes experience.
Latham & Watkins LLP announced that it has snagged a partner who specializes in insurance mergers, acquisitions and regulation from Linklaters LLP to join its London office.
Willis Towers Watson has launched a “unique” $1 billion insurance program to protect investors from political risk, against a backdrop of rising protectionism and populist movements around the world, according to a managing director at the U.K.-headquartered brokerage giant.
Admiral Group PLC announced Tuesday that it has partnered up with insurer MAPFRE SA and private equity firm Oakley Capital to purchase Spanish digital insurance broker Acierto.com.
Investors have pulled £816 million ($1.1 billion) from U.K. equity funds this year, taking the amount they have withdrawn since the Brexit referendum in June 2016 to £12 billion, according to new data released on Thursday.
Asset management firm Pemberton Capital Advisors said Wednesday that it has raised €1 billion ($1.1 billion) that it will use as part of its strategy to provide companies with acquisition or expansion financing.
Lloyd’s of London said Wednesday that it plans to set up two new automated exchanges as part of a range of proposals aimed at responding to rapid technological advancement and changing demand from its insurance customers.
A company that builds temporary structures for events has sued the U.K. arm of American International Group Inc. in Wisconsin federal court to recoup money it agreed to pay the U.S. government to drop a civil fraud probe over allegedly unlawful military contracts, saying the insurer has wrongly denied coverage.
An Uruguayan insurer trying to dodge a $380,000 claim over losses allegedly sustained when a pleasure yacht ran aground on a sea reef and was looted by thieves was called unscrupulous by the attorney representing the yacht’s owner at start of the London trial Wednesday.
Britain’s markets watchdog said Wednesday it was reviewing whether rules governing financial advice are working for consumers amid concerns that customers may be handing over cash to advisers for unnecessary services.
A nursing home on a British coastal cliff suing Zurich Insurance PLC for more than £6 million ($7.8 million) for damage it says was caused by a post-storm landslide told a London court on Monday that the insurer wrongly claimed it was operating illegally.
A British woman paralyzed following an accident at a Mallorca resort can sue the hotel alongside a Generali insurance unit for £9 million ($11.71 million) in England even though both companies are in Spain, a London judge ruled Tuesday.
Retirement savers have purged their pension pots of a record £8.18 billion ($10.65 billion) since April 2018, government figures published Tuesday revealed, which is nearly double the amount withdrawn during the first year of controversial pension freedoms rules.
A London court has ordered a financial planning company to pay compensation to a former client over advice it gave him about his pension arrangements, as it enforced a decision by the Financial Ombudsman Service from 2017.
Driverless vehicles must have sufficiently tough security to protect them against cyberattack before they can be considered safe enough to steer themselves without a motorist at the wheel, Britain’s insurers said on Tuesday.
The Bank of England stands ready to adopt new emerging technology, a senior figure said Tuesday, while acknowledging the bank would have to keep a close eye on the fast-growing sector to ensure financial activity does not move into unregulated areas.
The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.
The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.
Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.
With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.
Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.
The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.