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Insurance UK
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January 25, 2024
Consumer Rules Risk Blurring Line Between Advice And Guidance
The Financial Conduct Authority's new Consumer Duty regime might unintentionally complicate parallel plans to sharpen the boundaries between financial advice and guidance. Experts have told Law360 that getting the right balance is more hazardous than before.
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January 25, 2024
Maritime Co. Sues Generali Italia For $1.7M Over Ship Damage
A maritime company has sued Generali Italia for $1.74 million after its vessel was damaged on a voyage from Venezuela, alleging the Italian insurer has refused to pay because it says doing so would violate international sanctions.
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January 25, 2024
MPs Quiz Treasury On Pension Superfund Legislation
The government has been urged to clarify the scope of new legislation likely to be introduced for pension superfunds amid widespread confusion in the sector over regulatory expectations.
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January 24, 2024
Apartment, Insurers Settle Stalled Construction Coverage Row
A Tampa, Florida, apartment complex owner and its insurers settled their dispute in federal court over coverage for delayed construction after mediation, they said Wednesday in a joint settlement notice.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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Mandatory Mediation May Lie Ahead For England And Wales
The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.
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Key Risks And Developments For UK Law Firm Culture In 2020
In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.
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Cos. Can Start Preparing Now For Immigration Beyond Brexit
Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.
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#MeToo Pressure On UK Businesses Is Set To Rise
Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.
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Opinion
UK's Insurer Investigations May Not Help Policyholders
The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.
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The Outlook For Autonomous Vehicles In The UK And US
As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.
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Brexit's Impact On London As A Top Int'l Arbitration Seat
Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.
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Post-Brexit UK Likely To Conform With EU On Human Rights
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.
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The Evolution Of GDPR Enforcement Across The EU
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.