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Insurance UK

  • February 15, 2019

    Insurers Say Funds Access At Risk Over Disclosure Exemption

    Consumers may no longer have access to a range of insurance funds if European Union authorities do not extend into 2020 a rule that allows investment managers to avoid time-consuming duplication of information that they are obliged to provide to investors, Europe’s insurers and asset managers warned on Friday.

  • February 15, 2019

    Funders Behind £200M RBS Settlement Get 2020 Trial Date

    An investment company accusing Lloyds Bank subsidiaries and other institutional investors of failing to pay their share of the costs of securing a £200 million ($254 million) settlement for RBS shareholders will have their case heard at trial in a year. 

  • February 14, 2019

    Pellet Cos. Trustee's Suit Belongs In State Court: Judge

    A Louisiana federal magistrate judge has recommended that a trustee’s suit against a German insurance company that issued a policy to a now-bankrupt heating pellet company be sent back to state court, holding that removal wasn’t appropriate because an officer of the debtor hadn’t agreed to it.

  • February 14, 2019

    Blocwide Pensions Don't Prevent Dangers, Groups Warn

    Europe’s proposals to introduce a blocwide pension product are “not the answer” to the EU’s pensions crisis and may hurt consumers if providers are not regulated and charge high fees that cut into savings, consumer groups said Thursday.

  • February 14, 2019

    VP Pence Criticizes EU Payments Waiver On Iran Sanctions

    U.S. Vice President Mike Pence criticized key European allies on Thursday for helping businesses to continue making payments into Iran, claiming that the regulatory carve-out could help undo Washington’s sanctions against the “murderous revolutionary regime” in Tehran.

  • February 14, 2019

    Fraudster Jailed For Providing Fake Car Insurance To Crooks

    A fraudster who set up fake companies to buy fleet insurance policies covering more than 70 vehicles, some of which were used in burglaries and drug deals, has been sentenced to two years in jail, police in London have said.

  • February 14, 2019

    MEPs Slash Fees On Euro Transfers, Promise €1B In Savings

    European lawmakers gave their final backing on Thursday to reforms that will help 150 million Europeans who live outside the eurozone avoid excessive bank charges when they make cross-border payments using the euro.

  • February 13, 2019

    EU Gov'ts Back Plan For Pan-European Pension Scheme

    The European Union edged closer to creating a blocwide pension regime on Wednesday after member state governments endorsed reforms aimed at narrowing the bloc's annual savings gap of €2 trillion ($2.3 trillion).

  • February 13, 2019

    FCA Urges Crackdown On Abuse In Nonequity Markets

    The investment industry still has work to do to improve its oversight of nonequity markets so that financial companies can prevent and catch criminals who are manipulating trades, the Financial Conduct Authority said Wednesday.

  • February 13, 2019

    Watch Where You're Going, Driverless Car Operators Are Told

    Motorists behind the wheel of some driverless cars should keep their eyes on the road and pay attention to their ride in case of an emergency, a trade organization for insurers in the U.K. warned on Wednesday.

  • February 13, 2019

    Reports Of Financial Fraud Soar As MPs Grill Lenders

    Reports of financial fraud are rising and have already topped 10,000 this fiscal year, the U.K.’s financial ombudsman revealed on Wednesday, as the complaints service said it is battling a surge of complaints about economic crime.

  • February 13, 2019

    UK Widens Terror Insurance Law To Cover Trade Losses

    Parliament has approved changes to anti-terrorism laws that will allow British businesses to buy insurance cover that will pay out if they lose custom because they cannot trade in the aftermath of a terrorist attack, the government has said.

  • February 12, 2019

    Insurer Says Doctor In Whiplash Fraud Should Be In Prison

    One of Britain’s biggest car insurers told the Court of Appeal on Tuesday that a doctor who assisted a fraudulent insurance claim by submitting a fake medical report should spend time in prison, claiming the lower court’s decision to issue a suspended sentence was wrong and the sentence was too short.

  • February 12, 2019

    EU Review Misses Key Issue On Disclosure Docs, Group Says

    European supervisors have failed to tackle the most important issues when dropping amendments from unpopular disclosure documents for packaged investment funds earlier this month by failing to force investment managers to provide potential customers with information on the actual costs and expected performance of investing in a fund, a consumer group said on Tuesday.

  • February 12, 2019

    European Lawmakers Edge Closer To AML Info Sharing Rules

    Lawmakers in the European Union reached a tentative agreement Tuesday giving law enforcement agencies investigating terrorism and other serious crimes faster access to financial information held across borders, a move that would create a centralized database of bank accounts for each of the 28 member states.

  • February 12, 2019

    Brexit Pressure Mounts As UK's May Delays Key Vote

    Prime Minister Theresa May on Tuesday delayed a key parliamentary vote on Brexit until as late as Feb. 27, creating further uncertainty for banks and insurers that fear Britain will crash out of the European Union in just over six weeks.

  • February 12, 2019

    EU Heads Seek Checks On Top European Regulators’ Powers

    Leaders of Europe’s member states said Tuesday that decisions made by the bloc’s top three financial supervisors must be approved by national regulators and a strengthened management board, under sweeping reforms designed to improve the European Union’s oversight of financial businesses.

  • February 12, 2019

    Global Watchdog Eyes Tech Innovation Risks In 2019

    An international standards setter for central banks in the world's largest economies said Tuesday that it will redouble efforts to identify new risks in the market, as it considers whether legislation passed during the height of the last global financial crisis is working. 

  • February 12, 2019

    Crime Gangs Targeting Pension Savers, UK Gov't Warns

    Organized crime groups led by married couples or families are swindling pension-holders out of their retirement savings, government agencies, regulators and the police warned on Tuesday.

  • February 11, 2019

    MoFo Snags London Finance Lawyer From Latham

    Morrison & Foerster LLP has announced that an acquisition and leveraged finance attorney from Latham & Watkins LLP will be joining its London office as its third U.K. finance partner hire in less than a year.

Expert Analysis

  • Predictions For UK Prudential Regulation Authority Standards

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    Two years after the U.K. Financial Conduct Authority acknowledged the threat cyberattacks pose to the U.K.'s financial system, little progress has been made. The Prudential Regulation Authority's new operating standards, expected to publish this year, must show that it is taking cybersecurity seriously, but without stifling innovation, says Jamie Monck-Mason of Willis Towers Watson.

  • Why Companies Should Be Grateful For The GDPR

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    After the pain heals from what for many businesses was a last-minute scramble for General Data Protection Regulation compliance, many of these businesses will come to appreciate how the effort made them stronger from a compliance, security and even operational performance stance, say Howard Schiffman and Adam Cohen of Yeshiva University.

  • EU Law Brings Data Sharing Pointers For US Financial Cos.

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    Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

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    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.

  • FCA Enforcement Strategy May Influence Litigation Privilege

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    The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.

  • GDPR Is Here — What If You Didn't Prepare?

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    Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.

  • GDPR — Coming Soon To A Merger Near You

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    Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.

  • 4 Questions About Whistleblowing In The UK And Beyond

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    Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.

  • Obtaining DPAs In The UK Will Not Be Easy

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    In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.

  • Lessons From 4 Recent Athlete Insurance Lawsuits

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    This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.