Economics and Finance columnist, author, professor, floatplane flyer, grape grower and vintner, F1 fan, technology enthusiast, economic sustainability advocate
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Articles by Colin Read
PRA and FCA consult on proposed UK insurance captive regime
Colin Read, financial services regulatory expert at Pinsent Masons, was commenting after the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published parallel consultation papers on a new, bespoke regulatory framework for captive insurance in the UK. Captive insurance is a method of self-(re)insurance and risk management that gives businesses greater control over insurance programme costs and managing inherent risks.
Financial regulation & products
In an era of global regulatory change, our expert team offers peace of mind. From engaging with new regulation to interpreting and responding to change, we help our clients successfully navigate shifting sands. Out-Law / Your daily need to know Our latest work Our advisers act on domestic and international matters of all shapes and sizes, working with many of the leading names in the market.
Why insurance arrangements are pivotal to Ukraine’s rebuild
The insurance industry has said it stands ready to provide traditional cover for rebuilding Ukraine’s infrastructure and wider built environment when the market begins to stabilise but restoring the private market for specialist war risk insurance, which has collapsed since Russia’s invasion in 2022, is essential to provide businesses with confidence to invest in delivering projects in Ukraine.
Law firms must ensure proper client consent following SRA mass claims warning
The SRA issued a warning notice earlier this month in relation to the professional conduct of claimant law firms working on mass claims against financial services organisations. It comes amid SRA concerns that the sector could face a new surge in complaints in light of reports of mis-sold inflated interest rates on car finance. The warning reminds firms of the need to uphold professional obligations while ensuring proper approaches to mass claims.
Setting up a collective redress scheme in the UK
Schemes can be set up for lots of different purposes: as a regulator-led initiative or entirely voluntarily on the part of the business or organisation. There are various reasons for this, such as to rectify reputational damage, discourage extended and expensive group litigation or to minimise regulatory sanctions or the risk of prosecution. At their core, however, their ambition is to do the right thing.
Another Voice: Digihost, like most crypto-mining operations, offers pollution and little else
Facebook Twitter WhatsApp SMS Email Print Save North Tonawandans unlucky enough to live near the Digihost/Fortistar fracked gas power plant-turned Bitcoin mine are experiencing a story that’s being told across the country. The company claimed it would bring new jobs, but it has created perhaps a few new security jobs. What communities with new cryptomines actually receive is increased air and water pollution, 24/7 headache-inducing noise and, in many cases, higher energy bills.
Another Voice: Digihost, like most crypto-mining operations, offers pollution and little else
North Tonawandans unlucky enough to live near the Digihost/Fortistar fracked gas power plant-turned Bitcoin mine are experiencing a story that’s being told across the country. The company claimed it would bring new jobs, but it has created perhaps a few new security jobs. What communities with new cryptomines actually receive is increased air and water pollution, 24/7 headache-inducing noise and, in many cases, higher energy bills.
Call for new guide to establishing redress schemes
The recommendation was contained in a recent report published by the All-Party Parliamentary Group (APPG) for Fair Business Banking, which examined how redress schemes have operated in the UK financial services sector as well as in response to other issues. The APPG report (63-page / 2.7MB PDF) highlighted how redress schemes set up in the UK have been administered in different ways by different organisations.
Pinsent Masons enhances its financial services regulatory expertise with new hire
Joanne has over 20 years’ experience advising the retail financial services sector across a range of consumer finance and mortgage regulation requirements including loans, credit cards, overdrafts and motor finance. Joanne joins the firm from Eversheds Sutherland where she had been a partner since 2022. Before then, Joanne was a consumer finance lawyer at firms including Allen and Overy (now A&O Shearman), Eversheds and Gateley.
The Bitcoin Dilemma
Skip to main content Authors: Colin L. Read Economics and Finance, SUNY Plattsburgh, Plattsburgh, USA Contrasts the ideology of Bitcoin's founder for inexpensive and private digital transactions with profits Documents the increasing carbon footprint of Proof-of-Work mining and the efficiency of Proof-of-Stake mining Describes the regulatory and environmental challenges and opportunities of cryptocurrencies Sections This is a preview of subscription content, access via your institution.
Pinsent Masons reinforces Middle East financial services practice with new hire
Marie returns to Pinsent Masons having spent several years at Lean Technologies, where she served as General Counsel and Head of Compliance, operating across Saudi Arabia and the UAE. Through both her private practice and in-house roles, Marie has cultivated extensive experience advising a breadth of clients across the financial services, payments and technology sectors.
