Britain’s bankruptcy compensation scheme said on Tuesday that the levy it charges financial services companies to fund its running costs for the next year will be £532 million ($691 million), a £16 million rise since its January forecast because it expects more claims against pension providers.
A U.K. watchdog fined KPMG fined £6 million ($7.8 million) and levied sanctions against a partner and an ex-partner on Tuesday over the auditing giant's botched reviews of a major motorcycle insurance underwriter that suffered a financial crash.
A D.C. federal judge has declined to nix Vantage Commodities Financial Services I LLC’s revamped claims that seven reinsurers must help cover a $26 million arbitration award the finance company won against its insurer, finding the allegations plausible.
The number of raids carried out by the Financial Conduct Authority nearly doubled from 2017 to 2018, jumping from 13 to 25, according to data kept by the government watchdog.
A fraudster who lied about being ill or injured to make fake travel claims to several different insurers for the same family holiday has been sentenced to one year and four months in jail, police in London said Monday.
The average cost of motor insurance has slipped to its lowest level for two years, due largely to an impending crackdown on fraudulent whiplash claims contained in new legislation, the Association of British Insurers said Monday.
National watchdogs in European Union member states should review how they are supervising insurers that are sensitive to severe market shocks, Europe’s top insurance regulator has recommended following the results of its 2018 stress test.
A cross-border regulatory testing ground for companies experimenting with new financial projects has taken on its first eight firms, a senior figure at the Financial Conduct Authority said Monday, 12 months after the program was announced.
A Lukoil unit and a group of insurers and other companies suing a Danish shipping company to recoup the costs of purifying biofuel that had been contaminated during shipment are fighting back against allegations from the shipper that they do not have sufficient evidence.
The European Commission has struck a deal with Japan's financial services regulator to recognize rules on over-the-counter derivatives as “equivalent” in a move it hopes will strengthen ties between the two jurisdictions' financial sectors.
Insurers providing so-called with-profits funds, a type of pooled investment, must do more to update their payout plans to ensure that investors are getting fair returns, Britain’s financial regulator has said.
The past week has seen a former investment banker sue his erstwhile employer, a cloud banking company file suit against investment manager Invesco, and a debt collector for banks and financial institutions target a housing services company. Here, Law360 looks at those and other new claims in the U.K.
The Financial Conduct Authority said on Friday that it will postpone issuing guidance to U.K. financial institutions on its plans to permanently ban them from selling speculative derivatives products, which cost consumers up to £450 million ($581 million) in annual losses.
The U.K. government’s cybersecurity agency has told companies that it will not disclose information about data breaches to Britain’s privacy regulator as it attempts to persuade businesses to communicate details of cyberattacks and breaches.
Zurich Life Insurance Co. Ltd. agreed Thursday to pay the U.S. a penalty of over $5.1 million to avoid prosecution over allegations it assisted U.S. taxpayer customers in evading taxes and reporting requirements through sales of minimal risk insurance policies.
Philip Morris International has launched a new life insurance policy for smokers that will become cheaper if customers kick the habit, as the international tobacco giant seeks to discourage cigarette consumption and promote the use of its own vaping products.
Ensuring that financial markets can fight off the threat of cyberattacks and IT meltdowns will be a main supervisory priority in the coming years, the financial watchdog has said, after a series of technical failures created disruption at British banks.
Insurance consultancy Pro Global Insurance Solutions said on Thursday that it has agreed to buy Vibe MGA Management, a business that helps industry startups get a foothold in the market.
Prudential Retirement has completed approximately $2.6 billion in reinsurance contracts against longer life expectancy this year, as U.K. pension schemes hasten to offload their liabilities ahead of Brexit, its U.S. parent company Prudential Financial has said.
Financial institutions should ensure that new products and services do not create potential harm for their customers, and must minimize incentives for staff to push products onto vulnerable consumers, the Financial Conduct Authority has said.
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.
Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.
Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.
Earlier this year, many businesses were so focused on ensuring that their privacy notices and customer lists were compliant by May 25 that they forgot that General Data Protection Regulation D-Day was just the first day of a new regime, rather than a one-day event, say Ben Pilbrow and Joanna Boag-Thomson of Shepherd and Wedderburn LLP.
Newly proposed U.K. rules and the amended regime for the Committee on Foreign Investment in the United States will radically change how the two governments review sensitive transactions, which will affect the likelihood of deal clearance, deal timing and the drafting of appropriate contractual provisions, say Robert Bell and Jennifer Mammen of Bryan Cave Leighton Paisner LLP.
Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.
After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.