Insurance UK

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Draft UK Crypto-Regulations Facing Teething Troubles

The government's new crypto-assets regime will be unenforceable across borders and could deter fledgling companies from working in the country, meaning that the financial watchdog will face early challenges to its attempts to protect British consumers in a volatile global marketplace.

FCA Set To Get Enforcement Boost From New Fraud Offense

The new "failure to prevent" fraud offense that comes into force in September will indirectly boost the Financial Conduct Authority's opportunities for enforcement against corporate senior managers, countering its recent retreat from plans to "name and shame" companies it is investigating, lawyers say.

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Tariff Wars Cloud UK Plan To Harness Pensions For Growth

The U.K. government has laid out plans for Britain's £3 trillion ($4 trillion) pensions sector to unleash more retirement assets into the real economy to boost growth and jobs — but a series of market shocks from proposed global trade tariffs have overshadowed reform plans.

Doubts Grow Over Impact Of UK Capital Market Deregulation

Government efforts to revitalize the country's sluggish economy by stripping away regulatory burdens on financial markets have raised concerns among lawyers that consumers might be exposed to more risk, amid doubts that the steps can stimulate broader U.K. economic output.

May 07, 2025
AmTrust Hit With £11.7M Claim Over Post-Grenfell Repairs

A social housing provider has sued AmTrust Europe Ltd. for over £11.7 million ($15.6 million) for allegedly refusing to pay out to fix issues the provider uncovered during an investigation prompted by the deadly Grenfell fire in 2017.
May 07, 2025
Finance Trade Body Warns AI Can Amplify Misconduct Risk

A U.K. trade body for financial firms warned a group of members of Parliament at a hearing Wednesday that artificial intelligence amplifies the risk that banks could screen out unwanted customers without anyone knowing, in defiance of the Consumer Duty.
May 07, 2025
Pensions Consultancy Intellica Acquires Rival Firm

Pensions technology consultancy Intellica Ltd. said on Wednesday that it has bought rival Cosan Consulting Ltd. in a bid to boost resources to address the challenges faced by the retirement savings sector.
May 07, 2025
Lloyd's Broker Appears In Court On Ecuador Bribery Charges

A Lloyd's of London broker appeared in court Wednesday accused by the Serious Fraud Office of failing to prevent a U.S.-based intermediary from making corrupt payments in Ecuador in order to secure contracts worth $38 million.
May 07, 2025
EU Watchdog To Advise Tightening Insider Dealing Rules

The EU markets watchdog specified on Wednesday in advice to the European Commission on insider dealing rules for companies listing shares that profit warnings must be disclosed immediately rather than delay until accounts are produced.
May 07, 2025
MPs Launch Fresh Probe Into Civil Service Pension Plan

A cross-bench parliamentary committee has launched a new inquiry into how members of the civil service pension plan are treated amid ongoing scrutiny over historical failings associated with the program.
May 06, 2025
Trade Body Calls For Swift Action On Pension Surplus Plan

The U.K. must act swiftly in developing a new regime to allow businesses to tap into well-funded pension plans to invest in themselves or the wider economy, a trade body urged Tuesday.
May 06, 2025
Financial Complaints Skyrocket After Motor Finance Ruling

The U.K.'s financial complaints watchdog said Tuesday that it received more than 140,000 reports about financial businesses in the last six months of 2024, up almost 49% on the same period a year earlier, after a landmark ruling that requires motor finance lenders to disclose commissions.
May 06, 2025
Marsh Blamed For $143M Loss On Greensill As Trial Opens

The investment firm White Oak said it would never have invested in a financial scheme set up by now-collapsed Greensill Capital if it had not relied on misleading statements provided by the insurance broker Marsh about its cover, the firm's lawyers said at the opening of an almost $143 million trial Tuesday.
May 06, 2025
EU Watchdog Proposes New Rules For ESG Ratings Firms

The European Union's markets watchdog has proposed new rules for providers of ESG ratings in a move to prevent conflicts of interest and improve their disclosures.
May 06, 2025
Greensill, Gupta Get 2027 Trial Date Over $400M Row

Administrators overseeing part of the collapse of Lex Greensill's empire will head to trial in October 2027 to seek $400 million from a Swiss insurance giant that has accused the financier and one of his major former clients, Sanjeev Gupta, of fraud.
May 06, 2025
Gallagher Boosts Turkish Operations With Aspera Buy

U.S. insurance giant Arthur J. Gallagher & Co. said Tuesday that it has acquired boutique Turkish broker Aspera to support its growth plans in the region, which it described as a "strategic insurance hub" between Asia and Europe.
May 02, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Premier League football club Newcastle United FC sue the owner of the land next to its stadium, Laurence Fox face a defamation claim by TV presented Narinder Kaur and a further sexual assault claim filed against actor Kevin Spacey.
May 02, 2025
FCA Proposes Curb On Purchase Of Crypto-Assets On Credit

The Financial Conduct Authority proposed on Friday to restrict how far cryptocurrency companies could go in allowing consumers to buy crypto-assets on credit, part of its planned regulatory regime for the sector.
May 02, 2025
US Tariffs Spark Concerns for Unhedged Pension Assets

European pension funds that have significant unhedged dollar assets could be in trouble, experts warned Friday, as unprecedented market volatility was sparked imposition of U.S. trade tariffs.
May 02, 2025
Pension Deal Insurance Capacity Outstrips Demand

