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Insurance UK

  • December 13, 2018

    FCA Urges Financial Firms To Keep Up Brexit Preparations

    The Financial Conduct Authority has published its latest set of guidance to help U.K. banks and insurers prepare for Brexit by encouraging them to consider implications for their business and customers, including putting in place measures to ensure their financial contracts can continue after March 2019.

  • December 13, 2018

    Pub Chain Heading To Trial In Pension Dispute With Trustee

    Major U.K. pub and restaurant operator Mitchells & Butlers PLC will go to trial against its pension trustees in 2020 to determine which side wields the power to calculate increased payments to retirees, the High Court in London has indicated.

  • December 13, 2018

    Pension Schemes Warned To Stay Ahead Of Master Trust Law

    The U.K.'s pensions watchdog on Thursday warned pension scheme trustees they must check whether they fall under new master trust legislation to avoid running afoul of the law once the March deadline to apply for authorization passes.

  • December 13, 2018

    UK Top Court To Determine Churchill's Liability For £2M Blaze

    The U.K. Supreme Court is considering whether a leading motor insurer must pay for extensive damage caused to buildings after a mechanic sparked a fire while welding his car, in a case that could widen the industry’s exposure to third-party claims.

  • December 12, 2018

    FCA Floats Policy Tweaks To Spur Long-Term Investments

    The U.K. Financial Conduct Authority on Wednesday proposed new rules aimed at making it easier for consumers to access long-term investment opportunities, principally by lowering the barriers for retail investment in venture capital, infrastructure and corporate loans. 

  • December 12, 2018

    Marex Adds To Coverage Claim In Nickel Warehousing Dispute

    Commodities broker Marex Financial Ltd. has broadened its claim against a group of insurers in a bid to secure indemnity for any costs it may be hit with if French investment bank Natixis is successful in an underlying $32 million suit over allegedly fraudulent nickel storage receipts.

  • December 12, 2018

    Shippers Lose Bid To Revive Insurance Arbitration Challenge

    A British judge said Wednesday that he would not revive a $500,000 arbitration dispute over Thomas Miller Specialty Underwriting Agency Ltd.'s refusal to indemnify two shipping companies for a sunken cargo of junk cars, rejecting a bid to appeal the case and expressing shock that the parties ran up almost $200,000 in attorneys' fees.

  • December 12, 2018

    US To Sign Deal With UK On Post-Brexit Insurance Trade

    The U.S. government said Wednesday that it intends to sign a sweeping agreement with the U.K. that will help American firms keep pushing into the world’s fourth-largest insurance market after Britain exits the European Union.

  • December 12, 2018

    UK's May Survives But Weakened After Brexit Revolt In Party

    Prime Minister Theresa May survived a coup attempt by rebel lawmakers within her Conservative Party late Wednesday, winning a no-confidence vote by a sufficiently large margin to allow her to continue pushing to get a draft Brexit withdrawal agreement through a hostile Parliament.

  • December 12, 2018

    UK's May Faces No-Confidence Vote Over Brexit Plans

    Prime Minister Theresa May will face a vote of no-confidence from her own Conservative Party MPs on Wednesday evening as opposition to her plan to exit the European Union escalates, raising the prospect of a no-deal departure or no Brexit at all.

  • December 11, 2018

    FCA Blasts Financial Firms' Cybersecurity Complacency

    The Financial Conduct Authority has warned that bosses at some of the U.K.’s largest asset managers and banks lack the knowledge to tackle cybersecurity issues effectively.

  • December 11, 2018

    US Investors Beef Up £2M Countersuit In Soured Retail Deal

    A group of Luxembourg entities owned by a U.S. real estate investment company has made a counterclaim for at least £1.95 million ($2.5 million) against a U.K. asset manager that is suing them for alleged payments after they canceled agreements tied to commercial property investment portfolios.

  • December 11, 2018

    Pensions Regulator Hits Accountant In 1st Fraud Prosecution

    An accountant will appear in court in January charged with scamming more than £200,000 ($251,500) from a pension fund in the first fraud prosecution mounted by The Pensions Regulator, the watchdog said on Tuesday.

  • December 11, 2018

    Pension Trustees' £3.5M Suit Against Adviser Gets Trial Date

    A dispute between a financial adviser and a former client over a missed tax deadline, which allegedly led the client to lose almost £3.5 million ($4.4 million), will head to trial at the beginning of 2020, new documents filed with a London court reveal.

  • December 11, 2018

    City Firms Will Suffer Under All Brexit Scenarios, MPs Say

    The financial services sector will contribute less to Britain's economy under all Brexit scenarios set out by the government, a panel of lawmakers said on Tuesday, warning that the country's regulators will lose their voice in forming policy during a transition period after March 29.

  • December 10, 2018

    Senior Managers Regime Takes Effect For UK Insurers

    The Financial Conduct Authority’s stringent rules on senior manager accountability took effect Monday for insurers, more than two years after the watchdog first put the conduct requirements into place for banks in 2016.

  • December 10, 2018

    Insurer Launches Data Breach Tools For EU Businesses

    Global insurer Beazley PLC said on Monday that it has launched a package of tools aimed at helping its business policyholders in the U.K. and Europe prepare for cyberattacks and data breaches, at a time when regulators are taking a more lax approach to cybersecurity oversight.

  • December 10, 2018

    UK's May Delays Brexit Vote After Rebellion In Own Ranks

    Theresa May postponed a key parliamentary Brexit vote on Monday to stave off a potentially crippling defeat, as the prime minister succumbed to pressure from inside her own Conservative Party to press the European Union for a better deal.

  • December 10, 2018

    Delay Not Enough To Fix Accounting Rules, Insurers Say

    A group of global insurance bodies has urged the international standards board to delay the implementation of sweeping new accounting rules for two years after it proposed postponing the reforms for just 12 months.

  • December 10, 2018

    Trade Group Calls For ‘Real Solutions’ To Disclosure Rules

    Europe’s top financial regulators must ditch a superficial “quick fix” to unpopular disclosure rules for investment products and instead find “real solutions” that will benefit consumers, the bloc’s insurers said on Monday, as they added to growing resistance to the regulation.

Expert Analysis

  • Can D&O Policies Enhance Presumption Of Innocence In UK?

    Francis Kean

    The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.

  • Litigation Funding Is On The Rise In Europe

    Klaus Oblin

    The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.

  • Judging The Financial Conduct Authority 5 Years On

    David Rundle

    The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.

  • The Outlook For Anti-Suit Injunctions After Brexit

    Nicholas Greenwood

    It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.

  • New Tax Rules For Termination Payments In UK

    Justin Tarka

    New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.

  • EU Ruling Casts Doubt On Bilateral Investment Treaties

    Charles Goldblatt

    In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.

  • GDPR Will Benefit Financial Services In The Long Run

    Phil Beckett

    We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.

  • IP Considerations For UK Open Banking App Developers

    Rajvinder Jagdev

    Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

    Marlen Whitley

    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.

  • Equity Partnership Isn’t What It Used To Be

    Jeff Liebster

    To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.