Workers are neglecting their pensions as they focus on paying off expensive mortgages later in life, the head of the Financial Conduct Authority told lawmakers on Wednesday, underscoring the cost of the U.K.'s housing crisis.
Fraudsters tricked investors out of over £197 million ($255 million) in total through investment scams last year, the Financial Conduct Authority said on Wednesday, reporting that criminals are using increasingly sophisticated websites and social media channels to target their victims.
The European Union's securities regulator warned Tuesday that a no-deal Brexit will cause information sharing with the U.K.'s watchdog to come to an abrupt halt and could disrupt calculations meant to keep loosely regulated trading practices transparent.
European lawmakers and member states reached an agreement on Tuesday to reduce costs for derivatives traders and exempt the smallest financial counterparties from having to go through clearing, the European Commission announced.
The U.K. government could encourage defined benefit pension schemes overseeing a total of £60 billion ($78 billion) to invest in small companies, housing and green energy under proposals outlined by the Department for Work and Pensions on Tuesday.
The head of the U.K.'s independent auditing watchdog said Tuesday it lacked the powers and the budget to effectively defend against the auditing failures behind a recent string of major corporate bankruptcies, including the collapse of the Carillion PLC contracting group under a massive pension deficit.
A London judge Tuesday morning approved plans for Royal London Mutual Insurance Society, the U.K.'s largest mutual insurer, to transfer its £1 billion ($1.30 billion) European business to Ireland over concerns about the uncertainties surrounding a no-deal Brexit.
The hostility surrounding a failed €8.2 billion ($9.4 billion) merger involving Scor SE deepened on Tuesday, with the French reinsurer rejecting assertions that it acted aggressively and warning a critical investor not to commit slander.
A slew of insurers have reached a deal to settle a $10 million coverage dispute over the destruction of a New Orleans warehouse in a 2017 tornado and have received a Louisiana federal judge's blessing to shelve the suit, according to court documents filed Monday.
Ashurst LLP said Monday that it had added a partner to its international investment funds group in Luxembourg.
More than a million savers who have dipped into their pension pots using controversial British rules have been caught by tough tax restrictions, according to findings by a British company specializing in retirement products.
Investment company CIAM has criticized Scor SE for threatening a barrage of lawsuits after a planned €8.2 billion ($9.4 billion) merger with a rival turned sour, accusing the French insurer of an “incredibly aggressive legal strategy.”
The Financial Conduct Authority told asset managers and pensions advisers on Monday that they must explain to investors their reasons for choosing certain benchmarks when assessing a fund’s performance, in guidance aimed at helping consumers understand how their money is managed.
A London judge has stayed a legal dispute over the amount an insurance company must pay in compensation to a recycling company over damage caused by a fire at the firm's plant in order to allow the two sides to try and agree on a figure outside of court.
The last week has seen Vodafone take on Visa and Mastercard over how much they charge for credit and debit transactions, French Commercial reinsurer Scor SE hit Barclays with a fraud claim after the collapse of an €8.2 billion ($9.4 billion) merger, and two Lloyds syndicates duke it out over decades-old debts. Here, Law360 looks at those and other new claims in the U.K.
Global law firm Clyde & Co has grabbed four former Ince & Co. marine litigation partners and their teams, as the company also announced on Friday it is continuing to expand in Europe with the opening of an office in Hamburg.
Britain’s data watchdog said on Friday it will investigate an insurance firm owned by prominent Brexit campaigner Arron Banks over how it protects its customers' data as it confirmed that it has fined the company for sending illegal marketing messages.
Britain's pensions regulator said Friday that one of the country’s largest pension schemes has invested contributions from more than 350,000 members and set up monitoring systems after the watchdog accused it of “serious and persistent administrative failings."
The Financial Conduct Authority said on Friday it has reached agreements with European Union supervisors to ensure they can exchange information, as it seeks to help prevent financial services firms from skirting regulatory change if Britain fails to secure a Brexit transition period.
Lloyd's of London has fired back against a suit by New England Patriots defensive end Deatrich Wise Jr. claiming he's owed $600,000 after missing hundreds of plays due to injuries, with the insurer telling a Texas state court because Wise never missed any full games, he's not eligible for coverage.
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.
The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.
With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.
While a great deal of uncertainty remains around Brexit, there will be challenges for all contractual parties in the U.K. and the EU as they approach existing and future contractual obligations, say Dipti Hunter and Kirsty O'Connor of PricewaterhouseCoopers LLP.
As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.
Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.
Recent disclosures by U.K. insurance regulators have highlighted the possibility of an imminent flood of applications by U.K. insurers to English courts to transfer their policies to their EU-based affiliates. Policyholders affected by these transfers will need to scrutinize them closely, says Richard Mattick of Covington & Burling LLP.
In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.
Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.