Eight out of 10 pension deals last year involved a scheme with less than £100 million ($133 million) in assets, due to a major increase in insurer capacity, a consultancy said Friday.
May 01, 2025
Regulatory Costs Claim 3.3% Of Insurance Brokers' Revenue

Insurance brokers in the U.K. pay an average 3.3% of their annual revenue to cover regulatory costs, compared with only 1.9% paid by insurers, according to research published Thursday by consultant London Economics.
May 01, 2025
UK Pension Funds Face Scrutiny Over Investment Plans

A parliamentary committee will quiz pensions chiefs as part of a wider probe into whether the £3 trillion ($4 trillion) retirement savings sector can invest more in U.K. assets to better support the country's economic growth.
May 01, 2025
Cross-Border Payments Firms Lack Transparency, FCA Says

Companies offering international money remittance and cross-border payment services often fail to explain their fees clearly and should consider making improvements under the Consumer Duty, the Financial Conduct Authority said Thursday.
May 01, 2025
Insurers Underestimating Climate Change, BoE Warns

U.K. insurers must do a better job of reflecting the risk of climate change on their balance sheets, the Bank of England has warned.
May 01, 2025
UK Gov't Mulling Major Reform To Pensions Protection Fund

The government has confirmed that there are still plans to transform the Pension Protection Fund into a public sector consolidator of retirement savings schemes.
April 30, 2025
9M Britons Retire With Meager Private Pensions, Report Says

Almost 9 million people in the U.K. enter retirement "significantly under-pensioned," with annual private pension incomes of between £3,650 ($4,870) to £6,750, according to a report by the Pensions Policy Institute.
April 30, 2025
FCA Says Meta Slacking In The Removal Of Suspect Ads

The Financial Conduct Authority named Facebook owner Meta on Wednesday as the biggest laggard among the big tech companies in terms of responding to requests to take down material from "finfluencers" about whom the watchdog had issued warnings.
April 30, 2025
UK Finance Sector Calls For Cuts To Audit Regulation

A group of finance and corporate trade bodies urged the government on Wednesday to reduce and simplify regulation of auditors to support U.K. growth.
April 30, 2025
BoE Weighs Further Action On Funded Reinsurance

The Bank of England said Wednesday that it might consider further action on the offshore reinsurance arrangements used by pension insurers as it seeks to minimize risk to the wider U.K. economy.

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

Why Cos. Should Investigate Unethical Supply Chain Conduct

The U.K. government’s recent updated guidance for businesses on reporting slavery and human trafficking in supply chains underscores the urgent need for companies to adopt transparent and measurable due diligence practices, reinforcing the broader need for proactive internal investigations into unethical or criminal conduct, say lawyers at Seladore and Matrix Chambers.
How UK Proposals Would Simplify Fund Manager Regime

The ongoing HM Treasury consultation and Financial Conduct Authority call for input on the future regulation of alternative investment fund managers indicate that deliberate steps are being taken to make the AIF regime more suitable for the U.K. market, with the aim of encouraging growth and competitiveness, says Leonard Ng at Sidley.
FCA's Regulatory Plans Signal Cause For Cautious Optimism

The Financial Conduct Authority’s latest strategy document plans for less intrusive supervision, a more open and collaborative approach, and a focus on assertive action where needed, outlining a vision of deepened trust and rebalanced risk that will be welcomed by all those it regulates, says Imogen Makin at WilmerHale.
What Latest FCA Portfolio Letter Means For Payments Firms

Charlotte Hill at Charles Russell discusses the Financial Conduct Authority’s recent portfolio letter to CEOs of payments firms, outlining the regulator’s expectations, and the steps that these companies may now need to take to ensure compliance and operational effectiveness.
What's Next After FCA Drops Troubled 'Name And Shame' Plan

A closer look at the Financial Conduct Authority's recent decision to toss its widely unpopular proposal changing the test for announcing enforcement investigations may reveal how we got here, why the regulator changed course, and where it’s headed next, say lawyers at Hogan Lovells.
New UK Order Offers Welcome Clarity To Crypto Staking Rules

The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.
How EU's Anticoercion Tool May Counter New US Tariffs

The never-before-used anticoercion instrument could allow the European Union to respond to the imposition of U.S. tariffs, potentially effective March 12, and gives EU companies a voice in the process as it provides for consultation with economic operators at different steps throughout the procedure, say lawyers at Crowell & Moring.
What To Know About Compliance As EU AI Act Takes Effect

Raj Shah at Mishcon de Reya explains how recently effective provisions of the European Union Artificial Intelligence Act, which concern prohibited AI practices and AI literacy, will affect both providers and users of AI systems, and suggests steps that companies can take now to plug any compliance gaps.
Rethinking 'No Comment' For Clients Facing Public Crises

“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
Market Infrastructure Regs Aim To Reinvigorate EU Trading

The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
Important Changes To Note In Accountant Ethics Code Update

The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
What 2025 Holds For UK, EU Restructuring And Insolvency

European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
How GCs Can Protect Cos. From Geopolitical Headwinds

Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
Navigating PRA's Data Request For Crypto-Asset Exposure

The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
Key Points From FCA Financial Crime Guide Updates

The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.