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Insurance UK
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October 08, 2024
Gov't Urged To Commit To Pension Tax 'Lock' In Budget
The government must commit to a long-term pact on pension tax policy, experts said, warning that prolonged uncertainty is damaging consumer confidence.
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October 08, 2024
Bear 'Polluter Pays' Liability For Redress, FCA Tells Firms
The finance watchdog has warned investment firms that they must take responsibility for holding sufficient resources to pay redress to clients, saying it has seen significant liabilities being pushed onto the country's financial compensation program.
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October 08, 2024
FCA Warns Banks To Improve Anti-Fraud Systems To Cut APP
The financial watchdog has ordered banks and other payments firms to improve their anti-fraud systems and controls, as it expects businesses to target authorized push payment scams in this way.
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October 08, 2024
Broker, Property Firm Settle In £2M Fire Insurance Dispute
An insurance broker has reached a settlement in its attempt to pull a property management company into litigation brought by an investor seeking an insurance payout to cover the costs of rebuilding two properties tied to a fire in Glasgow.
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October 07, 2024
Putin Helped Airlines Survive, Insurers Say In Stranded Jets Trial
The Russian government did not order the country's private airlines to retain aircraft after Western sanctions were imposed, a group of insurers argued at trial Monday, but instead facilitated the necessary conditions for its aviation industry to survive.
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October 07, 2024
Firm's Boss Misled Insurer Over Suspended Lawyer, SRA Says
The solicitors' watchdog told a disciplinary tribunal Monday that the boss of a law firm misled insurers to cover up employing a lawyer who was banned from handling client accounts.
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October 07, 2024
Investors Urge UK Pension Reforms To Boost Returns
Investors have urged the U.K. to adopt new pension reforms designed to improve how pension schemes invest and operate following a call for evidence as the government carries out a review of pensions investment.
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October 07, 2024
Underwriter Rejects €1.6M Contract Cancellation Claim
A German underwriter has said it is not liable for €1.6 million ($1.75 million) in damages claimed by a Liechtenstein-based insurer that alleges it failed to end contracts correctly, saying it did not have a duty to record their termination.
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October 07, 2024
Watchdog Now Orders Banks To Pay Back APP Fraud Victims
The Payment Systems Regulator said Monday that new rules will provide world-leading protections to consumers who have been tricked into sending money to fraudsters through the banking system.
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October 04, 2024
SFO Seizes £295K From Convicted Tycoon In $700M Fraud
Britian's financial crime enforcer has seized £295,000 ($386,000) from a convicted fraudster imprisoned three times in connection with an international metal trading scam that defrauded lenders worldwide out of nearly $700 million more than two decades ago.
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October 04, 2024
Former TUI Pilot Loses Health Insurance Employment Claim
A former TUI Airways Ltd. pilot did not have the right to receive permanent health insurance benefits until the state pension age of 66 because his contractual retirement age was 65, an employment tribunal has ruled.
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October 04, 2024
AXA Adds New Platform For Measuring Climate Risks
Consultancy AXA Climate has officially rolled out a platform to help industrial companies with strengthening their sustainability reporting requirements and measuring the effects of climate-related risks on their sites, expanding its climate offering to a wider range of organizations.
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October 11, 2024
Covington Adds Mishcon Insurance Litigation Pro In London
Covington & Burling LLP has hired a dispute specialist as a partner to its global insurance practice group in London to lead the firm's policyholder disputes practice.
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October 04, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen GMB Union sued by the makers of Tetley Tea after a staff walkout in September, boxer Mike Tyson hit with legal action from a marketing company and the Met Police face a misuse of private data claim from a woman who had a relationship with an undercover police officer. Here, Law360 looks at these and other new claims in the U.K.
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October 04, 2024
Injury Claims Made Through Irish Board Rose 10% In 2023
Personal injury claims made to the Irish government grew 9.8% in 2023 over the previous year, the Injuries Resolution Board said Friday, citing a rise in road traffic accident claims.
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October 03, 2024
Putin Seized Planes In Political Act, Insurers Say At UK Trial
A group of aviation insurers are fighting to limit potential payouts for aircraft stranded in Russia, telling a London court on Thursday that orders from Russian President Vladimir Putin kept hundreds of Western-owned planes from being returned to their lessors in a political act after sanctions were imposed.
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October 03, 2024
New UK Anti-Fraud Law Could Fuel Prosecution Of Individuals
The new "failure to prevent fraud" offense that is likely to take effect in 2025 was written to target large companies that do not have internal controls to prevent such crime, but lawyers are warning clients that bosses will be expected to help pursue individual fraudsters
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October 03, 2024
Pension Co. Expects Greater Investment Plan Detail In Budget
More detail on how the British government plans to generate greater investment from the £800 billion ($1.05 trillion) defined contribution sector into the economy seems "highly likely" to feature in the upcoming autumn Budget, PensionBee has said.
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October 03, 2024
Herbert Smith-Led WTW Buys Stake In Wealth Manager
Insurance group Willis Towers Watson PLC said Thursday that it has acquired a minority stake in U.K. wealth manager Atomos, following an alliance between the companies since 2022.
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October 03, 2024
EU Finance Bodies Seek Clarity On Cybersecurity Compliance
Financial trade bodies across the European Union have urged regulators to clarify critical requirements under the Digital Operational Resilience Act, which is set to come into effect in January, saying they are not clear on how the cybersecurity legislation applies to them.
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October 02, 2024
UK To Give Banks New Powers To Combat Fraudsters
The U.K. government said Thursday it is introducing new laws enabling banks to extend investigations of suspected fraudulent payments.
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October 02, 2024
Parliamentary Ombudsman Probes Pensions Injustice
The independent complaints body for government departments has launched an inquiry into historical injustices in state pensions that could lead to hundreds of millions of pounds being paid out in compensation to women who were affected, a consultancy said Thursday.
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October 02, 2024
'Petsure' Name Infringes 'Vetsure' TM, Appeals Court Says
A pet insurance company has convinced an appeals court that shoppers would likely confuse its "Vetsure" trademark with its rival's "Petsure" name, given the conceptual similarity between the two.
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October 02, 2024
AerCap Battles Insurers Over Stranded Jets As Trial Begins
There is "no scope" for major insurers to refuse billion-dollar claims for planes seized by Russian airlines, lawyers for major lessor Aercap told the High Court on Wednesday on the first day of a trial that is likely to be a test case for other claims.
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October 02, 2024
Hogan Lovells Leads Royal London's 1st £30M Pension Deal
The Royal London Mutual Insurance Society Ltd. completed its first full scheme buy-in with the £30 million ($39.8 million) acquisition of The Retreat York Pension Scheme in a deal guided by Hogan Lovells and Wrigleys Solicitors, its adviser K3 Advisory said Wednesday.
Expert Analysis
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UK Firms Should Be Prepared For Government Raids
Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.
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Series
Why I Became A Lawyer: Completing The Journey Home
My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.
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3 Insurance Issues Raised By The Notre Dame Cathedral Fire
The devastating Notre Dame Cathedral fire provides a rare opportunity to consider the many unique factors that owners and insurers must consider when insuring national treasures, say attorneys at Zelle.
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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.