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Insurance UK
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February 07, 2024
UK Freezes Pensions Auto-Enrollment Thresholds Again
Britain's pensions minister has said the government will retain the current earnings threshold at which workers are automatically enrolled into pension plans, citing "prevailing economic factors."
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February 07, 2024
FCA Tells Insurers To Provide Non-Financial Misconduct Data
The Financial Conduct Authority has given insurers written notice to provide statistics on incidents of non-financial misconduct like bullying and harassment at their firms.
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February 07, 2024
Rise In Retiree Costs Is 'Wake-Up Call,' Ex-Minister Says
The rise in annual costs for U.K. retirees should be a "wake-up call" to the government and pensions industry, a former pensions minister said Wednesday as a trade body released new estimates for the cost of living in retirement.
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February 07, 2024
Gov't Must Rehire Axed Jobcentre Staffer, Pay Her £68K
A government department must reinstate an unfairly fired member of staff and pay her £68,000 ($86,000) in salary arrears after it ignored the effect of her medication on her actions when it carried out its botched misconduct investigation.
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February 06, 2024
Trade Bodies Want Delay On EU Sustainability Rule Changes
Trade bodies are putting pressure on the European Commission to coordinate how it plans to alter its sustainability disclosure regime, calling for a delay and a "period of stability" to ensure clarity and prevent regulatory overlap when it implements changes.
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February 06, 2024
Brown & Brown Acquires Insurance Broker Stewart & Partners
Insurance broker Brown & Brown (Europe) Ltd. said Tuesday it has bought 100% of the shares of Oxlea Investments Ltd., trading as Stewart & Partners, in a deal that will allow Brown & Brown to expand its range of products.
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February 06, 2024
Ex-Watchdog Boss Faults New Pension Funding Regulations
The U.K. government has missed an opportunity to better encourage pension schemes to invest in the economy in its revised funding regulations for the sector, a former policy boss at The Pensions Regulator warned.
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February 06, 2024
Insurers Call For Premium Tax Cuts, Flood Defense Spending
British insurers urged the government on Tuesday to reduce the premium tax rate and allocate more funds to flood defense in the spring Budget, moves they say will help ease the strain on consumers and businesses.
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February 06, 2024
EU Securities Watchdog To Get New ESG Rating Powers
The European Union's securities watchdog will gain new powers to regulate environmental, social and governance ratings providers under rules agreed by EU lawmakers.
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February 06, 2024
Burges Salmon Guides Insurance Co. In £72M Pension Deal
DAS Insurance has offloaded £72 million ($90 million) of its employee pension liabilities to Canada Life, in a deal steered by Burges Salmon LLP.
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February 05, 2024
Insurer Cuts Claim Against Cigna For Costs Of Missold PPI
PA (GI) Ltd. has cut its £36.7 million ($46.1 million) claim against Cigna to recover the costs of dealing with missold payment protection insurance for healthcare cover, following a London court order that it cannot recoup costs for life-related insurance policies.
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February 05, 2024
Pension Watchdog Warns Schemes After Capita Cyber Breach
The U.K.'s retirement savings watchdog has asked pension trustees to report cyber incidents to it on a voluntary basis, in the wake of a data breach at one of the U.K.'s largest scheme administrators.
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February 05, 2024
UK Could Have To Raise Pension Age To 71, Study Warns
The retirement age might have to rise to 71 in Britain by 2050 to maintain the number of workers per pensioner to sustain economic stability and the viability of pension systems, a specialist think tank said on Monday.
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February 05, 2024
Gov't Clarifies Pension Dashboard 'Deferral' Rules
The U.K. government has published guidance setting out under which circumstances pension schemes can delay connecting to new online retirement savings portals.
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February 05, 2024
Broker WTW Launches Insurance For Endangered Coral Reef
Insurance broker WTW said on Monday that it is launching a new policy designed to offer protection to the coral reef system in a group of islands in the South Pacific Ocean.