Supreme Court backs FCA on Covid business interruption insurance
The UK Supreme Court has substantially allowed an appeal by the Financial Conduct Authority (FCA) on behalf of business interruption (BI) insurance policyholders. The judgment, which follows a 'leapfrog' appeal of last year's High Court decision, means that more policyholders who were ordered to close business premises during the first national lockdown in response to the Covid-19 pandemic will be able to make valid claims of their insurers.
Coronavirus: Will UK Insurers Cover Business Losses? (Pinsent Masons Insurance Briefing, 18th March 2020)
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Walls by Colin Read // A Mild Minds Music Video // Directors Notes
It’s always a real pleasure for us here at Directors Notes when a film’s eye catching techniques don’t simply act as pieces of visual candy but rather reaffirm the themes and intent of the story they serve. Arriving this week from Director Colin Read, the Walls music video for Mild Minds and Boats is without a doubt a project firing all its creative cylinders in cohesive harmony.
PRA Guidance Has Implications For Sub-Outsourcing (Pinsent Masons Insurance Briefing, 4th March 2020)
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FCA Introduces New Travel Insurance Rules (Pinsent Masons Insurance Briefing 19 February 2020)
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Brexit Day: Next Phase For Cross-Border Financial Firms Begins (Pinsent Masons Insurance Briefing, 5th February 2020)
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22 January 2020)
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Read: Some don't see DRI benefits
In 2015, Plattsburgh vied for and subsequently won a Downtown Revitalization Initiative grant to leverage $10 million in state investment with $25 million more in private investment. The city then appointed a number of regional leaders to a local planning committee to recommend a number of projects that Albany subsequently earmarked for development. These included better public riverfront access, improved streetscapes, and new downtown signage with wayfinding that celebrates our history.
The Chicago Syndrome
Nothing is certain but death and taxes. For everything else, we must manage risk. Finance types have defined two types of risk. One is systemic and applies to a collection of unavoidable events. For instance, none of us are entirely immune to a major recession. Such a risk cannot be avoided entirely. The other type of risk is project-dependent and can be managed if we understand the circumstances.
Turning cyberbullying gold into lead
Society has never before seen such efficient access to the town square. Nor has that privilege given us in the Bill of Rights been more anonymous and abused. Recently, a young scientist named Katie Bouman was celebrated for wonderful achievements to benefit all humankind. She shared in the development of algorithms that allowed researchers to map a black hole that constitutes the center of a galaxy light-years away. This achievement validated the theories of Albert Einstein and Stephen Hawking.
UK Supreme Court: car being repaired on private land not 'in use' for insurance purposes
The court unanimously decided that neither UK nor EU law supports the view that “the carrying out of significant repairs to a vehicle on private property” entails the “use” of that vehicle for UK compulsory motor insurance purposes, as required in the Road Traffic Act (RTA) 1988.
Everybody's Business: The fallacy of growth
Some would credit national leaders for stimulating economic growth, and others that hold our nation back.I think that gives our federal government too much credit.All the federal government can do is create an environment for the true engines of our economy to do what they do best. Sometimes that means getting out of the way.
In My Opinion: We all want progress, but 'not in my backyard'
These are frustrating times.A decade ago, immense resources flowed to banks too big to fail and into the handbags of billionaires, yet so little has been devoted to preserving the jobs and Main Streets of rural America.There are only two types of rural cities left in the northern United States — those that struggle to survive and those that invigorate downtowns by injecting new private and public investment into their revitalization.
Read joins UNIT9
UNIT9 has signed New York-based director Colin Read to its roster for worldwide representation. Read cut his directorial chops in the skateboard filmmaking world, with a series of award-winning independent films. After his 2016 breakthrough film Spirit Quest, he branched out into the commercial and music video spaces, directing pieces for clients including Radiohead, Converse, and Viceland.
Everybody's Business: Jobs, they are a-changin'
Amazon just announced that they will raise their median wage to $15 per hour.As the most valuable company in the world, and run by the wealthiest person in history, they can afford it.Other major employers, like Target and Walmart, some of which are struggling to survive in an increasingly Amazon world, also have more than half their employees earning less than $15 per hour. In fact, there is not a single major top-20 retailer that currently pays an average wage above $13.
