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Insurance UK
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March 01, 2024
FCA Says Grenfell Reinsurance Scheme Will Cut Premiums
A new reinsurance scheme will reduce the cost of insurance for leaseholders in flats, the Financial Conduct Authority has said, as it seeks to bring down premiums that have risen steeply since the Grenfell Tower fire seven years ago.
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March 01, 2024
EU Watchdog Probes Low Natural Disaster Insurance Take-Up
Europe's insurance regulator has found that reluctance among consumers to invest in natural catastrophe insurance is influenced by concerns about costs, a lack of clarity about policy terms and negative past experiences.
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February 29, 2024
Police Federation Liable For 9,500 Pension Payouts
The Police Federation of England and Wales is on the hook to compensate thousands of its members after a group won its legal battle over a pension scheme that gave young officers worse benefits than older colleagues, a tribunal has ruled.
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February 29, 2024
FCA Plan To Name Suspect Firms Early Alarms Finance Sector
Plans put forward by the Financial Conduct Authority to name companies under investigation early might unfairly cause "catastrophic" damage to reputations, even if the regulator later drops the case, according to lawyers.
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February 29, 2024
MPs Quiz Watchdog On Chaos At Local Gov't Pension Fund
A group of senior MPs has asked the pensions watchdog about the steps it has taken to tackle disruption at a local government retirement fund where thousands of savers have faced delays in receiving their benefits.
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February 29, 2024
UK Pension 'Surplus Extraction' Changes Could Unlock £340B
Government proposals to use the surplus held in defined benefit pension schemes could unlock £340 billion ($430 billion) for investment in U.K. businesses or payments for members, according to PwC.
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February 29, 2024
£1.84B Of Gov't-Backed COVID Loans Suspected Fraudulent
Some £1.84 billion ($2.32 billion) of U.K. government-backed COVID-19 loans granted to help businesses through the pandemic are suspected to be fraudulent, the Department for Business and Trade said Thursday.
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February 29, 2024
Pensions Watchdog Chief Under Fire As Staff Strike Again
Workers at the U.K. pensions watchdog started a 12-day walkout on Thursday, criticizing the "head-in-the-sand attitude" of the regulator's chief executive and claiming she has ignored their requests to resolve a months-long pay dispute.
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February 29, 2024
Insurer Direct Line Rejects £3B Linklaters-Backed Ageas Bid
British insurer Direct Line has rejected a £3.1 billion ($3.9 billion) offer from Ageas, a Belgian-French rival, finding that it was "uncertain, unattractive, and that it significantly undervalued" the group.
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February 28, 2024
MPs Launch Inquiry Into Effectiveness Of Russia Sanctions
Parliament's Treasury Select Committee on Thursday said it is launching a parliamentary inquiry into whether Britain's sanctions against Russia have been effective in hampering the Kremlin's ability to finance its war with Ukraine.
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February 28, 2024
Insurer To Pay £15K To End Abuse Payout Row With Ex-Vicar
The Church of England's main insurer has agreed to pay £15,000 ($18,950) in a settlement to resolve a dispute over a former vicar's liability for money the insurer paid to settle victims' claims after he was convicted of child abuse.
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February 28, 2024
Bogus Insurance Claim Lawyer Seeks To Overturn Striking Off
A solicitor who made a false insurance claim over a road traffic accident urged a court on Wednesday to restore him to the profession, saying that a tribunal did not consider the "exceptional circumstances" of the case.
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February 28, 2024
Profit Warnings Rise For Pension Scheme Sponsors
One in five U.K.-listed companies with a defined benefit pension scheme issued a profit warning in 2023, according to research published by EY-Parthenon, marking a year that "exceeded levels" seen at the peak of the financial crisis.
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February 28, 2024
Pension Bodies Call For Investment Regulation Overhaul
The government must boost levels of pension savings, consolidate funds and offer new opportunities for investing in illiquid assets if it wants the sector to contribute to U.K. growth, two trade bodies have said.
