Insurance UK

  • January 17, 2024

    FCA Probes Banks, Insurers For Non-Financial Misconduct

    Financial Conduct Authority executives told MPs at a parliamentary hearing on the "Sexism and the City" inquiry on Wednesday that the regulator has started an investigation into how banks and insurers deal with non-financial misconduct, amid evidence that firms are not acting against known offenders.

  • January 17, 2024

    HM Treasury Floats Tax Changes For Alternative Finance

    HM Treasury is proposing reforms to U.K. capital gains tax and tax allowances for alternative refinancing arrangements, including Islamic financial products.

  • January 17, 2024

    EU Banking Watchdog Sets Out AML Rules For Crypto Firms

    Europe's banking watchdog has issued new guidance for providers of crypto-asset services to help them manage their exposure to money laundering risk, a significant step forward in the European Union's fight against financial crime.

  • January 17, 2024

    UK Justices Deny Trader Relief From Pirates' $7.7M Ransom

    The U.K.'s top court said Wednesday that a commodity trading company should cover a chunk of a $7.7 million ransom paid to Somali pirates to release a ship, refusing to widen the scope of the insurance code.

  • January 17, 2024

    Average Pension Transfer Time Climbs 17% In 3 Years

    The average time it takes for the transfer of retirement savings has increased 17% over the last three years, a pensions consolidator has said, calling it "concerning" as it repeated calls for defined regulation to guarantee a 10-day window.

  • January 17, 2024

    Motor Insurance Premiums Hit Record After 58% Surge

    Comprehensive insurance premiums for U.K. drivers have surged 58% to a record high in 2023, with costs rising to £995 ($1,260) on average from £629 in 2022, according to an online comparison platform.

  • January 16, 2024

    Allianz Loses Challenge To £16M COVID-19 Loss Payout

    An English appellate court has dismissed Allianz's bid to slash a £16 million ($20 million) payout for COVID-19 business disruption to a British restaurant chain, ruling on Tuesday that the outbreak in China was too remote to have caused the losses.

  • January 16, 2024

    Revolut Denies Wrongdoing In Allianz Travel Insurance Deal

    Online banking business Revolut Ltd. has denied it unlawfully backtracked on a deal with Allianz over travel coverage for the financial technology company's customers, arguing it did not cause the insurer any loss.

  • January 16, 2024

    Singapore Insurance Broker Buys Brown & Brown Subsidiary

    A subsidiary of insurance broker Brown & Brown said Tuesday that it has bought Singapore-based Acorn International Network Pte. Ltd., in a deal advised by Greene & Greene Solicitors and Incisive Law LLC.

  • January 16, 2024

    Gowling Adds Financial Services Pro From Pinsent Masons

    Gowling WLG has hired an insurance expert as a partner in its financial institutions and services team in London, as the firm looks to further strengthen its mergers and acquisitions and pensions risk transfer practice.

  • January 16, 2024

    Travers Smith Guides £140M Pension Deal For Office Depot

    An office supplies retailer has offloaded £140 million ($177 million) of its U.K. pension liabilities to Aviva PLC, the insurer said Tuesday, in a deal steered by Travers Smith LLP.

  • January 16, 2024

    PE Group Oakley Agrees £90M Vehicle Repair Co. Investment

    Private equity group Oakley Capital Investments Ltd. said on Tuesday that it has agreed to contribute £90 million ($114 million) for its subsidiary to acquire Steer Automotive Group, a chain of vehicle repair shops, as the pair eye growth in the U.K. market.

  • January 16, 2024

    FCA Sets Up Sustainability Group For Financial Advisers

    The Financial Conduct Authority said Tuesday that it has appointed Daniel Godfrey as chair and Julia Dreblow as vice-chair of a new industry-led working group set up to support advisers in guiding consumers on products that claim to be ecologically sustainable.

  • January 15, 2024

    Axis Can't Ax £6M Payout For Atty's Misuse Of Castle Funds

    Insurer Axis must pay £6 million ($7.6 million) to an American real estate developer under a law firm's insurance policy after a partner misappropriated funds intended to buy a Scottish castle, a London appellate court ruled Monday.

  • January 15, 2024

    UK Fund-Makers Potentially Off Hook For Rule Breaches

    The independent Financial Services Consumer Panel has said the widening of finance firms' civil liability in the government's post-Brexit retail disclosure framework, which will replace European rules for investment products, must not let the products' manufacturers off the hook.

