Insurance UK

FCA Woodford Ban Signals Risks Of Star Fund Managers

The decision by the financial watchdog to provisionally fine and ban former fund manager Neil Woodford has sent a lesson to companies across the finance sector that the star status of some senior managers is up for review in the City.

One-pound and two-pound coins on a wooden table interspersed with a tape showing consecutive years.

Gov't Misses Chance To Go Big With New Pensions Body

The government launched a once-in-a-generation review of retirement savings on Monday, but experts warned that the new Pension Commission is a missed opportunity to take a no-holds-barred approach to tackle the savings crisis.

Criminal Background Check Application Form

Senior Managers Regime Revamp Risks Letting In Bad Apples

The City watchdog's planned overhaul of its senior managers regime risks allowing people with records of misconduct to slip into financial firms because of the relaxation of rules on references and criminal checks, according to lawyers.

Gov't Reforms Needed To Unlock FCA's Targeted Support Plan

The financial watchdog's planned "targeted support" program for consumers requires government legislation or guidance to remove legal obstacles to direct marketing — and regulatory experts expect the first step to come at the Mansion House address by Chancellor Rachel Reeves late on Tuesday.

August 12, 2025
Insurer Utmost Group Grows Assets To £107B After Rival Buy

Utmost Group said Tuesday that its gross cash inflows increased to £5.3 billion ($7.1 billion) in the first half of 2025, after the British insurer completed the acquisition of rival Lombard International in December.
August 12, 2025
Gov't Bodies Urged To Assess Insurance Accounting Changes

The government warned its divisions and public sector bodies on Tuesday to check what impact changes to an accounting standard for insurance contracts might have on their financial reporting.
August 12, 2025
UK Subsidence Claims Hit £153M Amid Record Warm Spring

Insurers paid out £153 million ($206 million) in claims linked to subsidence in the first six months of 2025 after Britain experienced its warmest spring on record, according to data from the Association of British Insurers.
August 11, 2025
Royal London Secures £1B In Pension Deals Since Launch

The Royal London Mutual Insurance Society Ltd. said it has secured at least £1 billion ($1.34 billion) in pension scheme liabilities since entering the de-risking market last year.
August 11, 2025
7 Local Gov't Pension Funds To Join Border To Coast

Border to Coast Pensions Partnership said Monday that seven local government pension scheme funds that manage approximately £45 billion ($60.5 billion) plan to join the pool, as part of the wider plan to consolidate the U.K.'s retirement pot.
August 11, 2025
Gov't To Tighten Appointed Reps Regime To Stop Misconduct

The U.K. government said Monday it will empower the Financial Conduct Authority to refuse firms permission to use appointed representatives, in a tightening of the regime to stop misconduct.
August 11, 2025
Most Pension Savers Under 65 Tap Funds Early, Data Shows

Approximately 70% of the three million savers in Britain who withdrew money from their retirement pots after government reforms in 2015 did so before they reached state pension age, a retirement specialist said Monday.
August 11, 2025
Addleshaw Helps PIC On £4.3B Rolls-Royce Pension Deal

Pension Insurance Corp. PLC said Monday that it has covered £4.3 billion ($5.8 billion) of pension liabilities for British aerospace and defense giant Rolls-Royce PLC to help streamline its business operations.
August 08, 2025
Aon Unit Expands In UK With Insurance Specialist Acquisition

A subsidiary of global professional services firm Aon has acquired Bspoke Insurance Group Ltd. to expand its specialist insurance services in the U.K.
August 08, 2025
Private Sector Pension Savings Hit Record £25.5B In 2024

Private sector employees in the U.K. contributed a record £25.5 billion ($34.3 billion) to their pension pots in 2024, a consultancy said on Friday.
August 08, 2025
UK Insurers Face Pressure To Offer Green Products