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February 28, 2024
FRC Plans To Review Code For Asset Managers
Britain's accounting watchdog announced it will carry out a fundamental review of the Stewardship Code and revise its rules for investors where necessary to help promote U.K. competitiveness.
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February 28, 2024
St James's Place Sets Aside £426M For Potential Client Refunds
One of the U.K.'s largest wealth managers said Wednesday that it has set aside £426 million ($540 million) for potential refunds to clients that have complained they did not receive financial advice they paid for.
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February 27, 2024
Global Pension Assets Total $55T In 2023, Broker Says
Global pension assets rose by 11% to reach $55.7 trillion in 2023, according to research published by broker WTW, showing a rebound from weaker economic performance across the previous year.
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February 27, 2024
Financial Ombudsman Braced For APP Fraud Claims
Britain's financial dispute-resolution body told a cross-party group of members of Parliament on Tuesday it is braced for an avalanche of extra claims later this year when banks must recompense victims duped into transferring money to fraudsters.
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February 27, 2024
Insurance Body Launches Guide For 'Responsible' AI Use
British insurers should consider who is accountable for any artificial intelligence systems they use to ensure that they are using the technology responsibly, according to a guide published Tuesday by a trade body.
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February 27, 2024
FCA To Start Naming Finance Firms Under Investigation
The Financial Conduct Authority said on Tuesday that it plans to publicly name the firms it probes and publish information about its investigations at an earlier stage to increase the deterrent effect of its enforcement actions.
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February 27, 2024
British Pensions Sector Backs FCA 'Advice Gap' Review
The U.K. pensions industry has thrown its support behind a sweeping review designed to plug a growing advice gap among workers approaching retirement.
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February 27, 2024
UK Insurers Call For Extension Of 'Whiplash' Injury Tariff
Insurers said on Tuesday that they will campaign for changes to personal injury rules as part of a wider effort to curb spiraling hikes in the price of premiums.
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February 26, 2024
Insurance M&A Hits 10-Year Low Amid Political Uncertainty
The number of global mergers and acquisitions among insurers was at its lowest level for a decade in 2023, according to research published on Monday by Clyde & Co. that shows companies are reacting cautiously to heightened geopolitical risks.
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February 26, 2024
Ex-Managing Partner Must Pay £210K Costs In Bias Claim
A former managing partner of a law firm has lost his latest bid to avoid paying costs, after a tribunal blocked him from relitigating rulings that he hid information while off work with cancer to claim income protection insurance and a share of its profits.
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February 26, 2024
UK Unveils Plan For Surplus In £1.4T Pension Sector
The government has said it is exploring proposals to allow companies to tap into the £1.4 trillion ($1.8 trillion) defined benefit pension sector, but trade bodies and consultants warned that the plan could undermine the security of savers.
Expert Analysis
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Where The Post-Libor Litigation Tsunami Will Hit
The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.
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Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant
The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.
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UK Antitrust Watchdog Proposals Would Bolster Enforcement
The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.
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Guest Feature
Preet Bharara On The Human Factor In The Justice System
A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.
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Considering A More Cost-Effective Future For The SFO
In light of multiple recent examples of U.K. Serious Fraud Office investigations yielding far less than the agency may have hoped for, a new approach to prosecuting individuals and corporations may be a smart investment, says Azizur Rahman of Rahman Ravelli.
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Lessons From Carphone Warehouse's Partial FCA Settlement
In the first case decided under the U.K. Financial Conduct Authority's new partial settlement process, Carphone Warehouse demonstrates not only the possible value of cooperating with authorities but also the cost of failing to right previous wrongs, says Syedur Rahman of Rahman Ravelli Solicitors.
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Collective Redress In The EU: Past, Present And Future
Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.
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Lenders Score Major High Court Victory In Foreclosure Case
The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.
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3 Brexit Scenarios And Their Implications For US-UK Trade
Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.
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Frustrating Events: Are Your Contracts Brexit-Proof?
In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.
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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.