Insurable Interest Canadian Insurance Blog

The reduced penalty reflects BNY’s self-reporting, the CFTC said. Last year, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. also settled cases with the CFTC over swaps reporting. “Accurate reporting is a core pillar of the regulatory regime for swaps, and every individual data field matters,” Ian McGinley, the director of the CFTC’s division of enforcement, said in a statement. “It is essential that swap dealers get this right.” Credit: Jeenah Moon/Bloomberg Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

What You Need to Know The advisor alleges that company policies degraded his ability to serve clients. One provision bars him from contacting past, present and potential clients for two years post-employment. Felix Kwan also alleges that the firm breached his employment agreement. A recently resigned Edelman Financial Engines advisor has filed suit against the firm and related entities, challenging the non-solicitation provisions in his employee contract as unenforceable. The lawsuit, filed earlier in August in California Superior Court for Contra Costa County, also touches on shifts in custodial arrangements following Charles Schwab’s TD Ameritrade acquisition. Felix Kwan started working at Edelman as an associate director, financial planning, in April 2012, and entered into an employment agreement with a non-solicitation provision, according to the complaint, which seeks a jury trial. Barred from Soliciting Clients The provision, among other points, purportedly prohibits Kwan from initiating contact with past, current or potential clients to induce them to leave the firm for two years following the end of his employment, and from accepting business from clients during that period, the suit says. The employment contract’s non-solicitation provision is not enforceable under California laws banning non-compete and non-solicitation provisions, Kwan asserts.  “It is well...

Jonathan Bloomer, chairman of Morgan Stanley International and onetime chief executive of Prudential Plc, was confirmed as among the fatalities in the Aug. 19 sinking of a luxury yacht off Italy. He was 70. His wife, Judy, was also among those killed. They had been guests on the superyacht Bayesian to mark the acquittal of British tech tycoon Mike Lynch at a trial in which Bloomer had been a defense witness. Lynch also died in the sinking, according to people with direct knowledge of the matter who asked not to be identified. “Our parents were incredible people and an inspiration to many, but first and foremost they were focused on and loved their family and spending time with their new grandchildren,” the Bloomers’ children said in a statement. “Together for five decades, our only comfort is that they are still together now. This is an unimaginable grief to shoulder. Our only ask is that our family’s privacy is respected at this time,” they added. A total of six people likely were trapped and died inside the Bayesian when it was hit by a tornado near Porticello, Sicily, according to authorities. In June, a jury in San Francisco acquitted Lynch of criminal charges...

What You Need to Know In a Schroders survey, 43% of respondents said they planned to claim benefits before age 67. Non-retiree respondents, on average, forecast that they would need $4,947 a month to live comfortably. Thirty-eight percent of employer plan participants said their plan provides a retirement income solution. Half of non-retired Americans said they are concerned or very concerned about outliving their assets in retirement, Schroders reported in a new survey this week. At the same time, 43% of respondents said they plan to take Social Security before they turn 67, the full retirement age for those born in 1960 or later. Twenty-three percent said they would start their benefits at 65, and 12% said they would do so at 62. Only 8% said they would wait to claim until age 70, when they will reach their maximum monthly benefit. The decision to sacrifice Social Security income is not an oversight for most Americans, Schroders noted, as 74% of non-retired investors are aware that waiting longer earns higher payments. Rather, they are doing so for these reasons: Will need the money: 39% Concerned that Social Security may run out of money or stop making payments: 38% Want access to the money...