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Insurance UK
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February 02, 2024
ED&F To Face £56M Trial Over Role In Danish Cum-Ex Fraud
Denmark's £56 million ($70.7 million) claim against ED&F over its alleged role in a fraudulent tax refund scheme can head to trial, a London judge ruled Friday despite finding that the Danish tax authority could have raised its new case against the broker earlier.
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February 02, 2024
Holiday Inn Owner, Insurers Settle Suit Over $11M Ida Award
A New Orleans Holiday Inn owner asked a Louisiana federal court to permanently dismiss its suit against three insurers over an $11.4 million arbitration award and related bad faith claims after the parties reached a settlement in January.
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February 02, 2024
'Unprecedented' Year Ahead For UK Pension Risk Transfers
The year ahead is poised to be one of "unprecedented change" for the U.K. pension risk transfer market, a consultancy has said, predicting more competition among insurers and increasing value of deals.
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February 02, 2024
EU Watchdog Warns Of High Level Of Pensions Risk Exposure
The European Union's pensions watchdog has warned that workplace pension schemes are exposed to high risks on market and asset returns, due to highly volatile bond markets.
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February 02, 2024
Pension Schemes Still Behind On Watchdog Code Prep
One quarter of defined benefit retirement saving schemes have not yet analyzed how they fall short of the requirements mapped out in the pension watchdog's new code of practice due to take effect next month, WTW said Friday.
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February 02, 2024
Quality Of Financial Reporting Still Mixed, Watchdog Says
The U.K.'s largest private companies still need to improve the quality of their financial reporting, especially for risk management, according to a review by Britain's accounting watchdog.
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February 02, 2024
HgCapital Trust To Invest £44M In German Insurance Broker
U.K. investment company HgCapital Trust PLC said Friday that it will invest £44.2 million ($56.4 million) in German insurance brokerage platform GGW Group to help it grow.
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February 01, 2024
Irwin Mitchell Not Liable For Helpline Advice To Future Client
A London appeals court on Thursday affirmed that law firm Irwin Mitchell LLP did not have a duty to advise a potential client that she needed to alert a tour operator following a life-threatening accident abroad, even though she lost the opportunity to potentially recover more than £1 million ($1.27 million).
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February 01, 2024
Accounting Watchdog Flags Barriers To Entry For Audit Firms
Britain's accounting regulator said Thursday that the audit market still has steep barriers to entry, holding back the level of competition and choice in the sector.
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February 01, 2024
Greenwashing Risk Hurting ESG Funds, EU Watchdog Says
Europe's financial markets watchdog has warned that greenwashing risks are hurting the growth of environmental, social and corporate governance funds, potentially damaging investor confidence.
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February 01, 2024
EU Plans Closer Scrutiny Of BigTech Financial Services
European Union financial regulators on Thursday revealed plans to create a data mapping tool available for all regulatory bodies of member states that will monitor the major tech companies' activities in financial services.
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February 01, 2024
Ex Claims Negligence Over Husband's £110,000 Death Benefit
A woman has alleged that her ex-husband's employer wrongly denied her a £110,000 ($139,000) payout after he died while working for the business, alleging that it negligently followed old instructions and wrongly gave the money to his children.
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February 01, 2024
Labour To Take Forward Mansion House Pension Reforms
The Labour Party appears likely to continue with the current policy trajectory for pension plans to invest to a greater extent in the U.K. economy if it wins the election, in a move experts said would offer stability to the sector.
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February 01, 2024
Gov't To Navigate 'Regulatory Arbitrage' With Superfund Laws
Any future legislation on so-called pension superfunds will be drafted in a way that ensures that the emerging sector does not have an unfair advantage over insurance companies, the government has said.
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February 01, 2024
Switzerland Floats Plan To Curb Nature-Related Financial Risk
Switzerland's finance watchdog launched plans on Thursday that it said would improve how banks and insurers in the country manage financial risks related to nature and strengthen their resilience to those challenges.
