A London judge has delayed a £1.1 million ($1.44 million) lawsuit between Hiscox Ltd. and a Lloyd's of London broker over the use of insurance technology to arrange motor cover so they can attempt to settle their dispute out of court.
The global derivatives industry body has called on Britain to allow exchanges based in the European Economic Area to serve U.K. trades, in a bid to prevent disruption to the derivatives market if the country crashes out of the EU without a deal.
The U.K.'s Financial Services Compensation Scheme said Tuesday it has bolstered payouts to former steelworkers who lost investments through pensions misselling.
European Union officials indicated on Tuesday that Britain’s request to delay its exit from the bloc will be granted if Prime Minister Theresa May can forge a political consensus at home on a roadmap for Brexit.
British Airways PLC said Tuesday it has settled a multimillion-pound dispute over its pension scheme contributions, ending a six-year legal battle with the fund’s trustees and avoiding a final confrontation at the Supreme Court in London.
U.K. Prime Minister Theresa May could be forced to ask Brussels for a delay to Brexit to prevent Britain from leaving the European Union without a deal in just four days, after Parliament approved legislation Monday demanding that she seek another extension.
Only 13% of pension scheme trustees and corporate sponsors predict their companies will adopt by 2025 a flexible pension scheme, which offers broad “ambitions” to savers rather than guaranteed annual payouts, according to a survey published Monday.
An international body monitoring the global financial system has pulled together a directory of agencies worldwide working to regulate cryptocurrency and other digital assets.
Ireland's central bank warned financial services companies Monday to monitor employees to ensure they are capable of doing their job, amid concerns that incompetent and tarnished senior executives are jeopardizing faith in the system.
Britain and Australia’s financial watchdogs said Monday they have signed agreements to ensure they can supervise cross-border activities by exchanging regulatory information after Brexit and allow derivatives contracts between the two countries to continue.
Cadwalader Wickersham & Taft LLP has snagged a regulatory lawyer from Davis Polk & Wardwell LLP to join its financial services offering.
The past week has seen a defunct metals trader sue its former director, a man jailed for running a massive loan fraud scheme, Visa and Mastercard face fresh competition claims from a chic hotel in Kensington, and fashion designer Kevin Stanford embroiled in an appeal with British tax authorities over his bankruptcy. Here, Law360 looks at those and other new claims in the U.K.
The Financial Services Compensation Scheme has denied it is seeking to make so-called double recovery by filing five separate lawsuits at a London court against a Guernsey-based trustee over its handling of investments in a failed holiday resort.
The U.K. government’s move toward a permanent customs arrangement with the European Union has again left financial services out of the equation, but it has offered some hope for a transition deal that would allow banks to tackle their biggest concerns about leaving the EU.
A pension administrator has widened its £5.9 million ($7.8 million) lawsuit against a trust manager for investing in a failed Caribbean resort, telling a London court that it had a duty of care not to advanced funds to a financially stretched developer.
European Union legislators have approved plans to create a bloc-wide pensions regime that will allow retirement savers across Europe to put money into the same scheme even if they move to another member state.
Theresa May asked the European Union on Friday to delay Britain's departure from the bloc until June 30, as the prime minister works with opposition leaders to build bipartisan support for her unpopular Brexit withdrawal agreement.
The European Court of Justice ruled Thursday that Austrian labor law doesn't keep the European Union's public procurement rules from applying in an Allianz unit's challenge to the way several famous theaters awarded pensions contracts to a rival insurer.
The U.K. government on Thursday approved plans to build a clearinghouse pulling together workers' pensions onto a single platform, with industry groups cheering the move for dragging pensions "out of the digital Stone Age."
The European Union’s general data protection regulation has helped create a drop in the number of U.K. businesses hit with cyberattacks, the U.K government has said, but companies still need to continue to shore up their defenses as the cost of falling victim has increased.
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
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.