Insurance UK

  • February 26, 2024

    EU Strengthens Investors' Protection On Investment Funds

    The European Union adopted new rules on Monday for investment funds that are designed to make the market integrate better and strengthen protection for investors.

  • February 26, 2024

    Addleshaw Goddard Hires Macfarlanes Pro For Wealth Team

    Addleshaw Goddard LLP has appointed former Macfarlanes LLP lawyer Laura Uberoi as partner and head of its newly created private wealth team in London.

  • February 23, 2024

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

    This past week in London has seen Tesco target competing retailer Lidl with a copyright claim as they battle in the Court of Appeal over the design of Tesco’s Clubcard, the directors of a taxi business sue the creator of an AI route mapping app for professional negligence, Global Aerospace Underwriting Managers tackle an aviation claim by an Irish investment company, and Robert Bull hit with a general commercial contracts claim by Hancock Finance.

  • February 23, 2024

    Ex-Telecoms Execs Deny Knowledge Of Bribery In £11M Sale

    Three former directors of a telecommunications company allege that a cloud-technology business owes them more than £1.5 million ($1.9 million) left unpaid after it bought their business, while denying claims that they failed to disclose ongoing legal disputes that subsequently devalued the shares.

  • February 23, 2024

    Allianz To Launch €1B Buyback, Boost 2023 Dividend

    Allianz SE has announced a new share buyback program worth up to €1 billion ($1.1 billion), alongside plans to raise its dividend as it looks to increase its returns to shareholders.

  • February 23, 2024

    Swiss Watchdog Launches New Unregulated Fund Category

    The financial watchdog of Switzerland said on Friday that the Bern government will launch a new category of investment fund which will be exempt from regulation, in a bid to make the country more attractive for the sector. 

  • February 23, 2024

    Pensions Regulator To Rejig Oversight Of Workplace Schemes

    The Pensions Regulator has said it will create three new regulatory functions as part of a strategic overhaul it said would meet the demands of a changing marketplace of fewer, but larger schemes.

  • February 23, 2024

    Compensation Scheme To Cover £38M Pensions Transfer Cost

    The Financial Services Compensation Scheme has said that it has put up £38 million ($48 million) so that clients of a failed pension provider would not take a hit when transferring their long-term savings elsewhere.

  • February 23, 2024

    FCA Fires Warning Shot Over City's Consumer Duty Failings

    The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.

  • February 22, 2024

    Upcoming Election Hampering Net-Zero Progress, MPs say

    A looming general election is hindering attempts by policymakers to introduce or consult on green policies, while risking Britain's broader transition to an environment-friendly economy, a cross-party group of MPs said Friday.

  • February 22, 2024

    UK Audit Sector's Stewardship Code Gains Support

    Britain's audit regulator said there are now 273 companies signed up to the Stewardship Code, ahead of its review this year following corporate governance rule changes.

  • February 22, 2024

    Going Broke Is Top Concern For Retirement Clients

    More than 70% of financial advisers report their retirement clients fear they will outlast their money, according to research published Thursday by insurer Aegon UK.

  • February 22, 2024

    Insurers Warned To Be Alert To Escalation in Middle East

    Conflict in the Middle East could affect the revenue streams of insurers, a consultancy has warned, particularly if it spreads further to disrupt energy markets and air travel.

  • February 22, 2024

    Zurich To Reward Shareholders With $5B After Record Profit

    Swiss insurance heavyweight Zurich said on Thursday that it will return a total of $5 billion to shareholders after recording a record $7.4 billion operating profit for 2023.

  • February 21, 2024

    NY Judges Question Lehman's Bid To Undo CDS Trial Loss

    A panel of New York appeals court judges on Wednesday appeared reluctant to undo a bench trial loss Lehman Bros.' bankrupt European unit suffered last year in a suit attempting to clawback nearly half a billion dollars from Assured Guaranty over alleged losses on credit default swaps tied to the 2008 financial crisis.

