Insurance UK

  • January 24, 2024

    Consumer-Facing Tech Needs Even Approach, FCA Chief Says

    Emerging technologies have the potential to deliver improved and tailored products and prices for consumers, but must be handled carefully to prevent financial exclusion and monopolies at Big Tech companies, the Financial Conduct Authority chief said Wednesday.

  • January 24, 2024

    Criticism Of 'Surprising' Gov't One-Pot Pension Proposal Grows

    More pension and insurance companies on Wednesday joined the chorus of voices calling for the government to refocus efforts away from its new lifetime pension provider model, saying focusing on the plan jeopardizes other more necessary retirement savings changes.

  • January 24, 2024

    Billion-Dollar Disasters Hit Record High In 2023, Aon Says

    The number of global natural disasters that caused economic losses of at least $1 billion each reached a record high of 66 in 2023 as the year witnessed some of the deadliest catastrophes since 2010, a reinsurance broker has reported.

  • January 24, 2024

    Swiss Finance Watchdog Names ECB Exec Walter As New CEO

    Switzerland's financial watchdog said Wednesday that it has appointed a director general of the European Central Bank as its new chief executive after his predecessor stepped down amid the stress caused by the near-collapse of Credit Suisse.

  • January 24, 2024

    Ex-KWM Italy Chief Davide Proverbio Joins Eversheds In Milan

    The former managing partner of King & Wood Mallesons in Italy has joined the Milan office of Eversheds Sutherland, the latest in a series of moves after the two law firms reached a formal cooperation agreement last year.

  • January 23, 2024

    Injured Tourist Says Irwin Mitchell Wrongly Told Her To 'Relax'

    A woman who called an Irwin Mitchell helpline following a life-changing accident abroad told the Court of Appeal Tuesday that the law firm breached a duty of care by failing to advise her to alert a tour operator to her claim.

  • January 23, 2024

    Gov't Collects £2.1B From Insurance Premium Tax

    The U.K. government collected £2.1 billion ($2.7 billion) in insurance premium tax in the last quarter, HM Revenue & Customs said Tuesday, as customers continue to feel the effects of rising insurance costs.

  • January 23, 2024

    Gov't Warned Lifetime Pension Proposal Is 'Major Distraction'

    Government plans to introduce a lifetime pension provider model represent a "major distraction" from more urgent retirement savings reforms, a consultancy has said, echoing wider concerns in the sector over the proposed shake-up.

  • January 23, 2024

    UK Biz Registry Rules Tighten Against Economic Crime

    Britain's business registry said Tuesday it aims to introduce tougher reporting rules for businesses as part of the fight against economic crime such as fraud and money laundering.

  • January 23, 2024

    UK Watchdog Floats Rules On Solvent Exit For Insurers

    The Bank of England set out new requirements Tuesday for insurers to draw up plans to exit the market without going bust.  

  • January 23, 2024

    Businesses Chase Liberty Mutual For COVID Relief

    A pub landlord and seven other business owners have claimed that Liberty Mutual Insurance wrongly refused to cover them for disruption caused by the COVID-19 pandemic to their businesses.

  • January 22, 2024

    Kennedys Lands In Fort Lauderdale With 10th US Office

    Global insurance law giant Kennedys announced Monday the opening of its 10th office in the U.S. with the creation of a four-attorney outpost in Fort Lauderdale, Florida.

  • January 22, 2024

    MoFo Adds Sanctions Expert From Deutsche Bank As Partner

    Morrison Foerster LLP has hired an expert in sanctions compliance as a partner to its national security group in London as the firm looks to bolster its practice during a period of geopolitical turmoil.

  • January 22, 2024

    Broker Predicts UK Pension Deal Market Will Hit £80B In 2024

    The U.K. is likely to see £80 billion ($102 billion) in deals involving pension schemes offloading their liabilities to insurers in 2024, a broker predicted on Monday, saying improved retirement savings funding may make it another record year.

  • January 22, 2024

    UK Insurers Covered €120B Of Russian Oil At Sea, Report Says

    The U.K. insurance sector provides cover to around a third of Russian oil shipments, according to a think tank report, in spite of sanctions introduced following the invasion of Ukraine nearly two years ago.

  • January 22, 2024

    Accounting Watchdog Revises Rules In Bid To Boost Growth

    Britain's accounting regulator confirmed changes to the U.K. Corporate Governance Code on Monday that it said will help promote economic growth after it watered down its original proposals.

  • January 22, 2024

    Judge Tosses Civil Servants' 'Vexatious' Age Bias Claim

    Twenty civil servants backed by their union have failed to resuscitate claims that provisions in their pension scheme were age discriminatory, after a tribunal ruled that it was vexatious to pursue litigation as another panel had already settled the issue.

  • January 19, 2024

    BoE, FCA Brought Into MPs' Probe Of Fujitsu Gov't Contracts

    A parliamentary committee said Friday it is seeking details on contracts between Fujitsu and 21 government agencies, including the Bank of England and financial regulators, after the company's faulty Horizon accounting system was found to be behind the Post Office IT scandal.

