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Insurance UK
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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).
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February 01, 2024
Accounting Watchdog Flags Barriers To Entry For Audit Firms
Britain's accounting regulator said Thursday that the audit market still has steep barriers to entry, holding back the level of competition and choice in the sector.
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February 01, 2024
Greenwashing Risk Hurting ESG Funds, EU Watchdog Says
Europe's financial markets watchdog has warned that greenwashing risks are hurting the growth of environmental, social and corporate governance funds, potentially damaging investor confidence.
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February 01, 2024
EU Plans Closer Scrutiny Of BigTech Financial Services
European Union financial regulators on Thursday revealed plans to create a data mapping tool available for all regulatory bodies of member states that will monitor the major tech companies' activities in financial services.
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February 01, 2024
Ex Claims Negligence Over Husband's £110,000 Death Benefit
A woman has alleged that her ex-husband's employer wrongly denied her a £110,000 ($139,000) payout after he died while working for the business, alleging that it negligently followed old instructions and wrongly gave the money to his children.
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February 01, 2024
Labour To Take Forward Mansion House Pension Reforms
The Labour Party appears likely to continue with the current policy trajectory for pension plans to invest to a greater extent in the U.K. economy if it wins the election, in a move experts said would offer stability to the sector.
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February 01, 2024
Gov't To Navigate 'Regulatory Arbitrage' With Superfund Laws
Any future legislation on so-called pension superfunds will be drafted in a way that ensures that the emerging sector does not have an unfair advantage over insurance companies, the government has said.
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February 01, 2024
Switzerland Floats Plan To Curb Nature-Related Financial Risk
Switzerland's finance watchdog launched plans on Thursday that it said would improve how banks and insurers in the country manage financial risks related to nature and strengthen their resilience to those challenges.
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February 01, 2024
Austrian Lender BAWAG Buys Dutch Online Bank For €510M
Austria's BAWAG Group AG said Thursday that it will buy a Dutch online bank from ASR Nederland NV, an insurer, for €510 million ($550 million) in a move to expand its retail and small business banking services in Europe.
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January 31, 2024
FCA Warns Firms Against False Price, Trade Messaging
The Financial Conduct Authority has warned companies to take steps to prevent the communication of false prices or trades in securities to investors, which could cause potential financial harm.
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January 31, 2024
Eversheds, Clifford Chance, CMS Steer £400M Pension Deal
Insurer Just Group has said it has taken on £400 million ($510 million) of pension liabilities on behalf of a technology company in a transaction steered by Eversheds Sutherland, Clifford Chance LLP and CMS Cameron McKenna Nabarro Olswang LLP.
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January 31, 2024
UK Launches Probe Into £3B Insurance Broker Merger
Britain's antitrust authority has launched a probe into insurance broker Atlanta Group's £3 billion ($3.8 billion) planned merger with rival Markerstudy as it seeks to establish whether the deal will harm competition in any U.K. markets.
Expert Analysis
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4 Questions About Whistleblowing In The UK And Beyond
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
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Obtaining DPAs In The UK Will Not Be Easy
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
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Lessons From 4 Recent Athlete Insurance Lawsuits
This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.
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Raising Issues In UK Preliminary Hearings Can Be Risky
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
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3rd-Party Litigation Finance In UK: To Brexit And Beyond
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
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Can D&O Policies Enhance Presumption Of Innocence In UK?
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
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Litigation Funding Is On The Rise In Europe
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
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Judging The Financial Conduct Authority 5 Years On
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
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The Outlook For Anti-Suit Injunctions After Brexit
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
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New Tax Rules For Termination Payments In UK
New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.
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EU Ruling Casts Doubt On Bilateral Investment Treaties
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
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GDPR Will Benefit Financial Services In The Long Run
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
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IP Considerations For UK Open Banking App Developers
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
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Opinion
BigLaw Doesn't Have A Diversity Problem
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.
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Equity Partnership Isn't What It Used To Be
To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.