Car insurance costs soar at record rates with London worst affected October 25, 2023 The average cost of car insurance skyrocketed 61 per cent in the year to August, as inflation jacks up the price of repairs.
UK law firms see billable hours fall as sector struggles with inflation October 16, 2023 The UK’s biggest law firms are concerned by a fall in billable hours this year as they struggle to cover cost pressures from inflation through pricing, according to a survey obtained by the Financial Times. PwC’s annual law firm survey, which City PM understands will be published on Tuesday, reportedly notes a slowdown in mergers [...]
Insurers to face Bank of England’s ‘dynamic’ stress tests from 2025 October 3, 2023 Insurance firms will be subject to "dynamic" stress tests from 2025 as the regulator seeks to ensure the sector remains financially secure in the face of major regulatory changes.
FCA dismissed whistleblower’s ‘extreme retaliation’ claims with legal mistake October 3, 2023 The City watchdog dismissed the complaints of a whistleblower and allegedly left them open to a barrage of retaliation from their former employer because officials wrongly interpreted the law, City PM has learned.
Taxman doubles amount of unpaid tax recovered from UK football clubs October 2, 2023 HMRC more than doubled the amount of unpaid tax that it recovered from UK football clubs in the past year as part of a crackdown on the sport.
Solvency II: When will the post-Brexit investment bonanza arrive? September 29, 2023 When Rishi Sunak pointed to a once obscure piece of prudential regulation during a leadership debate last year, it felt to many in the City like a watershed moment.
Bank of England lays out another round of changes to Solvency II to free up capital September 28, 2023 The Prudential Regulation Authority (PRA) has set out another round of reforms to the Solvency II regime in an attempt to unlock a wave of investment in the UK economy. The UK government set out its plans for a post-Brexit overhaul of the EU’s Solvency II rules in November last year, with a view to [...]
Culture clash: Why banks need to rid themselves of culture-by-consultancy September 26, 2023 Retail and investment banks are under scrutiny like never before - and culture is on the frontline, argues City lawyer Barnabas Reynolds
Arrested woman re-bailed until next year after Wimbledon school crash September 23, 2023 A woman arrested after a Land Rover crashed into a prep school in south-west London, killing two eight-year-old girls, has been re-bailed until January. Nuria Sajjad and Selena Lau died after a car crashed through a fence and collided with a building at The Study Prep school in Camp Road, Wimbledon, on the morning of [...]
FCA warns insurance firms to make sure they are offering fair value September 20, 2023 The City regulator has given firms producing a type of add-on insurance to motor cover an ultimatum to demonstrate they are providing fair value.
