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Insurance UK
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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.
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March 19, 2024
FCA Sets Out Priorities For New Financial Year
The Financial Conduct Authority detailed on Tuesday its new priorities for the next financial year, setting out plans to protect consumers and boost competitiveness in Britain and to make better use of data.
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March 26, 2024
DLA Piper Hires M&A Pro Carl Hotton From Freshfields
DLA Piper has hired mergers and acquisitions professional Carl Hotton as an insurance partner from Freshfields Bruckhaus Deringer LLP.
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March 18, 2024
Life Insurer DeadHappy Unable To Accept New Customers
Life insurer DeadHappy said Monday it could not accept new customers, a year after the regulated broker faced restrictions for a controversial advertising campaign featuring a convicted serial killer.
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March 18, 2024
Aviva Completes £937M Exit From Singapore Insurer
Aviva PLC said Monday that it has sold its entire stake in Singapore Life Holdings Pte Ltd., or Singlife, for £937 million ($1.2 billion), giving Sumitomo Life Insurance Co. complete control of the company.
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March 18, 2024
Direct Line Unit Denies Liability For Plastic In Branston Pickle
A subsidiary of Direct Line Group PLC has denied owing a processed vegetable product supplier £487,000 ($617,000) for losses caused by plastic found in ingredients set to be used for Branston Pickle chutney, because the insurer has already paid out under its policy.
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March 18, 2024
WTW To Launch 'Game-Changing' Climate Finance Solution
Insurance broker WTW said Monday it is working to launch an insurance facility that it hopes will remove risks associated with loans to private companies, a move to protect them from threats linked to climate change.
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March 18, 2024
UK Pension Insurers Sign Up To Net-Zero Targets
The bulk annuities insurance sector in Britain has universally adopted net-zero targets for carbon emissions, but analysts warn that there is still more to do in terms of climate stewardship.
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March 18, 2024
Watchdogs Join Forces To Ramp Up Fight On Debt Collection
The Financial Conduct Authority said on Monday it is launching a joint effort with three other watchdogs to further scrutinize debt collection practices, ensuring that companies fairly treat consumers who are feeling the pinch from the cost-of-living crisis.
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March 15, 2024
Solicitor Struck Off For Running Firm Without Insurance
A solicitor has been struck off after a London legal professional tribunal ruled that he had failed to have professional indemnity insurance, then gave regulators misleading information when they investigated, according to a judgment published Friday.
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March 15, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Howard Kennedy face legal action by a London hotel chain, former racing boss Bernie Ecclestone and Formula One hit with a breach of contract claim by a Brazilian racecar driver, and a libel row between broadcaster Jeremy Vine and ex-footballer Joey Barton. Here, Law360 looks at these and other new claims in the U.K.
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March 15, 2024
FCA To Review How Firms Treat Vulnerable Customers
Britain's finance watchdog said on Friday that it will examine whether U.K. firms are treating vulnerable and elderly customers fairly.
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March 15, 2024
Debenhams Pension Deal Eases Superfund Fears, LCP Says
The step by Clara-Pensions to take on all 10,400 members of the retirement savings plan of collapsed retailer Debenhams in the U.K.'s second-ever superfund deal will ease concerns around transactions in the nascent market, a consultancy has said.
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March 15, 2024
Insurer Calls For Clarity Over National Insurance Funding
The U.K. government must provide clarity over the impact of payroll tax cuts on future funding for state pensions, insurance giant Aegon UK said Friday.
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March 15, 2024
Pension Watchdog Says Poor-Value Plan Initiative Is Working
The U.K.'s retirement savings watchdog said that its fight against poor-value pension schemes is working and that plans are choosing to wind up following government regulations introduced to drive improvements for members.
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March 15, 2024
One-Day US Settlement Will Jeopardize Global FX Market
European asset managers have warned central banks and regulators that the planned U.S. move in May to settle foreign exchange trades more quickly will make billions of dollars in daily settlements unsafe, putting the global market at risk.
