market conduct News

Lloyd’s of London Trade Body Examines Planned Conduct Overhaul

Lloyd’s of London members have set up a working party to examine the commercial insurance market’s plans to overhaul its conduct rules, a trade body said on Friday, following criticism of the strengthened powers in the new rules. Lloyd’s has …

FCA Says Ex-Barclays CEO Staley Misled it Over Epstein Contacts During Probe

Ex-Barclays CEO Jes Staley gave misleading answers to Britain’s Financial Conduct Authority about his dealings with Jeffrey Epstein when it was investigating his relationship with the disgraced financier, the FCA’s lawyers alleged on Monday. The FCA said in October 2023 …

Police Summon Aviva India CEO in Discrimination Case, Company Denies Allegations

Indian police have summoned Asit Rath, the chief executive of British insurer Aviva in the country, as part of an inquiry into a former employee’s accusations of religious discrimination at work, documents seen by Reuters showed. The investigation, in the …

Harassment Claims Soar at City Firms in Wake of Odey Scandal

City firms reported a 72% surge in non-financial misconduct complaints over the last three years following a string of high-profile scandals including sexual harassment allegations leveled at hedge fund chief Crispin Odey. In the biggest review of discrimination and bullying …

Lloyd’s of London Plans to Overhaul ‘Unclear’ Rules on Dealing With Poor Conduct

Lloyd’s of London said on Thursday it plans to overhaul its rules on dealing with poor conduct in the commercial insurance market as its current processes for dealing with bad behavior could be “unclear.” The Lloyd’s of London market, which …

Aviva Says India Unit ‘Engaging’ With Authorities Over Tax Investigation

British insurer Aviva said on Saturday its India unit is “actively engaging” with local authorities in connection with alleged tax evasion practices. Reuters reported on Friday that an Indian tax agency has found that Aviva India breached local regulations capping …

UK’s Aviva Conspired to Dodge India Compensation and Tax Rules, Agency Says

An Indian tax agency has found that British insurer Aviva breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments, according to a notice seen by Reuters. In an attempt to grow …

Banks, Insurers Ordered to Report Sexism and Bullying Cases in Britain

Britain’s markets watchdog has ordered more than 1,000 banks, insurers and brokerages to report how many sexual harassment, discrimination and other non-financial misconduct cases they have recorded since 2021 and how they have dealt with them. The Financial Conduct Authority …

UK Watchdog Proposes Toughening Safeguards Against Illegal Marketing on Social Media

Britain’s financial watchdog on Monday proposed toughening up safeguards against the illegal marketing of financial products on social media by applying a stringent “consumer duty” that is being rolled out to banks, funds and insurers on July 31. The Financial …

EU Sets Out Plans to Cut Price of Financial Products Offered by Banks, Insurers

The European Union set out plans on Wednesday to cut how much retail investors pay banks and insurers for financial products to encourage investment and make its capital market deeper and more efficient. The retail investment package toughens up existing …