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Insurance UK
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January 23, 2025
Gov't Floats Tweak To Pension Tax As £49M Returned
The government confirmed Thursday that it will close a controversial loophole that has resulted in retirees being overtaxed to the tune of £1.3 billion ($1.6 billion) over the past decade.
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January 23, 2025
5 Questions For Katten Partner Nathaniel Lalone
The Digital Operational Resilience Act has set tough new rules for financial businesses in the European Union to prevent disruptions in digital services from external providers. Here, Nathaniel Lalone, of Katten Muchin Rosenman LLP, tells Law360 about how the act could have an impact on some financial entities in Britain.
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January 22, 2025
Tyson Foods' Insurer Can Sue Over Fire Payout In England
Tyson Foods' captive insurer can pursue litigation against a reinsurer in England for payouts following a fire at one of the food giant's Alabama plants, after a London court found the companies had chosen the English jurisdiction to take priority over arbitration in New York.
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January 22, 2025
Steakhouse Settles With QIC Europe Over COVID-19 Payout
A steakhouse restaurant chain has reached a settlement with its insurer in a multimillion-pound dispute over its business interruption policies in connection with the national lockdowns imposed during the COVID-19 pandemic.
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January 22, 2025
UK Gov't To Tap Into Bank Accounts Of Benefits Fraudsters
Benefits cheats who fail to reimburse taxpayers could have cash owed taken directly from their bank accounts, as part of the U.K. government's plan to launch the "biggest fraud crackdown in a generation."
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January 22, 2025
UK Gov't Maintains Pensions Enrollment Earning Trigger
The government has said it will retain the current earnings threshold at which workers are automatically enrolled into pension plans, despite an intention to reform the rules.
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January 22, 2025
UK Insurance Premium Tax Haul Up 10%, Hits Record £6.7B
The U.K. government raised a record £6.7 billion ($8.3 billion) in insurance premium tax in the first nine months of the financial year ending March, up 10% from the corresponding period a year earlier, according to HMRC figures released Wednesday.
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January 21, 2025
La. Judge Lifts Arbitration Order In $7M Ida Damage Case
A Louisiana federal judge lifted a stay and vacated an order to arbitrate a $7 million Hurricane Ida damage claim against domestic surplus insurers, ruling that a recent decision from Louisiana's top court represents an "'intervening change in the controlling law.'"
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January 21, 2025
Royal London Data Boss Loses Early Battle Over Redundancy
A data privacy lead can't revive a bid to reinstate his job until trial because he failed to provide an employment tribunal with any new evidence showing that the Royal London Mutual Insurance Society made him redundant by punishing him.
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January 21, 2025
Climate-Related Financial Reporting 'Inconsistent,' FRC Says
Britain's audit watchdog on Tuesday said the quality of the first round of mandatory climate-related finance disclosures by large British businesses was "inconsistent," but is set to mature as companies adapt to the requirement.
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January 21, 2025
Insurers Fight To Slash COVID Biz Interruption Claims
Insurers sought on Tuesday to drastically scale back payouts for hospitality businesses closed during COVID-19 pandemic lockdowns five years ago, in a test case that could have a much wider impact on hundreds of other policyholders.
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January 21, 2025
Investment Bosses Lose Appeal Of £37M Fraud Convictions
Two directors of an ethical-investment scheme failed to overturn their convictions for defrauding investors out of £37 million ($45.5 million), as a London appeals court ruled Tuesday that the charges against them were clear and well understood at trial.
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January 21, 2025
Moderate Retirement Pension Gap Rises To More Than £31K
U.K. households face a £31,500 ($38,700) average pension shortfall compared with the amount needed for a moderate standard of living in retirement, according to a report by Hargreaves Lansdown published on Tuesday.
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January 21, 2025
Reach Newspaper Group To Fill £5M Hole In Pension Fund
Publisher Reach PLC has confirmed it will plug a £5 million ($6.2 million) funding gap in one of its retirement saving plans after it discovered a "historical error" during preparations for a pension buyout.
