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Lloyd's hearings resume Lloyd's of London returns to court today in its attempts to recover funds from non-paying names. Lloyd's hopes to secure Order 14 judgments in three test cases, setting a benchmark for future debt recoveries.
The hearing opened in December. Arguments on behalf of names in Canada will be heard on Monday. Judgment is expected towards the end of the month. A separate case alleging fraud in the insurance market is due to open in he High Court this month.
Some names will receive two cheques, making it difficult to tell how many people have received payment so far. Lloyd's has been criticised for delays in distributing funds to names. Lioncoverthe company set up to handle claims from the PCW scandal of the Eighties, has still not been transferred into the rescue vehicle, Equitas.
Lloyd's chairman Sir David Rowland has overcome worse problems in his time. But the situation is symptomatic. Legal battles continue in the US, where Names investors are making progress in their claim to sue in US courts instead of in Britain.
There is continuing uncertainty over the exact size of final settlement payments due from names. Hugh crackdown on Lloyd's cheats The biggest crackdown on fraud, malpractice and incompetence in a City institution is under way at the Lloyd's insurance market.
David Gittingsdirector of Lloyd's regulatory division, is leading 63 investigations into many of Lloyd's Insurance brokers and underwriting agents, who look after the affairs of investors, known as Names. Information collected during six inquiries has been passed to police around the country for possible action against the firms and individuals involved.
More than a dozen underwriting agents face expulsion from the market because they failed to observe best business practice when managing investors' affairs. Some firms may be forced to close or merge because they do not satisfy Lloyd's requirements, while others may have their licences at Lloyd withdrawn.
A new regulatory plan for Lloyd's is due to be unveiled tomorrow. It will stress the commitment of the market's regulators to stamp out abuses.
Gittings is a former director of surveillance at the Securities and Futures Authority, the main regulatory body for share dealing and future trading. He took on the role at Lloyd's just over a year ago and has initiated 27 investigations.
When he arrived 36 were already in progress and have yet to be completed. Lloyd's plans to implement tougher regulatory regime Lloyd's of London has unveiled a tough new regulatory regime which will lead to speedier investigations and threatens tighter scrutiny of Lloyd's brokers.
New rules to protect names and corporate members are planned under the offensive, which will see a market expansion of disciplinary and enforcement teams. The drive is underpinned by the appointment of a new head of regulatory proceedings, Noel Lawson, who was director of supervision at the London Commodity Exchange.
Regulation of Lloyd's is due to be reviewed by the Government after the general election, possibly as part of a wider review of city regulation. Lloyd's is anxious to bring regulation in line with City watchdogs and has commissioned a top-level group, led by Sir Alan Hardcastle, chairman of the Lloyd's Regulatory Board, to review existing arrangements.
We must ensure that Lloyd's keeps abreast of developments in regulation elsewhere in the City. Goals for include faster conduct of investigations, stricter surveillance of the Lloyd's capacity auction process and the introduction of new rules for the further protection of capital providers.
Monitoring of individual transactions will be introduced. Up to 6, individual Lloyd's brokers could be obliged to seek registration. A consultative document will look at the need for trust accounts for client money and will consider whether conduct of business rules are desirable on matters such as best execution.
Equitasthe company that has taken on the and prior liabilities of Lloyd's, is moving to new headquarters close to the Lloyd's building. Unionamericaa US-owned insurance group, has acquired a controlling stake in Jago Capital, the dedicated Lloyd's corporate capital vehicle.
Lloyd's to push for outside regulation Lloyd's of London is likely to recommend external supervision of its regulation when the recently-appointed review committee reports in the summer.
Sir Alan Hardcastle, chairman of the Lloyd's regulatory board, said he would not be surprised if the committee suggested the ruling council of Lloyd's be answerable to the Treasury and the Securities and Investments Board.
Sir Alan said the government is likely to have a similar view. The regulatory report for last year, published yesterday, said:Sundays, January 3, 10, 17, Bermuda's Royal Gazette newspaper is not published on Sundays.
January Charities have been urged to consider the short-term pain of consolidation or mergers as they battle for survival in Bermuda’s harsh economy.
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Information about our job search online at REED Global, an employment recruitment agency for job seekers. As a follow-up to Tuesday’s post about the majority-minority public schools in Oslo, the following brief account reports the latest statistics on the cultural enrichment of schools in Austria.
Vienna is the most fully enriched location, and seems to be in roughly the same situation as Oslo. Many thanks to Hermes for the translation from feelthefish.com Search for jobs in Healthcare. Browse jobs by location or title, find the right job for you and apply online.