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Insurance UK
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March 22, 2024
Money Laundering Ringleader Jailed For £560K Bank Con
A fraudster who set up sham carpet and furniture businesses as part of a money laundering scheme that lost banks £560,000 ($705,000) has been jailed for six years and four months, the U.K.'s Insolvency Service said Friday.
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March 22, 2024
Glencore Cannot Deny Knowing It Was Corrupt, Investors Say
Glencore cannot claim it "reasonably believed" it was telling the truth when it failed to disclose it orchestrated a global bribery scheme during an initial public offering that raised $10 billion, institutional investors suing the mining and trading group have said.
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March 22, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the BBC and Wall to Wall Media hit with a passing off lawsuit by musician BOSSIIE, Poundland parent company Pepco Group file a commercial fraud claim against several mobile network giants, family law specialists Alexiou Fisher Philipps LLP start proceedings against former oil trader Michael Prest, and a transgender lawyer file a libel claim against a blogger. Here, Law360 looks at these and other new claims in the U.K.
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March 22, 2024
4 Charged For Unregulated Water Investment Scam
The Financial Conduct Authority said Friday it has charged four individuals with allegedly defrauding investors out of £3.9 million ($4.9 million) in an unregulated water investment scheme.
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March 22, 2024
Audit Agency Backs Gov't Non-Financial Reporting Reforms
The Financial Reporting Council voiced its support for the U.K. government's plans to update non-financial reporting requirements on Friday, emphasizing the importance of simplifying the framework to help companies access capital.
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March 22, 2024
UK Gov't Finds £571.6M State Pension Shortfall
The government has discovered it has underpaid pensioners to the tune of £571.6 million ($721.2 million), but experts say the figure is only a fraction of the expected total shortfall.
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March 22, 2024
4 Years On, COVID Lockdown Cover Claims Near Endgame
It has been four years since the U.K. first entered lockdown to combat COVID-19, leaving offices eerily empty and shops shuttered. And lawyers now believe that the end is near for business interruption claims against insurers.
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March 28, 2024
White & Case Hires 2nd Funds Pro From Ropes & Gray
White & Case LLP has recruited a private funds lawyer from Ropes & Gray LLP — the second time it has hired a specialist as a partner from the London office of its U.S. rival in recent months.
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March 21, 2024
UK Insurance Tax Bill Rises To £8.1B Amid Soaring Premiums
The Insurance Premium Tax raised more than £8.1 billion ($10.3 billion) so far this financial year, according to official figures Thursday, while premiums continue to rise.
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March 21, 2024
Women 'Owed' Compensation Over State Pension Failings
Women who were affected by the U.K. government's failure to inform them that their retirement age had changed are owed compensation for the state's failings, according to a much-anticipated report released Thursday by the parliamentary ombudsman.
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March 21, 2024
Audit Watchdog To Probe UK Sustainability Assurance Market
The Financial Reporting Council on Thursday said it would be studying the quality of sustainability assurance services in the U.K. to ensure the market is providing high-quality guarantees over companies' reporting.
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March 21, 2024
British Safety Council Calls For A Minister For Well-Being
The British Safety Council has urged the government to appoint a well-being minister to promote welfare in the workplace at a time when illness is at a 10-year high and recent surveys suggest high stress levels and burnout among workers.
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March 21, 2024
FCA Tells Consumer Lenders To Detect Financial Crime Better
The City watchdog has warned chief executives of consumer lending firms that they must improve on their detection of financial crime.
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March 21, 2024
ECJ Adviser Rejects Taxing Foreign Pension Funds Differently
Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.
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March 20, 2024
UK Pension Fraud Fund To Pay Out £416M To Victims By 2026
The U.K.'s pension lifeboat scheme said Wednesday it expects to pay up to £416.7 million ($530 million) in compensation to members of pension schemes that have been hit by scams.
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March 20, 2024
Health And Safety Top Risk For Directors, Global Survey Says
Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.
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March 20, 2024
AI Misuse Will Drive Cyber Insurance Demand, Actuary Says
The use of artificial intelligence by criminals and other evolving threats will boost demand for cyber-insurance for at least the next decade, according to analysis published Wednesday by actuarial consultancy OAC.
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March 20, 2024
EU Insurers Warn Regulators Of Gaps In Greenwashing Rules
European insurers have urged the bloc's insurance and pensions watchdog to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.
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March 20, 2024
Slaughter And May Cuts Partner Promotions By Half In 2024
Slaughter and May said on Wednesday that it is adding to its bench of up-and-coming leaders by promoting five lawyers to its partnership — only half the number it elevated in 2023.
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March 20, 2024
UK Insurers See Boom In Income Protection Policies
The number of people who took out personal insurance cover to shield their finances hit a record high in 2023, as more sought protection from a potentially serious accident or illness that would prevent them from working, British insurers said Wednesday.
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March 20, 2024
FCA Warns Pension Advisers Over Treatment Of Customers
The Financial Conduct Authority urged pension advisers on Wednesday to look at how well they are considering the needs of their clients after a sweeping review of the sector found significant shortfalls at some companies.
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March 19, 2024
Financial Adviser 'Siphoned' Fees In Legal Fund Fraud Case
A former financial adviser allegedly siphoned £5.8 million ($7.4 million) from an investment fund via secret commission payments as part of a legal financing fraud, prosecutors told a London jury at the start of his criminal trial Tuesday.
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March 19, 2024
Pension Watchdog Finds Trustee Boards Lack Diversity
Pension boards across the U.K. lack diversity, according to research published Tuesday by Britain's retirement savings watchdog, which showed the characteristics of a "typical trustee" being unrepresentative of the overall U.K. population.
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March 19, 2024
Insurance Tech Biz Can't Get Policy Tracker Patent In UK
An insurance tech firm can't get a patent over its automated policy tracker software in the U.K. because computer programs and business methods are not patentable, intellectual property officials said Tuesday.
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March 19, 2024
Charities Recovering From Pension Deficits
Thirteen U.K. charities are no longer plugging a black hole in their pension schemes, a consultancy said Tuesday, amid a wider improvement in funding for retirement savings plans.
Expert Analysis
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The Outlook For Autonomous Vehicles In The UK And US
As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.
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Brexit's Impact On London As A Top Int'l Arbitration Seat
Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.
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Post-Brexit UK Likely To Conform With EU On Human Rights
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.
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The Evolution Of GDPR Enforcement Across The EU
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.
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2 Perspectives On Navigating The Litigation Funding Process
Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.
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Answers To Key Legal Finance Ethics Questions
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
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Competing Legal Factors Vex Insurance Arbitration Disputes
The Fifth Circuit ruled in May that international arbitration policy trumped state insurance law in McDonnel Group v. Great Lakes Insurance. But the courts have been inconsistent in applying conformity-to-statute clauses, the McCarran-Ferguson Act and a related U.S. treaty in the battle between federal preemption and state reverse preemption, says Gilbert Samberg at Mintz.
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Cannabis Investors Should Beware Money Laundering Risk
Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.