All risks covered
The team “fight every inch of the way for their clients”
“very commercial”… “brilliant negotiators with first-class intellect.”… “significant experience in financial professional negligence matters”… “very thorough and absolutely superb in mediation”
The Financial Risks team covers the whole range of financial risks claims made under a variety of policies, from professional indemnity, directors and officers (D&O) and trustee liability to cyber and crime.
Our very experienced Financial Risks team act in relation to claims against:
- Independent financial advisers
- Mortgage and insurance brokers
- Banks and building societies
- Investment product providers, fund managers and stockbrokers
- Occupational pension scheme trustees, administrators and actuaries, SIPP, SSAS and QROPS providers
The team frequently advises Lloyd’s syndicates and composite insurers on complex policy issues, generated in relation to the notification of financial lines claims both in relation to policies underwritten by a single insurer and where there is a subscription market, concerning risks in the UK and overseas.
Whilst routinely involved on financial services claims and court proceedings, the team is recognised as having vast experience in handling claims referred to the Financial Ombudsman Service (FOS) and its predecessors. In addition, we are experienced in dealing with:
- Claims referred to the Pensions Ombudsman
- FSA investigations and enforcement proceedings
- Section 166 skilled person appointments and past business reviews
- Overseeing recovery claims referred to the Financial Services Compensation Scheme
We handle a range of claims concerning Lloyd’s and non-Lloyd’s brokers, national broker firms and claims concerning both producing and placing brokers.
Our specialist team acts for private banks and building societies, investment product providers and fund managers where fiduciary issues can arise, such as employee defalcations and fraud.
In acting for scheme trustees and/or administrators and/or actuaries the team is heavily involved in both Part 7 and Part 8 claims concerning occupational pension scheme rules and amendments, valuation issues, scheme funding, and surpluses etc.
Having been involved in a number of high profile claims the team is also used to working alongside clients’ PR representatives assisting in addressing concerns over reputational issues, including reviewing and approving statements and announcements to the financial press.
Directors & Officers
The obligations of directors and officers (D&O) are numerous, both at common law and also under statutes such as the Companies Acts, the Health and Safety at Work Act 1974, the Defamation Act 2013, The Equality Act 2010 and various statutes governing employment rights and obligations.
A director or officer can often be held personally liable and a director’s personal assets and those of their spouses may be at risk.
Claims can be brought from a number of sources including: shareholders, employees, investors, customers, suppliers, regulatory organisations, creditors and competitors.
The team has extensive experience of successfully acting for D&O and trustee indemnity insurers and their insureds.
Ranging from the corporate to the not-for-profit sector, PLCs to unincorporated associations, the team covers UK and foreign jurisdictions. Services provided include:
- Advising insurers on coverage issues
- Monitoring and communicating with defence lawyers in connection with disputes in the UK and overseas
- Advising and defending directors, officers and trustees in claims brought against them by third parties
- Advising directors, officers and trustees in relation to regulatory investigations and any subsequent proceedings that may arise
Cyber and crime
Whether for individuals or businesses, the wide-spread use (and ever developing nature) of technology means that there is an increasing risk of cyber threats and exposures to data breaches.
Our Crime and Cyber Risks group was created to service the evolving needs of insurers and insureds in these fast developing markets. Effective PR and reputational management is a critical part of the work we do for our clients.
While we appreciate that cyber specific policies are at the cutting edge of new products being offered by insurers, more traditional policies can (and often do) cover damage caused to policyholders and third parties by cyber risks and data breaches (and it is often necessary to consider the interaction between such policies and cyber specific policies). Many liability insurance policies (including professional indemnity policies) will respond to claims arising out of breaches of data protection and privacy.
Professional Indemnity & Financial Risks