In My Opinion: Focus on results, not drama
There’s so much work to do and so little time. We were elected to create a sustainable City of Plattsburgh, ensure a quality of life we and our kids can enjoy and create hope that there will forever be a city we can all call home. Let's get on with it.I'll start with what common councilors know. Our dedicated staff innovate daily. Like any organization, there’s a broad spectrum of energies our employees bring to their jobs. Some jobs are done that few of us would imagine doing ourselves.
PCP car finance deals could become a new mis-selling scandal
UK regulators are looking closely at the sale and use of PCPs. A report due out before the end of next month from the Financial Conduct Authority (FCA) is likely to offer greater clarity on its views on the fairness of the arrangements to consumers.
FCA Handbook and claims handling rules lined up with Insurance Act 2015
The Insurance Act 2015 came into force on 12 August last year.
In My Opinion: Work together to shape city's future
I’m sure we’re all glad another election cycle has passed.I’m grateful I got to participate in a campaign of ideas with a worthy candidate who cares about this city. Thank you, Mayor Calnon, for your years of service and for running a spirited and informative campaign. I also thank the many volunteers who assisted me in articulating our hopes for the City of Plattsburgh and the great number of residents who came out to vote on Nov. 8. I’ll work hard to represent all Plattsburgh residents.
FCA: effective anti-money laundering strategies should not include 'wholesale derisking'
The regulator said that money transfer services, charities and fintech companies had found it difficult to access financial services because they were seen as being higher risk, while some banks were also pulling out of the 'correspondent banking' market, which is associated with foreign exchange and international payment services.
Financial ombudsman could remain barrier to retail investment innovation, says expert
The FCA is conducting consultations on why there is not more innovation and automation in the way that financial products are sold. One of the issues it has identified is that the FOS, with a history of consumer-friendly decisions, is a 'barrier' to automated sales based on simplified advice.
Fielding v Aviva
Joseph Fielding Properties (Blackpool) Limited v Aviva Insurance Limited [2010] EWHC 2192 (QBD) Help with citations Facts In November 2008, a serious fire damaged tenanted units on the insured company's industrial estate. The insurer denied liability for the claim and sought to avoid the policy on three grounds. It alleged the insured had made a fraudulent claim for damage to a drain on the property in September 2008, for which the insurer had paid £9,870.
Employers liability trigger litigation appeal
Durham v BAI (Run Off) Ltd and other test cases [2010] EWCA CIV1096 Help with citations Facts The appeal concerned six test cases brought to establish what event triggered insurance cover under various employers' liability (EL) policies. Each case concerned an employee who had contracted mesothelioma after being exposed to asbestos at work. In some cases, the claim was brought by the employer against its own insurers.
Omega v Aspen
Omega Proteins Limited v Aspen Insurance UK Limited [2010] EWHC 2280 (Comm) Help with citations Facts The insured was a meat processing company. Between May and July 2006, it failed to ensure that meat supplied to Omega was categorised according to current EC regulations, which had recently changed. As a result, the material was wrongly classified as "not for human consumption" when in fact it should have been "for disposal only".
NFU v HSBC
National Farmers Union Mutual Insurance Society Limited v HSBC Insurance (UK) Limited [2010] EWHC 773 (Comm) Help with citations Facts On 27th October 2007, a fire damaged the Old Hall in Rutland, 17 days after the trust that owned the property had exchanged contracts for its sale. Under clause 2.3 of the contract, the risk of damage to or destruction of the property passed to the buyers on exchange. Completion was scheduled for 7th November.
Goldsmith Williams v Travelers
Goldsmith Williams (a firm) v Travelers Insurance Co Ltd [ 2010] EWHC 26 (QB) Help with citations Facts The defendant insurer provided professional indemnity cover for Joshua & Usman Legal Services Limited (JULS), which traded as Joshua & Usman Solicitors. JULS had two directors, Mr A and Ms U. Mr A applied for a mortgage to buy a property and the mortgage provider instructed the claimant solicitors to act on its behalf.
Flexsys v XL
Flexsys America LP v XL Insurance Company Limited [2009] EWHC 1115 (Comm) Help with citations Facts The insured, a company incorporated in Ohio, was part of a group of companies that manufactured, sold and distributed chemicals used in the manufacture of rubber products. It was covered by a local public and products liability policy and by a master policy issued by XL for the group as a whole.
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