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February 05, 2024
Confidence In Pensions Outlook Dips In UK, Studies Show
Confidence in pensions and the overall outlook for retirement is declining in Britain, according to analysis published Monday, with concerns about allocated state payments in old age driving negative sentiment.
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February 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Dentons sued by a former high-profile partner in Saudi Arabia, Jaguar Land Rover rev its engine in the intellectual property court against automotive company HaynesPro, and the Russian National Reinsurance Company tackle a settlement with BOC Aviation over stranded aircraft. Here, Law360 looks at these and other new claims in the U.K.
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February 02, 2024
ED&F To Face £56M Trial Over Role In Danish Cum-Ex Fraud
Denmark's £56 million ($70.7 million) claim against ED&F over its alleged role in a fraudulent tax refund scheme can head to trial, a London judge ruled Friday despite finding that the Danish tax authority could have raised its new case against the broker earlier.
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February 02, 2024
Holiday Inn Owner, Insurers Settle Suit Over $11M Ida Award
A New Orleans Holiday Inn owner asked a Louisiana federal court to permanently dismiss its suit against three insurers over an $11.4 million arbitration award and related bad faith claims after the parties reached a settlement in January.
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February 02, 2024
'Unprecedented' Year Ahead For UK Pension Risk Transfers
The year ahead is poised to be one of "unprecedented change" for the U.K. pension risk transfer market, a consultancy has said, predicting more competition among insurers and increasing value of deals.
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February 02, 2024
EU Watchdog Warns Of High Level Of Pensions Risk Exposure
The European Union's pensions watchdog has warned that workplace pension schemes are exposed to high risks on market and asset returns, due to highly volatile bond markets.
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February 02, 2024
Pension Schemes Still Behind On Watchdog Code Prep
One quarter of defined benefit retirement saving schemes have not yet analyzed how they fall short of the requirements mapped out in the pension watchdog's new code of practice due to take effect next month, WTW said Friday.
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February 02, 2024
Quality Of Financial Reporting Still Mixed, Watchdog Says
The U.K.'s largest private companies still need to improve the quality of their financial reporting, especially for risk management, according to a review by Britain's accounting watchdog.
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February 02, 2024
HgCapital Trust To Invest £44M In German Insurance Broker
U.K. investment company HgCapital Trust PLC said Friday that it will invest £44.2 million ($56.4 million) in German insurance brokerage platform GGW Group to help it grow.
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February 01, 2024
Irwin Mitchell Not Liable For Helpline Advice To Future Client
A London appeals court on Thursday affirmed that law firm Irwin Mitchell LLP did not have a duty to advise a potential client that she needed to alert a tour operator following a life-threatening accident abroad, even though she lost the opportunity to potentially recover more than £1 million ($1.27 million).
Expert Analysis
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Q&A
A Chat With Faegre Client Development Chief Melanie Green
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
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UK's Proposed Investment Scrutiny Powers Are Far-Reaching
The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.
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Relief For Cos. Conducting UK Internal Investigations
After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.
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Breaking Down The UK's Revised Corporate Governance Code
Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.
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Q&A
Back To School: Widener's Rod Smolla Talks Free Speech
In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.
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When To Use Options Analysis In Damages Assessments
In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.
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Opinion
UK 'Unexplained Wealth Orders' Will Discourage Investors
The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.
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Brexit: Bracing For A No-Deal Scenario
Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.
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Considering Contract Termination Under English Common Law
The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.
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UK Corporations Face Growing Risk Of Class Actions
Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.
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Goldman Sachs Decision Raises Bank Failure Questions In UK
Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.
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Opinion
A Revolution For 3rd-Party Funding In The UK
Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.
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UK Seeks To Balance Asset Protection And Protectionism
In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.
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Is It Time To Prosecute UK Cos. For Human Rights Violations?
The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.
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6 Trends Will Shape Future International Commercial Disputes
The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.