  • February 21, 2024

    Pitmans Can't Strike Out Negligent Pension Advice Claim

    Pitmans Solicitors, BDB Pitmans' predecessor, has failed to strike out allegations that it gave former clients negligent advice on a pension scheme, after a London court found Wednesday that it is "clearly in the interests of justice" that the case proceed against it.

  • February 21, 2024

    Insurer QBE Narrows Gender Pay Gap, But Bonuses An Issue

    QBE UK has said the gender pay gap has fallen across its organization and is below the wider gap seen in the insurance industry, despite the gender bonus divide remaining "an issue" at the insurer.

  • February 21, 2024

    Pension Climate Reporting Has 'Failed To Shift UK Investment'

    The government's climate reporting regime for pensions providers has failed to produce a meaningful shift in investment behavior away from fossil fuels, experts warned lawmakers on Wednesday.

  • February 21, 2024

    FCA Targeting Failings In Consumer Duty Compliance

    Some financial companies are lagging in their compliance with the Consumer Duty rules that came into effect in 2023, Britain's City watchdog said in a paper outlining areas requiring improvement.

  • February 21, 2024

    Burges Salmon Leads Insurer's £11M Spar Pension Deal

    Insurer Just Group said on Wednesday that it has completed an £11 million ($13.8 million) pension buy-in transaction with Spar (UK) Ltd., in a deal guided by Burges Salmon LLP.

  • February 20, 2024

    Fire Brigade Workers Fight To Overturn Pensions Loss

    The firefighters union urged an appeals court on Tuesday to overturn its failed bid to prove that HM Treasury unfairly distributed costs when compensating workers who had received unlawful pensions in the past, arguing that the policy caused sex, age and race discrimination.

  • February 20, 2024

    Addleshaw Goddard Hires ESG Expert From Clifford Chance

    Addleshaw Goddard LLP has recruited an environmental, social and governance specialist from Clifford Chance LLP as a partner in its London office, bolstering the law firm's ability to advise on sustainability issues.

  • February 20, 2024

    Insurers Fight To Overturn 'Mixed Injury' Compensation Ruling

    Britain's highest court wrestled on Tuesday with how motorists bringing so-called mixed injury claims should win compensation from insurers, in landmark test litigation that could affect thousands of other cases.

  • February 20, 2024

    EU Negotiators Adopt Rules To Widen Market Data Access

    The European Union adopted rules on Tuesday that give investors across the bloc equal access to updated share and bond prices, as well as trading data, in the final step before these changes enter legislation.

  • February 20, 2024

    Pension Transfers Could Cost Savers £70K In Retirement

    Pensioners-to-be in the U.K. could lose about £70,000 ($88,500) in retirement when transferring their pension pot due to a lack of understanding of key information such as financial charges, according to recent research.

Expert Analysis

  • What An Organization Can Do To Protect Its Supply Chains

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    In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

  • How Counsel Can Effectively Lead Data Breach Investigations

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    More businesses are expecting in-house counsel to lead cybersecurity incident responses, so lawyers should work on asking external responders the right questions, managing ransom negotiations to gain time and information, and communicating with regulators to avert or limit penalties, say Oliver Price and Kevin Hughes at FTI Consulting.

  • What EU Oil Spill Insurance Ruling Means For UK Arbitration

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    A recent European Court of Justice opinion in an insurance dispute related to the 2002 sinking of oil tanker MV Prestige provides clarity on the priority of cross-border judgments and arbitral awards, and indicates that EU member state civil judgments will be given precedence over U.K. arbitral awards — with exceptions, says David Vaughan at Collyer Bristow.

  • UK Claim Limitation Ruling Is A Tentative Win For Insurers

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    A U.K. county court's recent decision in Rashid v. Direct Savings reduces the limitation period for third parties to make direct claims against insurers, potentially providing insurers with a defense that was not previously apparent, if the decision is upheld on appeal, says Robert Morris at RPC.

  • Why Risk-Based Employee Conduct Policies Are Advisable

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    In establishing employee conduct policies, companies should consider the extent to which they are exposed to certain types of risk, such as bribery and corruption, as establishing clear written standards offers a step toward avoiding criminal liability, says Steve Melrose at Bellevue Law.

  • 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.

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