Over 40% of business executives consider it very important to offer green insurance products or services, GlobalData has said in a study.
August 08, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen the U.S. Securities and Exchange Commission target a British investor over a $10 million microcap fraud scheme, Merck Sharp & Dohme move against Halozyme Inc. following a recent clash over its patented cancer medicine, and Birmingham City Council sue a school minibus operator years after ending its contract over DBS check failures. Here, Law360 looks at these and other new claims in the U.K.
August 08, 2025
Trade Body Warns Of Burden In Local Gov't Pension Reform

The government must consider the potential administrative burden of sweeping reforms to the U.K.'s £400 billion ($537 billion) municipal staff pension plan, a trade body has warned.
August 07, 2025
Global Insured Losses Hit $80B In Record First Half Of Year

Insured losses from natural disasters reached around $80 billion in the first six months of 2025, reinsurance giant Swiss Re Group has said, marking the second-costliest start to a year ever.
August 07, 2025
Civil Service Pension Administration At 'Risk Of Collapse'

The administration of pensions for around 1.7 million civil servants could grind to a halt over how the U.K. government has handled the transition to a new outsourced provider, a union warned Thursday.
August 07, 2025
Global Funding For Insurance Tech Cos. Declines 16.7%

Global funding for insurance technology companies fell to nearly $1.1 billion between April and June, Gallagher Re said Thursday, marking a 16.7% dip from the previous three months.
August 07, 2025
FCA Boosts Payment Safeguards To Protect Consumers' Cash

The Financial Conduct Authority published new rules on Thursday to protect consumers better when they use payment companies, strengthening its ability to intervene when they fail to safeguard clients' money.
August 07, 2025
Insurer Warns Of Pause In Pension Deals Over Gov't Reforms

Many larger pension schemes have hit pause on plans to carry out insurance transactions while waiting on the government's plan for reforming the sector, an insurer warned Thursday, as it posted falling revenue from the first six months of the year.
August 07, 2025
Banca Generali To Weigh €6.3B Takeover Bid By Rival Lender

Italian lender Generali has said it still needs to evaluate a takeover offer from investment bank Mediobanca to acquire it for an estimated €6.3 billion ($7.3 billion) in a deal expected to spur consolidation in the banking industry.
August 06, 2025
Lloyd's Underwriter Bids To Revive Whitsleblowing Claim

A Lloyd's syndicate told an appeals tribunal Wednesday that an underwriter's attempt to revive a claim that he was sacked for whistleblowing about a supposedly fraudulent payment was an impermissible attempt to reargue the case.
August 06, 2025
Greenwashing Scrutiny Grows Amid Rising ESG Demands

The increasing significance of environmental, social and governance considerations for businesses has led to a surge in companies overstating their green credentials, according to a report from Watson Farley & Williams LLP.
August 06, 2025
Watchdog Returns £2.5M To Troubled Pension Scheme

The former owners of a packaging company have been forced to put a total of approximately £2.5 million ($3.3 million) into a staff pension scheme after enforcement action by the U.K.'s retirement savings watchdog, the body said Wednesday.
August 06, 2025
FCA Targets Greenwashing With Simpler Climate Rules

The Financial Conduct Authority set out plans on Wednesday to simplify sustainability reporting to help reduce greenwashing as it responded to feedback from asset managers, life insurers and pension providers that climate disclosures are too complex.
August 06, 2025
Insurer L&G Expects £42B Of Pensions Deals In 12 Months

Insurer Legal & General said Wednesday that it expects at least £42 billion ($56 billion) in transactions designed to reduce risk in U.K. pension plans over the next 12 months, amid surging demand from businesses.
August 06, 2025
HSF Kramer Guides Marsh On £1.9B Pensions Mega-Deal

British insurer Standard Life said Wednesday that it has acquired £1.9 billion ($2.5 billion) in pension liabilities from broking giant Marsh McLennan, in a deal guided by Linklaters, HSF Kramer and Eversheds Sutherland.

Editor's Picks

Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums

Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
FCA Begins Crackdown On Poor-Value Insurance Products

The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
Post-Election UK Pension Changes Could Be In The Fine Print

Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.

