EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

The EC’s proposed pan-European collective redress system put forward last week is much tougher on business than observers feared and would have huge implications for companies in terms of liability, insurance and risk management, a source in Brussels close to risk and insurance managers told Commercial Risk Europe. With key safeguards previously put forward by the EC to stop abuse…

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

A growing focus on privacy and tougher EU data protection laws could drive future claims against directors and officers, experts warn. The recent alleged misuse of personal data belonging to Facebook users has shone the spotlight on privacy liability just as the EU implements its General Data Protection Regulation (GDPR) on 25 May. The GDPR introduces new rights for consumers…

Ferma calls for balance in EC’s collective redress plans

Ferma calls for balance in EC’s collective redress plans

Ferma calls for balance in EC’s collective redress plans

Ferma is considering the implications of the EC’s plans to introduce collective redress across the EU and higher penalties for companies that breach consumer law, before making its next move. But the federation has already reiterated its stance against punitive damages and reconfirmed its belief that out-of-court settlements are preferable for business and consumers, while reminding the commission of the…

Lafarge HR director charged over Syria plant scandal

Lafarge HR director charged over Syria plant scandal

Lafarge HR director charged over Syria plant scandal

The former HR director of French cement and construction firm Lafarge has been charged over the company’s continuing presence in Syria after other international companies left the country during its civil war. According to a report by AFP, Sonia Artinian, Lafarge’s HR director between 2013 and 2016, was charged with endangering the lives of others, but not with the higher…

Rising boardroom concern over cyber and regulatory risk but supply chain overlooked

Rising boardroom concern over cyber and regulatory risk but supply chain overlooked

Rising boardroom concern over cyber and regulatory risk but supply chain overlooked

Cyber and regulatory risks have climbed the boardroom agenda at UK multinationals, but corporate and supply chain risks are still failing to register at firms across Europe, according to a new survey by CNA Hardy. The poll also reveals that although there is growing confidence among UK firms about their prospects, those in continental Europe are far more upbeat. CNA…

European business and insurers concerned EC’s collective redress proposals open to abuse

European business and insurers concerned EC’s collective redress proposals open to abuse

European business and insurers concerned EC’s collective redress proposals open to abuse

European business and insurance industry associations have come out against the EC’s proposals to introduce collective redress across the EU, because they believe they do not safeguard against abuse and could add unfair costs to their members. Both Insurance Europe, the insurance industry body, and BusinessEurope, which represents European business associations, are concerned that the system put forward by the…

EC set to grant consumers collective redress across EU and ramp up fines on rulebreakers

EC set to grant consumers collective redress across EU and ramp up fines on rulebreakers

EC set to grant consumers collective redress across EU and ramp up fines on rulebreakers

The EC has announced major plans to introduce collective redress rights for consumers across the EU and higher penalties of up to 4% of annual turnover for companies that breach consumer law. In its New Deal for Consumers, the EC also intends to extend consumers’ online protection and ensure dual quality practices – whereby products marketed as the same are…

Brexit, culture and cyber top agenda for UK financial services regulator

Brexit, culture and cyber top agenda for UK financial services regulator

Brexit, culture and cyber top agenda for UK financial services regulator

The UK’s financial services regulator, the Financial Conduct Authority (FCA), has put Brexit planning at the top of its agenda for the coming year. The roll out to a further 50,000 firms of its Senior Managers Regime, familiar to banks and designed to increase the accountability of senior people in the financial services industry, is another priority, as is addressing…

How to deal with growing third-party risk under GDPR

How to deal with growing third-party risk under GDPR

How to deal with growing third-party risk under GDPR

IT security firm RSA held its ‘Shifting Sands – Adopting an Agile, Business-Driven Approach to Risk’ event in London last month, during which one panel focused on how to deal with growing third-party risk under the EU’s General Data Protection Regulation (GDPR) that comes into force this May. Expert panellists explained some of the key areas to watch – including…

EC moves to reduce workers’ exposure to cancer risks

EC moves to reduce workers’ exposure to cancer risks

EC moves to reduce workers’ exposure to cancer risks

The European Commission has taken steps to limit workers’ exposure to five more chemicals that cause cancer, through an amendment to its Carcinogens and Mutagens Directive (CMD). It has proposed new exposure limits for the substances, in a move the EC said will improve working conditions for more than one million EU workers and prevent in excess of 22,000 cases…

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