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February 01, 2024
Austrian Lender BAWAG Buys Dutch Online Bank For €510M
Austria's BAWAG Group AG said Thursday that it will buy a Dutch online bank from ASR Nederland NV, an insurer, for €510 million ($550 million) in a move to expand its retail and small business banking services in Europe.
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January 31, 2024
FCA Warns Firms Against False Price, Trade Messaging
The Financial Conduct Authority has warned companies to take steps to prevent the communication of false prices or trades in securities to investors, which could cause potential financial harm.
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January 31, 2024
Eversheds, Clifford Chance, CMS Steer £400M Pension Deal
Insurer Just Group has said it has taken on £400 million ($510 million) of pension liabilities on behalf of a technology company in a transaction steered by Eversheds Sutherland, Clifford Chance LLP and CMS Cameron McKenna Nabarro Olswang LLP.
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January 31, 2024
UK Launches Probe Into £3B Insurance Broker Merger
Britain's antitrust authority has launched a probe into insurance broker Atlanta Group's £3 billion ($3.8 billion) planned merger with rival Markerstudy as it seeks to establish whether the deal will harm competition in any U.K. markets.
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January 31, 2024
Car Insurance Premiums Keep Climbing In Face Of High Costs
Insurance premiums for U.K. drivers went up 12% in the last quarter as insurers faced rising costs, the Association of British Insurers said Wednesday.
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January 31, 2024
FCA To Review Insurance Pricing Rules As Premiums Surge
The Financial Conduct Authority has said it will investigate the impact of its pricing reforms on the home and motor insurance market as it admitted that premiums have risen by 21% since last year.
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January 30, 2024
EU Watchdog Warns Of Risks Posed By Alternative Funds
Europe's securities watchdog warned Tuesday that some alternative investment funds with high levels of leverage and links to mainstream market investors such as pension funds pose high risks to market stability.
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January 30, 2024
'Demographic Time Bomb' Predicted For Social Care
An additional 1 million people over age 85 are expected in the United Kingdom by 2036 in a "demographic time bomb" set to shake up Britain's already challenged social care sector, a retirement specialist said Tuesday.
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January 30, 2024
Gov't Targets 'Reckless Prudence' In Pension Funding Regs
The government has set out new regulations for the funding of pension plans, offering new flexibility on investments in riskier assets in an attempt to fuel economic growth in Britain.
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January 30, 2024
WilmerHale Adds Int'l Financial Investigations Pro From DWF
WilmerHale has hired an investigations expert as counsel to the firm's London office, where she will advise both domestic and international clients on complex and cross-border investigations and compliance issues.
Expert Analysis
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What Growing Focus On ESG Means For Insurers
As the world pays steadily more attention to environmental, social and governance issues, insurers and reinsurers will need to integrate ESG risks into their underwriting and compliance efforts, but doing so will help attract consumers and achieve positive investment returns, say attorneys at Debevoise.
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Finance Firms May See Increased FCA Enforcement This Year
Financial firms will likely see increased investigation and enforcement actions from the U.K. Financial Conduct Authority following Brexit and the COVID-19 pandemic, including in the areas of financial crime, customer protection, operational resilience and conduct, says Tracey Dovaston at Boies Schiller.
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UK Supreme Court Ruling Clarifies Arbitrator Bias Standard
The U.K. Supreme Court's judgment in Halliburton v. Chubb, likely the court's most important decision in the area of international arbitration in the past decade, articulates important guidelines for how English courts will police issues of arbitrator disclosure and bias, even as it fuels concerns among insurance policyholders, say Allan Moore and Ramon Luque at Covington.
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Evaluating Ethical And Legal Risk In Ransomware Payments
Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.
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How Climate, Finance And Trade Will Intersect In 2021
In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.
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Perspectives
Finding A Path Forward To Regulate The Legal Industry
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
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Whether And How To Compel Remote Arbitration
Excerpt from Practical Guidance
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
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Creditors Welcome UK Supreme Court's Reflective Loss Decision
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.