Solvency II shakeup will boost UK insurers’ competitivity, Bank of England exec says June 15, 2022 A high-ranking exec from the Bank of England’s (BoE’s) financial services watchdog has said the government’s plans to overhaul Solvency II will boost the insurance sector competitivity. Charlotte Gerken, executive director of insurance at the BoE’s Prudential Regulation Authority (PRA), said the government’s plans for reforms of Solvency II will increase the UK insurance sector’s [...]
Specialist insurer PIC buys out House of Fraser pensions scheme for £600m June 14, 2022 Specialist insurer Pension Insurance Corporation (PIC) bought out the House of Fraser pensions scheme, in a deal worth £600m, following the department store chain’s collapse in 2018. The British insurer will take over control of the pension scheme, which was formed in 2013, for ex who worked at House of Fraser, and its two subsidiaries [...]
JP Morgan wins £1.4bn court battle against Nigeria June 14, 2022 A High Court judge today ruled in favour of JP Morgan, after dismissing Nigeria’s $1.7bn (£1.4bn) lawsuit against the bank, over claims it acted negligently by transferring $875m to an account linked to convicted money launderer and former Nigerian oil minister Dan Etete. The ruling comes after Nigeria first sued JP Morgan in 2017, over [...]
Sanjeev Gupta’s Liberty Steel strikes deal with largest creditor to hold off enforcement actions June 14, 2022 Sanjeev Gupta’s Liberty Steel Group has struck a deal with its largest creditor to give it more time to refinance its debts. The embattled steel manufacturer has agreed a “standstill agreement” with collapsed German financier Greensill Bank to pause all enforcement actions against Liberty, over debt facilities provided to the firm in 2019. The deal [...]
Supreme Court gives green light for asylum seeker to be deported tonight on first flight to Rwanda June 14, 2022 The Supreme Court just dismissed the first High Court application of the day from a person to not be removed to Rwanda on Tuesday evening’s flight. The man, an Iranian Kurd who had suffered PTSD in Turkey while travelling to the UK, had brought a claim asking not to be removed on the upcoming flight [...]
Atos chief exec leaves job after French IT firm sets out plans to split June 14, 2022 Atos chief executive Rodolphe Belmer today left his position as chief executive of the French IT consultancy, following a boardroom spat over plans to split Atos’ business into two separate, publicly-listed firms. The French exec, who only took on his new role January, is now set to be replaced by two new deputy CEOs, who [...]
Government’s ‘immoral’ Rwanda plan should ‘shame us as a nation,’ Archbishop says June 14, 2022 A group of high-ranking Bishops, including the Archbishop of Canterbury, have hit out at the government over its plans to send asylum seekers to Rwanda. In a letter to The Times, a group of 20 senior Church of England figures, including the Archbishop of Canterbury and the Archbishop of York, said the government’s “immoral” plans [...]
Essex fire extinguisher seller seeks to raise £3m on London’s AIM June 14, 2022 A British fire safety company, that first started selling its product on Amazon, is seeking to raise £3m by listing on London’s AIM. Essex-based fire safety firm Lifesafe Technologies is planning to float on London’s alternative market after it first began selling its “5-in-1” fire extinguisher on Amazon in August 2021. The company’s lightweight fire [...]
Let lawyers take holidays without having to work, Mayer Brown managing partner says June 13, 2022 Mayer Brown’s UK managing partner has told partners in the law firm not to disturb associates on their holidays – apart from in emergencies. In an internal memo seen by The Lawyer, Dominic Griffiths, the highest-ranking partner at Mayer Brown’s London office, told the law firm’s senior lawyers not to interrupt younger lawyers’ holidays, as [...]
Lloyds Bank to pay staff extra £1,000 each to deal with UK’s cost-of-living crisis June 13, 2022 Lloyds Bank is set to pay £1,000 bonuses to the vast majority of its UK staff to help them deal with the cost-of-living crisis. The UK’s biggest retail bank is set to give one-off, £1,000 bonuses to more than 64,000 of its rank-and-file staff, according to an internal memo seen by City A.M. The bank [...]