Related insights: Finance: Banking, Restructuring, Insolvency


WBD advise on part VII transfer of Arch Insurance EEA business

04 Jan 2021
WBD has advised on the Part VII transfer to Arch Insurance (EU) dac of insurance business carried on by Arch Insurance (UK) Limited (excluding inwards reinsurance business) within the European Economic Area. This took effect on 31 December 2020, following the receipt of sanction from the High Court on 18 December 2020.

2020: the year of COVID and Brexit - what has it meant for financial crime prevention?

22 Dec 2020
The end of 2020 is finally within sight, and what a strange year it has been. In terms of financial crime prevention, 2020 has been a mixture of continuing to deal with known issues and progressing improvements, but against the backdrop of Brexit and a pandemic. In this year's review for Financial Regulation International, Emma Radmore of Womble Bond Dickinson looks back on the key legal and regulatory priorities for the UK authorities and the year's relevant enforcement actions. As usual, we then look at initiatives that will be progressing over 2021.

European Central Bank issues bad loan warning

07 Dec 2020
The European Central Bank (ECB) published a Dear CEO letter on Friday 4 December warning the region's biggest lenders that many of them are failing to do enough to prepare for the anticipated hike in bad loans as an outcome of the COVID-19 pandemic.

Navigating financial regulation in 2021

24 Nov 2020
Finally, the transition period will end on 31 December 2020, and, at the time of writing, negotiations between the UK and EU give no indication that they will be anything other than standard "third countries" to each other from 2021 – albeit third countries with very similar legislation.

GMP equalisation – transfers out

24 Nov 2020
Judgment in the supplementary Lloyds Bank case was handed down on 20 November 2020, providing some clarification as to the actions which must be taken by trustees of defined benefit pension schemes to address unequal guaranteed minimum pensions (GMP) where that GMP was transferred between occupational pension schemes.

Negative interest rates – pay day for borrowers?

13 Oct 2020
The Bank of England has written to UK banks to ask if they would be ready if interest rates were cut to zero or turned negative. Back in March, the Bank of England reduced its Base Rate to 0.1%, its lowest ever level, in order to help reduce borrowing costs as COVID-19 tightened its grip on the UK economy. In May, the Governor of the Bank of England paved the way for negative interest rates and lenders began contingency planning for this. But does that mean borrowers will soon receive interest on what they've borrowed? The answer might not be what you'd expect…

Restrictions on winding up petitions extended – but personal liability for wrongful trading set to return

24 Sep 2020
While announcements have been made, and measures extended, to help corporate Britain, directors faced with the difficult decision of whether to trade on through the crisis could suddenly very exposed once again. As previously discussed, the Corporate Insolvency and Governance Act 2020 (CIGA), introduced a number of temporary measures to seek to avoid an avalanche of insolvencies during the coronavirus crisis.