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It used to be that the solicitors branch of the legal profession in England and Wales was compelled to purchase its professional indemnity insurance (PII) from a single, approved, insurer and the cost was very high. Rightly, the profession voted to widen the scheme to permit approved PII to be purchased from third party insurers on a competitive level. But things have not gone according to plan and the latest crisis threatens the future of several firms.

CoNet Section: 

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When Temple-Inland, a packaging and building products company in the USA spun off its Guaranty Bank subsidiary in 2009, the bank was "looted" and left in a parlous state, say the liquidators who have issued proceedings against Temple-Inland and several of its related companies, former officers and some executives who were still in post at the time the bank collapsed.

BIScom Subsection: 

Hong Kong's Securities and Futures Commission has severely reprimanded Selina & Co Limited and reprimanded a director who, despite having responsibility for compliance matters, paid only nominal attention to those duties. It's the case that created new resolve at the SFC that compliance failures would no longer be dealt with by reprimand only.

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