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March 14, 2024
Lehman Brothers Can't Undo Trial Loss Over Crisis-Era CDS
A New York appeals court on Thursday affirmed a bench trial loss Lehman Brothers' bankrupt European unit suffered last year in a suit attempting to claw back nearly half a billion dollars from Assured Guaranty over losses on credit default swaps tied to the 2008 financial crisis.
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March 14, 2024
FCA Warns Firms To Give Fair Value Under Consumer Duty
The Financial Conduct Authority warned firms on Thursday that it will act on significant concerns about failure to deliver fair value for savers under the Consumer Duty regime.
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March 14, 2024
Clara Takes Debenhams Pension Scheme In Landmark Deal
All 10,400 members of the retirement savings plan of collapsed retailer Debenhams will have their promised pension benefits restored after Clara-Pensions announced Thursday it would take on the scheme in the U.K.'s second-ever superfund transaction.
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March 14, 2024
Insurers Launch Fire Safety Project In Response To Grenfell
McGill and Partners Ltd. has established a fire safety program, designed to expand insurance capacity for buildings with combustible cladding, in response to the deadly 2017 fire at the Grenfell Tower flats in West London.
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March 14, 2024
EU Renews US Insurance Market Equivalence For 10 Years
The European Union will continue recognizing U.S. insurance regulations as equivalent to its own for another 10 years, the European Commission said Thursday.
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March 14, 2024
Advisers Want Tax Reduction For Pensions, Aegon Says
Many British financial advisers want the government to reduce taxes as part of pension reforms following the next general election, insurance firm Aegon UK said Thursday.
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March 21, 2024
DWF Hires Clyde & Co. Pro David Wynn As New Partner
DWF LLP has bolstered its global insurance practice by hiring David Wynn as a new partner from Clyde & Co. LLP, where he headed the global legacy solutions practice for the past 10 years.
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March 14, 2024
Insurer Completes Full Construction Co. Pension Scheme Deal
Insurer Just Group said on Thursday that it has completed a £37 million ($47.3 million) buy-out of a pension scheme sponsored by a leading engineering and construction company, finishing the process that it started in 2013.
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March 14, 2024
CMS Leads Rothesay £6B Buy Of Scottish Widows Portfolio
Pension insurer Rothesay Life said Thursday that it will buy Scottish Widows' £6 billion ($7.7 billion) portfolio of bulk annuities from Lloyds Banking Group PLC, in a transaction guided by CMS Cameron McKenna Nabarro Olswang LLP.
Expert Analysis
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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.
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UK Privacy Rules That Can Catch You Off Guard
The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 2
With autonomous vehicles expected to hit the streets of the United Kingdom soon, manufacturers, insurers and their legal counsel face the challenge of determining how the U.K.'s product liability laws will be applied to questions of negligence, evidence and contracts raised by self-driving vehicles, says Michaela Herron of Bristows LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 1
Autonomous vehicles present a number of challenges to the United Kingdom's product liability legal framework, especially with regard to the vehicles' heavy reliance on software, consumers' expectations of safety and the need for compliance with varying local traffic rules, says Michaela Herron of Bristows LLP.
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A Victory For Legal Privilege In Cross-Border Investigations
The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.
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UK And EU Crawl Toward Virtual Currency Regulation
The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.
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Is Equifax Data Breach Penalty A Sign Of Fines To Come?
Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.
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Ensure That Dispute Resolution Mechanisms Are Brexit-Proof
With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.
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5 Cyber Insurance Pitfalls To Avoid In The UK
Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
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UK Unexplained Wealth Orders: More Bark Than Bite So Far
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
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GDPR Compliance Questions For Blockchain Firms
The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
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Knowledge Management: An Unsung Hero Of Legal Innovation
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
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Uncertainty Concerning The UK's Proper Purpose Rule?
The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.
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How Europe's AML Regime Is Tackling Virtual Currencies
The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.
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UK Ruling Signifies Greater Cross-Border Sharing Of Data
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.