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The global challenge to transition to a carbon neutral economy increasingly dictates that climate conservation becomes an integral part of decision making in the private and public sector. The Climate Change Act (2050 Target Amendment) Order 2019 has legislated the UK target to reduce greenhouse gas emissions by 100% by 2050.
A summary of recent global regulatory developments, including what to expect from the forthcoming white paper for the reform of UK corporate governance and audit oversight, the Climate Biennial Exploratory Scenario (CBES) stress test to be launched in June 2021 and the Danish corporate governance recommendations introduced on 1 January 2021.
The government is set to publish a white paper with proposals for the reform of UK corporate governance and audit oversight. Accountancy firms are already splitting out their audit and consultancy arms and a new regulator, the Audit Reporting and Governance Authority, will replace the Financial Reporting Council.
Hurricanes, severe flooding and destructive wildfire events have been steadily increasing both in terms of frequency and ferocity. It is generally accepted that the cause of this acceleration is global warming. Changes are being made around the world to move to a carbon-neutral or carbon-zero environment.
Case review 02/10/2020
Sevilleja v Marex Finance [15.07.20]: on 15 July 2020, the Supreme Court handed down its long awaited judgment on the principle of ‘reflective loss’.
We consider the latest significant court decisions impacting claims arising from professional liability and financial lines policies and products.
Since our last article on climate change considerations, perception has moved to a recognition that climate risks affect all sectors, including financial institutions.
In this briefing, we consider the latest significant court decisions impacting claims arising from professional liability and financial lines policies and products. Issues covered include: trustee and fiduciary duties, the applications of CPR Parts 36 and 25, confirmation by the Court of Appeal that no credit is to be awarded to allegedly dishonest parties and further clarification on the jurisdiction of US securities claims.
The legalisation of cannabis in certain parts of the world presents both big challenges and big opportunities for insurers.
Insights from the Bank of England’s and Financial Conduct Authority’s joint report on machine learning
Machine learning is a sub-category of artificial intelligence whereby computer programmes develop predictive models or recognise patterns from data, with limited or no human intervention. In October 2019 the Bank of England and Financial Conduct Authority produced a report which outlines the findings from a joint survey they conducted earlier this year, the aim of which was to better understand the current use of ML in UK financial services.