Britain's financial services have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.
The Financial Conduct Authority has published its latest set of guidance to help U.K. banks and insurers prepare for Brexit by encouraging them to consider implications for their business and customers, including putting in place measures to ensure their financial contracts can continue after March 2019.
Major U.K. pub and restaurant operator Mitchells & Butlers PLC will go to trial against its pension trustees in 2020 to determine which side wields the power to calculate increased payments to retirees, the High Court in London has indicated.
The U.K.'s pensions watchdog on Thursday warned pension scheme trustees they must check whether they fall under new master trust legislation to avoid running afoul of the law once the March deadline to apply for authorization passes.
The U.K. Supreme Court is considering whether a leading motor insurer must pay for extensive damage caused to buildings after a mechanic sparked a fire while welding his car, in a case that could widen the industry’s exposure to third-party claims.
The U.K. Financial Conduct Authority on Wednesday proposed new rules aimed at making it easier for consumers to access long-term investment opportunities, principally by lowering the barriers for retail investment in venture capital, infrastructure and corporate loans.
Commodities broker Marex Financial Ltd. has broadened its claim against a group of insurers in a bid to secure indemnity for any costs it may be hit with if French investment bank Natixis is successful in an underlying $32 million suit over allegedly fraudulent nickel storage receipts.
A British judge said Wednesday that he would not revive a $500,000 arbitration dispute over Thomas Miller Specialty Underwriting Agency Ltd.'s refusal to indemnify two shipping companies for a sunken cargo of junk cars, rejecting a bid to appeal the case and expressing shock that the parties ran up almost $200,000 in attorneys' fees.
The U.S. government said Wednesday that it intends to sign a sweeping agreement with the U.K. that will help American firms keep pushing into the world’s fourth-largest insurance market after Britain exits the European Union.
Prime Minister Theresa May survived a coup attempt by rebel lawmakers within her Conservative Party late Wednesday, winning a no-confidence vote by a sufficiently large margin to allow her to continue pushing to get a draft Brexit withdrawal agreement through a hostile Parliament.
Prime Minister Theresa May will face a vote of no-confidence from her own Conservative Party MPs on Wednesday evening as opposition to her plan to exit the European Union escalates, raising the prospect of a no-deal departure or no Brexit at all.
The Financial Conduct Authority has warned that bosses at some of the U.K.’s largest asset managers and banks lack the knowledge to tackle cybersecurity issues effectively.
A group of Luxembourg entities owned by a U.S. real estate investment company has made a counterclaim for at least £1.95 million ($2.5 million) against a U.K. asset manager that is suing them for alleged payments after they canceled agreements tied to commercial property investment portfolios.
An accountant will appear in court in January charged with scamming more than £200,000 ($251,500) from a pension fund in the first fraud prosecution mounted by The Pensions Regulator, the watchdog said on Tuesday.
A dispute between a financial adviser and a former client over a missed tax deadline, which allegedly led the client to lose almost £3.5 million ($4.4 million), will head to trial at the beginning of 2020, new documents filed with a London court reveal.
The financial services sector will contribute less to Britain's economy under all Brexit scenarios set out by the government, a panel of lawmakers said on Tuesday, warning that the country's regulators will lose their voice in forming policy during a transition period after March 29.
The Financial Conduct Authority’s stringent rules on senior manager accountability took effect Monday for insurers, more than two years after the watchdog first put the conduct requirements into place for banks in 2016.
Global insurer Beazley PLC said on Monday that it has launched a package of tools aimed at helping its business policyholders in the U.K. and Europe prepare for cyberattacks and data breaches, at a time when regulators are taking a more lax approach to cybersecurity oversight.
Theresa May postponed a key parliamentary Brexit vote on Monday to stave off a potentially crippling defeat, as the prime minister succumbed to pressure from inside her own Conservative Party to press the European Union for a better deal.
A group of global insurance bodies has urged the international standards board to delay the implementation of sweeping new accounting rules for two years after it proposed postponing the reforms for just 12 months.
Europe’s top financial regulators must ditch a superficial “quick fix” to unpopular disclosure rules for investment products and instead find “real solutions” that will benefit consumers, the bloc’s insurers said on Monday, as they added to growing resistance to the regulation.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.
To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.