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January 27, 2025
Ashurst Expands Consulting Team With New UK Head
Ashurst said on Monday that it has hired a new chief for its risk advisory business in the U.K. as clients increasingly face challenges that require more than legal advice, with concerns about cybersecurity and environmental, social and governance matters at the top of their list.
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January 20, 2025
Florida Reinsurance Broker Launches London Offering
The reinsurance brokerage arm of Florida-based Baldwin Group has said it has entered the London market in what the business called a "major milestone."
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January 20, 2025
COVID Biz Insurance Litigation Returns With Test Case Appeal
A group of insurers will challenge test-case litigation over business interruption insurance in connection with the COVID-19 pandemic at the Court of Appeal in London on Tuesday, a hearing that lawyers say could have a long-term impact on disputes over cover.
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January 20, 2025
Gov't Urged To Act On Rising Pensioner Poverty
The government must take immediate and targeted action to halt growing poverty among the oldest in society, by supporting those failed by the means-tested benefits system and legacy state retirement savings plans, a left-wing advocacy group has said.
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January 20, 2025
BoE Backs Gov't Call For Growth-Friendly Regulation
The Bank of England's regulatory arm told the government in a letter published on Monday that it will support economic growth by simplifying some rules for banks and insurers.
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January 20, 2025
Gov't Gets Mixed Reception On Inheritance Tax Pension Plans
Proposals by the U.K. government to bring pension assets within the scope of inheritance tax will result in "numerous problems" and raise concerns in their current form, a trade body and consultants warned on Monday.
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January 17, 2025
Aegon Calls For State Pension 'Triple Lock' Rethink
Insurer Aegon on Friday said a rethink of the state pension "triple lock" policy would bring more "intergenerational fairness" after opposition leader Kemi Badenoch sparked debate this week by suggesting her party may consider reforming the commitment.
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January 17, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the family of the late chairman of Leicester City FC sue a helicopter manufacturer for £2.15 billion ($2.63 billion), Vivienne Westwood bring a copyright claim against the late designer's foundation and blockchain giant Tether file a new claim in its ongoing dispute with crypto trading firm Swan Bitcoin. Here, Law360 looks at these and other new claims in the U.K.
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January 17, 2025
EU Cancels Major Incident Report Guidance For Finance Firms
The European Union's banking watchdog said Friday it has canceled its guidelines on major incident reporting under payment services rules because of related requirements under a new regulation on how financial firms deal with technology risks.
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January 17, 2025
FCA Vows Regulatory Review As Gov't Pushes Growth Agenda
The Financial Conduct Authority said Friday it will strip back reporting requirements and overlapping regulation in a bid to reduce the burden on firms, after the government urged U.K. regulators to come up with ideas on how to boost economic growth.
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January 17, 2025
FCA Urged To Act Against High Insurance Claim Rejections
Britain's financial watchdog must step in to protect customers from unfair claims handling practices by insurers that feature high rejection rates, according to a consumer advocacy group.
Expert Analysis
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Simple Secrets For Writing A Killer Brief
These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.
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What 2019 Has In Store For UK Data Protection
Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.
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Opinion
Brexit International Arbitration Clause Is Misunderstood
Much of the criticism aimed at the international arbitration clause in the recent Brexit withdrawal agreement unfairly identifies a perceived lack of transparency and appears to be based on a lack of understanding about the process, says Margarita Michael of O'Melveny & Myers LLP.
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The Lawyer's Daily
How To Requalify As A Lawyer In Canada
Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.
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Legal Technology Is Likely To Flourish In The UK
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
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Opinion
Legal Operations Teams Are Gaining Popularity In EU
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
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Why Proper Document Redaction May Be An Ethical Duty
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
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Why The Flood Of GDPR Litigation Has Been Delayed
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.
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Opinion
Law Schools Should Be More Like Medical Centers
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
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Opinion
Courts Are Getting It Right On Litigation Funding Discovery
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
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Worldwide Freezing Orders Can Backfire Without Proper Care
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
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UK Litigation And Guidance Highlight Cybersecurity Risk
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
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2 BVI Cases Explore Scope Of Proper Purpose Test
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
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Last-Minute Brexit Preparations For EU Financial Firms
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
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What To Expect From Serious Fraud Office In 2019
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.