Hurricane Ian could be insurance sector’s biggest loss since Hurricane Katrina October 27, 2022 Hurricane Ian threatens to become the insurance sector’s second biggest loss since Hurricane Katrina, with cost estimates to the industry ranging from $40-60bn (£35-52bn). The Category 4 storm that hit Florida in late September was the deadliest storm to hit the sunshine state since the Labor Day Hurricane in 1935. Hurricane Ian hit Cuba within [...]
Judge rejects Nigeria’s call for share of Glencore bribery fine October 26, 2022 A London judge has rejected Nigeria’s call for a share of any money paid out by Glencore to the UK’s Serious Fraud Office (SFO), after the commodity trader pleaded guilty on seven counts of bribery last May. Lawyers acting on behalf of the Federal Republic of Nigeria urged the court to issue a compensation order [...]
Europe’s insurance lobby welcomes overturning of EU online marketing rules October 26, 2022 Europe’s main insurance sector lobby group has welcomed the EU’s decision to overturn rules regulating the sector’s online and telecoms marketing activities. Insurance Europe, whose members include Lloyd’s and the Association of British Insurers (ABI), said it “strongly welcomes” the repeal of the EU’s consumer rights legislation, which seeks to protect consumers that sign contracts [...]
Global financial sector is facing an ‘ethical crisis,’ new book warns October 25, 2022 The financial sector is facing an “ethical crisis” that is undermining the sustainability of the global economy, according to a new book by business ethics professor Dr Atul Shah. The current approach to teaching business ethics, in both academic and professional contexts, is narrowly-focused and detached from real-life, Shah’s new book, Inclusive and Sustainable Finance,says. [...]
UK must ensure it’s world’s ‘safest place to do business,’ City of London police boss says October 25, 2022 The UK must protect itself against fraud and cybercrime to ensure it is the “safest place to do business in the world,” the head of the City of London police’s authority board said. The chair of the City of London police authority board James Thompson said ensuring businesses and customers are protected is “vital” to [...]
Insurance sector’s hard-nosed approach sees surge in High Court battles October 25, 2022 A hard-nosed approach towards paying out on policies, particularly in relation to Covid-19 business interruption claims, has led to a surge in lawsuits being filed against the UK’s insurers, new research shows. The number of High Court lawsuits filed against insurance companies more than tripled between 2017 and 2021, as policyholders increasingly resorted to legal [...]
Credit Suisse pays £208m to settle French probe October 24, 2022 Credit Suisse has agreed to pay France €238m (£208m) to settle a tax fraud and money laundering probe brought against it by the country’s economic crime agency. The embattled financier said in a statement it had reached a settlement with France’s Parquet National Financier (PNF) financial crime unit to resolve a “legacy matter” relating to [...]
Funding struggles see UK’s small firms resort to personal loans for financing October 24, 2022 UK small business owners are increasingly taking out personal loans to fund their firms due to the troubles they face in securing external capital. More than half (55 per cent) of UK small and medium-sized enterprise (SME) owners have taken out a personal loan to fund their business, research by tech firm Codat shows. The [...]
Property lawyers should prepare for 2008-style crash, regulator says October 24, 2022 Property law firms should ready themselves for a “significant fall” in work as a result of a downturn in the UK’s real estate sector, the industry regulator has said. The Council for Licensed Conveyancers (CLC), which regulates conveyancers and property solicitors, said firms should prepare for a reversal of the past decade’s boom as economic [...]
MPs call for crackdown on advisors enabling tax avoidance schemes October 24, 2022 A group of cross-party MPs have called on the UK government to begin cracking down on the accountants and financial advisors that facilitate tax avoidance schemes. In a new report, the all-party parliamentary group (APPG) on anti-corruption and responsible tax called for the UK’s tax system to be overhauled, to boost growth, increase tax revenues, [...]