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Insurance UK
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May 28, 2024
Pension Deals Market Working For Small Providers, Aon Says
The deal market for small pension schemes looking to offload their liabilities to insurers is working despite fears that such plans are being crowded out of the market, Aon said Tuesday.
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May 24, 2024
The UK Laws That Will Pass Or Fail As Election Looms
Prime Minister Rishi Sunak's decision to call an early general election to be held on July 4 has left several pieces of legislation hanging in the balance during the so-called "wash-up" period before Parliament is formally dissolved, while others have been pushed through.
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May 24, 2024
Labour Gov't Could Force Big Tech Into Fraud Repayments
A potential new Labour government means a turning point in tackling financial fraud if it should force big tech companies like Meta and Google to join banks in having to reimburse customers duped into sending fraudsters money, according to lawyers.
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May 24, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.
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May 24, 2024
FCA Allows GAP Insurance Sales To Resume
The Financial Conduct Authority said Friday it has allowed several insurers to resume the sale of guaranteed asset protection insurance, months after putting a restriction on sales to rectify problems with the design of the product.
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May 24, 2024
Snap July 4 Election Leaves Pension Reform In Disarray
The government's decision to call a snap general election for July 4 has left the U.K.'s pension sector in limbo, experts say, with uncertainty over whether the next administration will continue with an ambitious reform program.
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May 24, 2024
Law Firm Partner Says Sorry For Expert Witness Interference
A Penningtons Manches Cooper LLP partner has apologized to a London court for overstepping in his interference with an expert witness' statement amid his client's feud with AXA XL.
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May 24, 2024
Generali Italia Denies Owing £1M To Exec With Eye Disease
Italy's largest insurance company has denied that it owes more than £1 million ($1.2 million) in incapacity benefits and damages to a Quest Software sales director suffering from a degenerative eye disease after rejecting his claim.
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May 24, 2024
FCA Bans Two Advisers Accused Of Misleading Clients
The Financial Conduct Authority has banned two advisers from working in financial services for "recklessly" exposing pension holders to high-risk investments, the regulator said Friday.
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May 24, 2024
Travelers Insurance Sued Over Fire-Damaged Warehouse
A U.K.-based building operator is suing its insurer for breach of contract for refusing to pay out on its multimillion-pound policy after fires destroyed its Scottish warehouse because the company allegedly fell short of security requirements and other policy provisions.
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May 24, 2024
No Easy Fix For Pensions Marketing Rules, Minister Warns
The government has said that there is no straightforward way to fix a quirk of privacy rules that discourages pension providers from sending emails to retirement savers.
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May 24, 2024
Ex-Aviva Staffer's Tribunal Outbursts Not A Bar To Fair Trial
Aviva must face a former employee's discrimination claim even though her actions during hearings — including accusations of institutional racism in employment cases — is likely to prevent the trial being fair, a tribunal has ruled.
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May 23, 2024
Insurer Warns Of Surge In 'Crash For Cash' Fraud
Insurer Allianz UK has urged motorists to watch out for dangerous scams, as it warned of a 6,250% rise in 2023 of "crashes" involving motorbikes and scooters.
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May 23, 2024
Legal Alliance Warns Of Growing FCA Burden On Insurers
British regulators are pressuring the insurance industry in the name of consumer protection, but at the expense of business growth and security, a report by an alliance of global insurance-focused law firms said Thursday.
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May 23, 2024
Trader Denies Using 'Magic Money Tree' At £1.4B Fraud Trial
Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), denied using a "magic money tree" in his trading at a London court Thursday.
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May 23, 2024
Pension Plans Must Get Handle On Data Quality, TPR Says
Retirement savings plans in the U.K. face increased regulatory scrutiny to ensure that Britain has the best possible standards on safeguarding the personal data of clients, the pensions watchdog has said.
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May 23, 2024
Tech Resilience Regime Ambiguous, European Banks Say
A trade body representing banks in Europe warned on Thursday that new regulations requiring finance firms to prevent risks arising from cyberattack or systems failure are ambiguous and could create differing approaches to compliance.
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May 23, 2024
FCA Fines HSBC £6.2M For Mistreating Customers In Arrears
The Financial Conduct Authority said Thursday that it has fined HSBC £6.2 million ($7.9 million) for inadequate treatment of customers in financial difficulty.
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May 30, 2024
White & Case Hires 2 Latham Partners In Germany
White & Case LLP has added two partners from Latham & Watkins LLP with more than three decades worth of experience between them in capital markets to its Frankfurt office.
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May 22, 2024
Insurers Lose Appeal Over $15M Hanjin Shipping Settlement
Insurers should not be entitled to recover a portion of recoveries for uninsured losses, a London appeals court ruled Wednesday, in a dispute over a $15 million settlement following the collapse of Hanjin Shipping.
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May 22, 2024
Shipping Losses Hit All-Time Low Despite Growing Risks
Losses of vessels exceeding 100 gross tons hit a historic low of 26 ships in 2023, down from 41 in 2022, according to a report published on Wednesday by Allianz SE.
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May 22, 2024
UK Gov't Calls Elections For July 4 Despite Poor Polls
Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.
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May 22, 2024
City Group Warns Financial Fraud Still Major Problem
A City trade body for financial institutions said Tuesday that payment fraud remains a major problem, with criminals stealing more than £1 billion ($1.27 billion) in 2023, shifting into growth areas such as mobile banking.
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May 22, 2024
EU Watchdog Seeks New Powers For Markets Regulation
The European Union's financial markets watchdog called Tuesday for more regulatory powers and a simplified rulebook to improve the bloc's declining global competitiveness.
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May 22, 2024
Gov't Dismisses 'Arbitrary Deadline' On Pensions Redress
The government on Wednesday shrugged off calls to draw up plans by the summer for a redress program for millions of women who have been underpaid under state pension plans.
Expert Analysis
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Firms Should Prepare For New DEI Reporting Requirements
While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.
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Shifting From Technical To Clear Insurance Contract Wordings
Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.
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Recent Trends In European ESG-Related Shareholder Activism
New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.
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How Insurance Policies Can Cover Generative AI Risks
As concerns rise about the new risks that businesses face as a result of generative artificial intelligence tools, such as AI-facilitated hacking and intellectual property infringement, policyholders should look to existing insurance policies to cover losses or damages, says Josianne El Antoury at Covington.
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Breaking Down The UK's Draft Updates To Prospectus Regime
While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.
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4 Compliance Considerations Under FCA Consumer Duty
Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.
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Swiss Privacy Law Reforms Present Divergences From GDPR
The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.
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Opinion
Russia Ruling Should Lead UK To Review Sanctions Policy
The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.
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Pension Plan Amendment Power Lessons From BBC Ruling
The High Court's recent ruling in BBC v. BBC Pension Trust upheld an unusually restrictive fetter on the pension scheme's amendment power, which highlights how fetters can vary in degrees of protection and the importance of carefully considering any restriction, says Maxwell Ballad at Freeths.
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UK Securitization Reform Opts For Modest Approach, For Now
Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.
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FCA Consumer Duty May Pose Enforcement Challenges
The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.
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How The OECD Global Tax Proposal Could Affect M&A
Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.
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What Trustees Must Know About Virgin Media Pension Case
The High Court's recent decision in Virgin Media v. NTL Trustees could have significant consequences for salary-related contracted-out schemes, making it necessary for trustees to start examining any deeds of amendment during the affected time period, says James Newcome at Wedlake Bell.
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Trustees Should Take Caution After UK Pension Tap Plan
The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.
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Factors Driving Increased Litigation Against European Cos.
European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.