  • January 15, 2024

    Finance Watchdog Revises Ethical Standard For Auditors

    The Financial Reporting Council published its updated ethical standard for auditors on Monday, saying its framework has been simplified with new requirements that are "proportionate and balanced."

  • January 15, 2024

    CMS Guides Resolution Re On £2B Reinsurance Deal In UK

    Resolution Life said Monday that its reinsurance subsidiary has acquired a portfolio of annuity liabilities in the U.K., reinsuring approximately £2 billion ($2.5 billion) of market and longevity risks in a deal guided by CMS Cameron McKenna Nabarro Olswang LLP.

  • January 15, 2024

    Marsh Bosses Discuss War Risk With Ukraine Gov't

    The government of Ukraine has said it held talks with brokers on extending the scope of its war risks insurance program as the country looks toward economic recovery nearly two years after the invasion by Russian troops.

  • January 15, 2024

    UK Pension Compensation Rises As Gilt Yields Fall

    Compensation due to those wrongly advised to transfer out of their defined benefit pension has risen for the first time in two years, actuarial consultancy OAC said on Monday, as yields on government bonds fell over the latter stages of 2023.

  • January 12, 2024

    Insurers Win Appeal Over Transfer Of Contract Rights

    A London appeals court ruled on Friday that a Japanese insurance company can bring a claim over the delayed delivery of aircraft under a contract it was not originally party to, finding that rights reassignments "by operation of law" are not the same as those made "by any party."

  • January 12, 2024

    MPs To Quiz Gov't, Regulator Chiefs In City Sexism Probe

    Government ministers and senior regulators will face questions from lawmakers as part of a larger parliamentary probe into whether enough is being done to root out sexism and misogyny in the financial services sector.

  • January 12, 2024

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

    This past week in London has seen Lawrence Kurt Solicitors involved in a professional negligence claim from housing association Midlands Living, soft-drinks producer Britvic file intellectual property proceedings against Blue Ice Machines, and proceedings against three individuals filed by Iran's state-owned oil and gas company. Here, Law360 looks at these and other new claims in the U.K.

  • January 12, 2024

    Broker Gallagher Buys UK Education Mutual Biz

    U.S. insurance giant Arthur J. Gallagher & Co. has said it has bought MC Mutual Management Services Ltd. as it looks to build on its public sector brokerage portfolio.

  • January 12, 2024

    PRA Eyes Cyber, Claims Inflation As Insurance Risks In 2024

    Insurers must ensure that they are adapting to underwriting for cyberattacks and claims inflation, among other risks in the sector the Prudential Regulation Authority has said it will put under the spotlight in 2024.

  • January 12, 2024

    Brodies Guides On War Risk Insurance For Ukrainian Exports

    Scottish law firm Brodies LLP has said it has advised Ukraine's Export Credit Agency on a novel war risk insurance process, providing cover to shipowners and vessel charterers and allowing the country to ship goods across the Black Sea as the war with Russia continues.

Expert Analysis

  • The Digital Markets Act: Key Implementation Issues To Watch

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    The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.

  • New FCA Listing Rules May Start Regulatory Shift On Diversity

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    Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.

  • Examining UK Commission's Corporate Crime Reform Ideas

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    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • How The Rise In Ransomware Is Affecting Business Insurance

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    Following an unprecedented rise in global ransomware attacks, with insurance companies scaling back coverage and increasing premiums, policyholders should consider these trends and take certain steps to mitigate risks, say Marialuisa Gallozzi and Josianne El Antoury at Covington.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

  • A Landmark UK Enforcement Case For Crypto-Assets

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    HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.

  • Emerging Economic Effects From Russia-Ukraine War

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    While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.

  • Unexplained Wealth Orders' Role In UK Dirty Money Bill

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    A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.

  • How EU Proposal Would Affect Corporate Sustainability Duties

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    The European Commission recently released its proposal for a directive on corporate sustainability, human rights and environmental due diligence, that, if adopted, will have a substantial impact on the external corporate regulation and the internal corporate governance of the largest companies operating in the EU, says François Holmey at Carter-Ruck.

  • How Will UK Use New Penalties For Debt-Dodging Directors?

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    Thomas Shortland at Cohen & Gresser discusses the scope of the new disqualification regime for company directors who dissolve their businesses to avoid paying back state COVID-19 loans, and identifies factors that may affect how frequently the government exercises the new powers.

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