  • January 19, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a bankrupt English local council bring a construction claim against property maintenance company Axis, a Cypriot cheese trade protection body appeal a UK IPO decision granting trademark registration for "Grilloumi" and employees of supermarket giant Morrison’s shop around for compensation in a claim over equal pay. Here, Law360 looks at these and other new claims in the U.K.

  • January 19, 2024

    EU Watchdog Proposes Stablecoin Guidance For Crypto Rules

    Europe's banking regulator on Friday proposed guidelines to combat fraud, cyber and compliance risks where firms issue stablecoins pegged to several currencies or else commodities, under new blocwide crypto-assets market rules.

  • January 19, 2024

    FCA Able To Insist On Office Work In Manager's Claim

    The Financial Conduct Authority has beaten a manager's bid to continue working full-time remotely, as the Employment Tribunal ruled that the regulator "clearly established" that her performance would suffer — even though she had been doing so successfully for more than two years.

  • January 19, 2024

    Pension Surplus Rules Could Bring Change For Deals Market

    The pensions deal market could be reshaped this year by changes to how companies are able to use surpluses from their savings plans, consultancy Mercer Ltd. has said.

  • January 19, 2024

    Gov't Urged To Rethink 'Pot For Life' Pension Reforms

    The government has been urged to reconsider its plan to introduce a retirement savings "pot for life" for workers, as finance experts said on Friday the reforms are the wrong measures introduced at the wrong time.

  • January 18, 2024

    Advisers See Rising Demand After Pension Tax Reforms

    Almost half of U.K. financial firms offering retirement advice have seen demand for retirement planning rise as a result of changes to the pension tax allowance, according to research published Thursday.

  • January 18, 2024

    EU Sets Stricter AML Regulations, Includes Crypto-Assets

    European Union policymakers unveiled a provisional agreement Thursday on new stricter anti-money laundering rules that would comprehensively harmonize requirements and improve national approaches to regulation and law enforcement.

Expert Analysis

  • A Trusted Cybersecurity Framework Is Imperative For Lawyers

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    The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.

  • The New EU Data Act Proposal Raises Several Questions

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    In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.

  • Preparing For FCA's New Appointed Representative Rules

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    The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.

  • Opinion

    A Better Gov't Response To Pensions Misselling Is Needed

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    To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.

  • A Review Of The New UK Financial Services And Markets Bill

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    In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.

  • How Greenwashing Litigation Is Affecting Financial Services

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    A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.

  • FCA Consumer Duty Shows Shift In Retail Financial Services

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    The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.

  • Pandemic Rent Ruling Is A Blow To Commercial Tenants

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    The recent U.K. Court of Appeal decision in London Trocadero v. Picturehouse demonstrates that even exceptional COVID-19-related circumstances will not induce courts to interfere with a previously considered allocation of risk between parties or imply terms in a contract, says Gurpreet Sanghera at Simkins.

  • Building Inspector Insurance And Its New Relaxed Rules

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    The U.K. government recently opened up the market for approved building inspector insurance in the aftermath of the 2017 Grenfell Tower tragedy, but it does not appear to have considered the impact this may have on homeowners and developers, say Alan Stone and Jonathan Carrington at RPC.

  • New Corporate Insolvency Data Reveals Unexpected Results

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    For a variety of reasons there has been a slower than anticipated increase in U.K. corporate insolvency figures in recent months, although there may be a time lag between economic difficulties and sentiment among investors, lenders and business owners, and it is likely that numbers will rise in the autumn, says Jeremy Whiteson at Fladgate.

  • How The Latest Trends In Litigation Funding Are Developing

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    With investors looking for alternative assets that can achieve returns and claimants likely to be cash poor in the current economic downturn, the signs are that the litigation funding market is not only here to stay, but is set to expand, says Simon Thomas at Baker & Partners.

  • Pros And Cons Of Regulating Finance Sector's Third Parties

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    Recent proposals by the U.K. Treasury could lead to regulation of those designated as critical third parties in finance, and legislation will be needed to ensure technology suppliers are not deterred from participating in the financial services markets, say attorneys at Addleshaw Goddard.

  • UK Online Safety Bill Delayed, But Firms Should Still Prepare

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    Despite delays and content providers' concerns regarding the impact on their profitability, it appears certain that the Online Safety Bill will be enacted in one form or another, mirroring proposals in the EU and U.S., so tech firms must prepare for a new regulatory framework that will require them to tackle illegal and harmful content on their services, say attorneys at Dechert.

  • A Look At The Solvency II Insurance Sector Proposed Reforms

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    It is hoped that the proposed reforms of Solvency II will not only ensure policyholder protection and a successful insurance industry, but that released capital will be invested in long-term infrastructure and green projects, yet there are questions and even concerns surrounding potential changes and what their impact might be, says Dónal Clark at Kennedys.

  • 4 Ways M&A Deals Are Changing

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    There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.

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