Brexit should have minimal impact on insurance buyers says Airmic

Brexit should have minimal impact on insurance buyers says Airmic

Brexit should have minimal impact on insurance buyers says Airmic

As the UK triggers the process of leaving the EU, its insurance and risk management association Airmic has said there should be only a minimal impact on insurance buyers. The UK fired the starting gun on the Brexit process this week, triggering Article 50 of the Lisbon Treaty by notifying the EU of its intent to leave. While not catastrophic,…

Tesco to take £235m hit for accounting scandal

Tesco to take £235m hit for accounting scandal

Tesco to take £235m hit for accounting scandal

Tesco has reached an agreement in principle with UK authorities that would see the retailer pay a £129m fine and take a total £235m hit for false accounting. Tesco PLC announced today that its subsidiary, Tesco Stores Ltd, has agreed a Deferred Prosecution Agreement (DPA) with the Serious Fraud Office (SFO) over dubious accounting practices between February 2014 and September…

Ogden rate change could triple personal injury claims: Marsh

Ogden rate change could triple personal injury claims: Marsh

Ogden rate change could triple personal injury claims: Marsh

Companies that face increased costs following the new discount rate for personal injury claims introduced by the UK government last week must take steps to quantify and mitigate their risks with claims potentially set to triple, according to a new client guide from Marsh. The new Ogden rate of 0.75%, down from 2.5%, is likely to raise lump-sum compensation for…

Charter launched to eradicate modern slavery in construction supply chains

Charter launched to eradicate modern slavery in construction supply chains

Charter launched to eradicate modern slavery in construction supply chains

A Construction Coalition Charter has been launched in the UK that aims to eradicate modern slavery in construction supply chains. The Charter has been established by Building Research Establishment (BRE), the British Standards Institution (BSI) Supply Chain Services and Solutions and strategic communications partner Sustain Worldwide. The coalition of leading construction sector institutions and associations aims to raise awareness on…

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

Half of firms worry that anti-corruption resource is inadequate, finds survey

Half of firms worry that anti-corruption resource is inadequate, finds survey

Half of firms worry that anti-corruption resource is inadequate, finds survey

Over a third of risk and compliance professionals expect their organisation’s bribery and corruption risks to increase in 2017 with around half concerned that they do not have enough resource to support anti-corruption efforts, according to a recent survey by the Etisphere Institute and Kroll. The poll of 388 senior-level executives working in ethics, compliance or anti-corruption worldwide, also found…

US court hears VW emissions guilty plea

US court hears VW emissions guilty plea

US court hears VW emissions guilty plea

Car manufacturer Volkswagen (VW) has pleaded guilty to charges of fraud, obstruction of justice and falsifying statements to fix emissions tests on its vehicles. The guilty plea, delivered by general counsel Manfred Doess on behalf of VW’s board of directors before the US District Court in Detroit, follows VW’s $4.3bn settlement with the US Justice Department in January for the…

Human rights risks mount with supply chain due diligence not fit for purpose: Maplecroft

Human rights risks mount with supply chain due diligence not fit for purpose: Maplecroft

Human rights risks mount with supply chain due diligence not fit for purpose: Maplecroft

Human rights risks are surfacing closer to home for western companies at the very time that legislation to clamp down on abuses strengthens and increases scrutiny on business practices, warns a new report from Verisk Maplecroft. The report also says that supply chain due diligence to track and prevent human right violations is not fit for purpose. Verisk Maplecroft’s Human…

D&O exposures increasing in Europe

D&O exposures increasing in Europe

D&O exposures increasing in Europe

The trend towards increased exposures for directors and officers in Europe is continuing, with corporates seeing large regulatory fines and further shareholder actions in recent months. In January, Rolls-Royce agreed a record £671m settlement with UK regulators over bribery and corruption allegations. Shortly after, telecoms group BT saw its shares plunge when it revealed the extent of accounting irregularities at…

French and Spanish firms face new D&O risks

French and Spanish firms face new D&O risks

French and Spanish firms face new D&O risks

While D&O exposures are particularly acute in the UK and Germany, they are also up in Spain and France, according to XL Catlin. A trend towards greater accountability, increased shareholder activism and regulatory investigations are likely to increase D&O liability in both countries over time, according to one of the insurer’s underwriters. For example, reform of the Spanish Companies Act…

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