Expert Analysis

FCA Misconduct Guide Will Expand Firms' Duty To Investigate

The Financial Conduct Authority's recent proposals on workplace nonfinancial misconduct will place a greater onus on compliance and investigations teams, clarifying that the question to ascertain is whether the behavior is justifiable and proportionate, say lawyers at Ashurst.
Mansion House Speech Heralds New Financial Regulatory Era

The chancellor of the exchequer's recent Mansion House speech introduced a sweeping commitment to modernize regulation, which will require U.K. retail banks and building societies to revisit core assumptions, and allow lawyers to play a key role in shaping the new rules, say lawyers at Addleshaw Goddard.
Key Points From EU Proposals To Ease Securitization Rules

The European Commission’s recently proposed securitization framework amendments aim to relax existing rules, such as by reducing due diligence requirements and removing the need for investors to conduct certain prescribed compliance verifications by sponsors or original lenders, say lawyers at McDermott.
What To Expect As FCA Preps To Launch AI Testing Service

The Financial Conduct Authority’s forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool’s potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
EU Banking Watchdog Regulations Herald New AML Era

The European Banking Authority’s forthcoming anti-money laundering package will set a framework for compliance across the European Union by redefining the rules of engagement between financial institutions and supervisors, setting a new standard for transparency and accountability, say lawyers at A&O Shearman.
What To Expect As UK, US Gov'ts Develop Stablecoin Policies

While the U.K. and U.S. governments’ policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
What Insurers Can Do To Prepare For PRA 'Solvent Exit' Rules

With less than a year until the Prudential Regulation Authority's new solvent exit rules for insurers come into force, it is critical that firms prepare to meet the imminent deadline by outlining an execution plan and establishing clear governance arrangements, say lawyers at Holman Fenwick.
How Regulators Want Online Platforms To Fight Finance Fraud

Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
FCA Notes Industry Criticism But Keeps Transparency Focus

The Financial Conduct Authority’s recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
Court Backing Of FCA Pensions Ruling Sends Key Message

The Upper Tribunal’s recent upholding of the Financial Conduct Authority's decisions against CFP Management directors serves as a judicial endorsement of the regulator’s approach to defined benefit transfers, underscoring that where the advisory model is fundamentally flawed, the consequences for those in control can be severe, say lawyers at RPC.
Pension Schemes Bill's Most Notable, Controversial Measures

The long-awaited Pension Schemes Bill recently introduced to Parliament creates a framework for harnessing money saved in U.K. workplace pension funds to grow the country’s economy, but provisions relating to local government pension scheme investment, and scale and asset allocation, are controversial, says Claire Dimmock at Squire Patton.
Decoding Arbitral Disputes: Prestige's Jurisprudential Legacy

The U.K. Supreme Court's recent denial of appeal ended Spain's decades-long quest to enforce an €855 million arbitral judgment against a London insurer, throwing into stark relief the increasingly complex relationship between arbitral sovereignty, foreign state immunity and the shifting terrain of post-Brexit private international law, says Josep Galvez at 4-5 Gray's Inn.
UK Securities Tax Reform Will Be Welcomed By Investors

The proposed reforms resulting from HM Revenue & Customs' recent consultation on modernizing stamp taxes on shares, suggesting a single digital tax on securities to replace stamp duty and stamp duty reserve tax, are expected to reduce complexity for investors transacting in U.K. securities, say lawyers at Ropes & Gray.
A Shifting Landscape Of Greater Scrutiny After Data Breaches

Recent Information Commissioner's Office fines for personal data breaches and a Home Office consultation signal a shift in the U.K. regulatory landscape, and with an increase in mass actions and resulting exposure, organizations should prepare for potential third-party claims from those incurring consequential losses, say lawyers at Atheria.
What To Note As HM Treasury, FCA Plan New Crypto Regs

Taken together, HM Treasury’s recently proposed crypto-asset regulations and the Financial Conduct Authority’s new discussion paper on regulating crypto-asset activities provide key insights into the government's planned regime, which represents significant changes that will affect all firms providing related services, says Mark Chalmers at Davis Polk.