Risk & Regulatory Senior Associate (Financial Services)
4 weeks ago
Financial Institutions/Directors & Officers (FI/D&O)
Role : Senior Associate or Associate, Permanent
Our market-leading Financial Institutions ("FI") and Directors and Officers ("D&O) insurance team advises insurers and reinsurers on some of the largest losses of this type in the insurance market.
We act on insurance claims of all sizes arising from activities all over the world, and are experienced in handling complex coverage litigation, arbitration and mediation, monitoring claims for insurers globally, providing strategic input and controlling leakage on large programmes.
We often draft FI and D&O policy wordings, and provide practical advice on risk management and corporate governance issues.
By way of example, we act for insurers and reinsurers on disputes concerning complex investment products, hedging transactions and portfolio management, multimillion pound/dollar mis-selling claims and class actions, regulatory investigations and prosecutions. The matters we deal with are not confined to third party / PI losses, but also encompass first party / crime and fidelity losses. Our team also advises on claims made under Warranty and Indemnity ("W&I") and other transactional insurance policies (which is a growing area), as well as under pension trustee liability ("PTL") insurance policies. We have experience acting in relation to claims emanating from all forms of financial services firms, for example, institutional and retail banks, building societies, insurance companies, pension funds, investment funds and investment managers, financial advisers, pension trustees, hedge funds, private equity firms and stock exchanges.
We also advise on a wide range of coverage issues in relation to D&O claims and exposures not just in the financial services context but against D&Os of all commercial enterprises (and sometimes also charities and not-for-profits).
In addition, we have 4 legal directors and 18 senior associates/associates and junior associates. As many of our cases involve international elements, language skills are always valued in our team. For example, we have in recent years developed particular work streams which have demanded German, Spanish and Portuguese language skills. We have a significant number of lawyers in our international offices undertaking FI and D&O insurance claims work and, so, we have a high degree of interaction with our foreign colleagues both in terms of claims and business development and marketing work. Indeed, given the international nature of many financial services firms, our global reach makes us an attractive proposition for insurers this type of instruction. Where Clydes does not have an on the ground presence in a particular jurisdiction, we work with local counsel to advise our clients. Each year, the team hosts a full day conference for the London FI and D&O insurance market which involves speakers from around our international network of offices together with market representatives. This event is now seen as one of (if not the) leading event for the FI and D&O market.
While the work of the team is predominantly focused on FI and D&O insurance coverage advice, monitoring and disputes, we do also undertake defence work (often insurance backed, but not always) in respect of UK financial service firms and also directors and officers. Representing an IFA in respect of an FCA section 166 skilled persons review and subsequent large-scale past business review, customer contact and remediation project relating to unsuitable pension transfer advice;
Representing a SIPP trustee company in respect of a string of complaints before the Financial Ombudsman Service and the Pension Ombudsman Service regarding alleged failure to conduct due diligence on unauthorised introducers and underlying investments;
Representing a company and its directors in respect of a claim by shareholders brought under s90 of the Financial Services and Markets Act 2000.
representing a director in respect of a derivative claim brought under s261 of the Companies Act 2006 by a company against its former CEO;
Representing a director in respect of insolvency enquiries which are expected to lead to claims against the director under the Insolvency Act 1986.
In addition to defence work, we regularly advise insurers and reinsurers for whom we act in coverage disputes on underlying liability issues. We are particularly looking to add to our team at the Senior Associate or Associate level. The successful candidate will, therefore, have a minimum of 4+years PQE and will display excellent legal ability and initiative, strong coverage technical skills as well as confidence in managing and prioritising a full and varied caseload. In addition, they will have excellent academics and a willingness to learn and develop their knowledge.
Complex drafting and analysis
Review and amendment of junior staff documents
Provides commercial solutions for consideration
Initiates BD ideas
Understands client and commercial issues
Able to conduct commercial negotiations
Strong communicator (in writing and orally)
Meets or exceeds financial targets
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