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Insurance UK
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March 22, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the BBC and Wall to Wall Media hit with a passing off lawsuit by musician BOSSIIE, Poundland parent company Pepco Group file a commercial fraud claim against several mobile network giants, family law specialists Alexiou Fisher Philipps LLP start proceedings against former oil trader Michael Prest, and a transgender lawyer file a libel claim against a blogger. Here, Law360 looks at these and other new claims in the U.K.
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March 22, 2024
4 Charged For Unregulated Water Investment Scam
The Financial Conduct Authority said Friday it has charged four individuals with allegedly defrauding investors out of £3.9 million ($4.9 million) in an unregulated water investment scheme.
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March 22, 2024
Audit Agency Backs Gov't Non-Financial Reporting Reforms
The Financial Reporting Council voiced its support for the U.K. government's plans to update non-financial reporting requirements on Friday, emphasizing the importance of simplifying the framework to help companies access capital.
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March 22, 2024
UK Gov't Finds £571.6M State Pension Shortfall
The government has discovered it has underpaid pensioners to the tune of £571.6 million ($721.2 million), but experts say the figure is only a fraction of the expected total shortfall.
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March 22, 2024
4 Years On, COVID Lockdown Cover Claims Near Endgame
It has been four years since the U.K. first entered lockdown to combat COVID-19, leaving offices eerily empty and shops shuttered. And lawyers now believe that the end is near for business interruption claims against insurers.
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March 28, 2024
White & Case Hires 2nd Funds Pro From Ropes & Gray
White & Case LLP has recruited a private funds lawyer from Ropes & Gray LLP — the second time it has hired a specialist as a partner from the London office of its U.S. rival in recent months.
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March 21, 2024
UK Insurance Tax Bill Rises To £8.1B Amid Soaring Premiums
The Insurance Premium Tax raised more than £8.1 billion ($10.3 billion) so far this financial year, according to official figures Thursday, while premiums continue to rise.
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March 21, 2024
Women 'Owed' Compensation Over State Pension Failings
Women who were affected by the U.K. government's failure to inform them that their retirement age had changed are owed compensation for the state's failings, according to a much-anticipated report released Thursday by the parliamentary ombudsman.
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March 21, 2024
Audit Watchdog To Probe UK Sustainability Assurance Market
The Financial Reporting Council on Thursday said it would be studying the quality of sustainability assurance services in the U.K. to ensure the market is providing high-quality guarantees over companies' reporting.
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March 21, 2024
British Safety Council Calls For A Minister For Well-Being
The British Safety Council has urged the government to appoint a well-being minister to promote welfare in the workplace at a time when illness is at a 10-year high and recent surveys suggest high stress levels and burnout among workers.
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March 21, 2024
FCA Tells Consumer Lenders To Detect Financial Crime Better
The City watchdog has warned chief executives of consumer lending firms that they must improve on their detection of financial crime.
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March 21, 2024
ECJ Adviser Rejects Taxing Foreign Pension Funds Differently
Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.
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March 20, 2024
UK Pension Fraud Fund To Pay Out £416M To Victims By 2026
The U.K.'s pension lifeboat scheme said Wednesday it expects to pay up to £416.7 million ($530 million) in compensation to members of pension schemes that have been hit by scams.
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March 20, 2024
Health And Safety Top Risk For Directors, Global Survey Says
Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.
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March 20, 2024
AI Misuse Will Drive Cyber Insurance Demand, Actuary Says
The use of artificial intelligence by criminals and other evolving threats will boost demand for cyber-insurance for at least the next decade, according to analysis published Wednesday by actuarial consultancy OAC.
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March 20, 2024
EU Insurers Warn Regulators Of Gaps In Greenwashing Rules
European insurers have urged the bloc's insurance and pensions watchdog to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.
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March 20, 2024
Slaughter And May Cuts Partner Promotions By Half In 2024
Slaughter and May said on Wednesday that it is adding to its bench of up-and-coming leaders by promoting five lawyers to its partnership — only half the number it elevated in 2023.
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March 20, 2024
UK Insurers See Boom In Income Protection Policies
The number of people who took out personal insurance cover to shield their finances hit a record high in 2023, as more sought protection from a potentially serious accident or illness that would prevent them from working, British insurers said Wednesday.
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March 20, 2024
FCA Warns Pension Advisers Over Treatment Of Customers
The Financial Conduct Authority urged pension advisers on Wednesday to look at how well they are considering the needs of their clients after a sweeping review of the sector found significant shortfalls at some companies.
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March 19, 2024
Financial Adviser 'Siphoned' Fees In Legal Fund Fraud Case
A former financial adviser allegedly siphoned £5.8 million ($7.4 million) from an investment fund via secret commission payments as part of a legal financing fraud, prosecutors told a London jury at the start of his criminal trial Tuesday.
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March 19, 2024
Pension Watchdog Finds Trustee Boards Lack Diversity
Pension boards across the U.K. lack diversity, according to research published Tuesday by Britain's retirement savings watchdog, which showed the characteristics of a "typical trustee" being unrepresentative of the overall U.K. population.
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March 19, 2024
Insurance Tech Biz Can't Get Policy Tracker Patent In UK
An insurance tech firm can't get a patent over its automated policy tracker software in the U.K. because computer programs and business methods are not patentable, intellectual property officials said Tuesday.
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March 19, 2024
Charities Recovering From Pension Deficits
Thirteen U.K. charities are no longer plugging a black hole in their pension schemes, a consultancy said Tuesday, amid a wider improvement in funding for retirement savings plans.
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March 19, 2024
Workers Have 'Misplaced' £50B In UK Pension Pots
The growing number of young workers changing jobs and moving to different pensions providers has left more than £50 billion ($64 billion) in U.K. pension pots "at risk of being misplaced" in abandoned or lost accounts, according to analysis published on Tuesday.
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March 19, 2024
AI Tool Automates Climate-Related Financial Risk Analysis
The Bank for International Settlements said Tuesday that it has developed an artificial intelligence tool that analyzes climate-related risks in the financial system by streamlining large sets of data — and could pave the way for future research applications.
Expert Analysis
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Data Protection Considerations For Insurers Post-Brexit
Now that companies must comply with both U.K. and EU data protection laws, insurers operating in Europe face additional data exposure liability risks and should adjust their underwriting practices and policy wordings accordingly, says Charlotte Worlock at Atheria Law.
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Cargo Insurance May Cover Losses From Suez Canal Delays
Policyholders who have suffered economic losses from the recent Suez Canal blockage may be able to secure compensation from their standard cargo insurance policies, even if coverage for delays is explicitly precluded, says Jeremy Lawrence at Munger Tolles.
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3 Lessons For UK Litigators In Virtual Trials
UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.
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SEC Data Transfer Safe Harbor Raises Questions For UK Cos.
The U.K. Information Commissioner's Office recently authorized British companies to transfer U.K. subjects’ personal data to facilitate U.S. Securities and Exchange Commission investigations, but companies need more detail on how to invoke the safe harbor or handle EU data subjects, say attorneys at Davis Polk.
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COVID-19 Insurance Issues To Watch In Civil Law Countries
A recent decision from a Spanish court of appeals shows that COVID-19 business interruption coverage disputes may not have outcomes that would be expected in common law countries, say Miguel Torres at Martínez-Echevarría & Rivera Abogados and José Umbert at Zelle.
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Remote Working Tips For Lawyer Trainees And Their Firms
The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.
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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.