Insurance risk and commercial law firm, BLM has launched a new D&O Tracker which reveals that UK SMEs are increasingly in the firing line for large fines from regulatory bodies, findings that underline the increasingly important role of Directors & Officers insurance.
The D&O Tracker, which is free for insurers, brokers and corporates to access, captures fines from four major UK regulators, including the Serious Fraud Office, Financial Conduct Authority and the Information Commissioner’s Office. It also records compensation and legal costs orders, as well as the term of any custodial sentences against directors.
The data shows that UK SMEs received over £100m in fines from UK regulatory bodies over the last four years.
D&O policies provide liability cover for company managers of all levels, which protects them from claims, reputational damage and legal costs following decisions and actions taken within the scope of their duties.
Businessman Simon Dolan is today launching a new campaign which is calling on the Government to scrap the payback of emergency Covid-19 loans taken out by crisis-hit SMEs.
Simon, who throughout 2020 sought two Judicial Reviews of the Government’s lockdown measures, is now focusing his efforts on supporting UK businesses by securing them a road to recovery out of the crisis.
This comes after the FSB (Federation of Small Businesses) warned at least 250,000 companies with fewer than 50 staff will fold on account of falling sales and rising debt. This would be in addition to the estimated 230,000 SMEs which have already ceased trading on account of the pandemic.
To date, the Government has given out £68.2 billion in loans to over 1.5 million SMEs. Writing these off would cost less than half of what is cost to bail out the banks after the 2008 crisis.
Rachel Schallom has been promoted to digital editor at Fortune.
Schallom, who has been Fortune’s deputy digital editor since September 2019, will start her new role on Feb. 19. She replaces Andrew Nusca, who is leaving to be executive editor of Morning Brew.
In an internal memo to staff, editor in chief Clifton Leaf wrote, “As everyone at Fortune knows, Rachel has been an outstanding deputy for the past 17 months, working closely with Andrew Nusca to shepherd the site through an endlessly busy news cycle and one of the most challenging periods for the world in memory. Through it all, Rachel has led fearlessly, tirelessly, humanely, and wisely—helping our readers make sense of the confusion around us.”
During her tenure as Deputy Digital Editor, Schallom has implemented a paywall strategy; overseen the 40 Under 40 franchise; pitched and launched the “How To Reopen” series looking