Adverts produced by financial businesses marketing their products to retail investors have “fallen well short” of the standards expected by the Financial Conduct Authority, despite earlier warnings about misleading material in promotions, the watchdog’s chief executive has said.
Attorneys for consultancy Towers Watson argued Thursday that its CEO’s conflict of interest was disclosed to shareholders before a vote on an $18 billion merger with insurance brokerage Willis Group, and that claims against the company’s board should be tossed.
Italy’s top insurer Generali Group on Thursday launched ThreeSixty Investments, saying it will invest $1.1 billion into the asset manager's first fund.
Magic Circle firm Linklaters on Thursday announced it has bolstered its flexible working policy in the U.K., expanding the privileges to any employee, without regard to seniority and without requiring staffers to spell out their reasons for seeking a change.
The owner of a ship that was forced to stop trading after sustaining severe damage has entered out-of-court talks with the nine insurers it is suing in London, including units of RSA Group PLC and HSBC Holdings PLC, according to a new court order.
Europe’s top financial regulators have called on the European Union to streamline rules for reporting cybersecurity breaches to ensure consumer confidence in future financial products.
Britain’s bankruptcy compensation scheme said that it has worked with brokers to safeguard customers of a collapsed Danish insurance company by transferring approximately 165,000 motor and pet insurance policies to alternative providers.
An insurance broker has hit back at allegations it negligently allowed the owner of a commercial garage that burned down to buy invalid insurance, claiming in court documents that its client knew he had to disclose that he was subject to a court judgment.
Europe’s insurers said Thursday they are struggling to update their computer systems to comply with the General Data Protection Regulation and fear that the rigorous regime could undermine innovation and hinder cross-border business.
Consumers save less for retirement because most believe the government is barely protecting their pension, meaning new disclosure requirements are needed to keep savers better informed about how their nest eggs are being protected, the U.K.'s statutory compensation scheme said on Thursday.
The City of London expressed relief on Thursday that Britain had avoided a “catastrophic no-deal Brexit” before the Friday deadline, but warned that prolonged uncertainty is discouraging finance companies from making decisions on expansion and investment.
European Union leaders agreed early Thursday to push back the date for Britain's departure from the bloc until as late as Oct. 31, including an option to leave earlier if the U.K. government can secure parliamentary backing for its unpopular Brexit plan.
A group of U.K. reinsurers wants to force arbitration of a Puerto Rican insurance company's $150 million suit accusing them of causing "irreparable harm" to Puerto Rico's insurance industry by colluding to delay payment of claims that arose after Hurricanes Irma and Maria battered the island.
A group of insurers urged the U.K.'s highest court on Wednesday to overturn a ruling that will force them to pay out on a damages claim from the owners of a ship that caught fire off the Egyptian coast, saying the shippers are only entitled to partial loss.
A London judge ordered the British arm of a Chinese shipping firm and a haulage company to pay nearly £7.7 million ($10 million) to a pension trustee company that sued the two pension plan employer participants to recover an outstanding debt.
Britain's defined benefit pension schemes have transferred around £60 billion ($78.6 billion) of risk to the insurance industry since Solvency II entered into force, a senior Bank of England official said Wednesday, underlining the pressure facing retirement funds from Europe’s strict capital regime.
Home insurance companies are hitting long-standing policyholders with almost double the cost of premiums that they charge to new customers, a consumer charity revealed Wednesday as it called on Britain’s financial regulator to find solutions to this “systematic scam.”
Co-operative Bank PLC avoided claims on Wednesday that it broke an agreement to sell a stake in a failed hotel development in northern England to a U.K. asset manager, although a judge at a London court said the bank could be on the hook for the company's time.
The Financial Conduct Authority accused general insurers on Wednesday of "widespread" misselling despite European rule changes designed to improve the market, warning it is ready to crack down on the problem.
The European Council said Tuesday that it has adopted new rules that will force banks with a share in the bloc’s near-$1 trillion stock of “bad” debt to set aside more funds to prevent further loans from going sour.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.