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Insurance UK
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February 14, 2025
5 Questions For Spencer West Partner Karl Foster
The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
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February 14, 2025
Chair Of UK Pensions Watchdog Steps Down After 4 Yrs
The chair of the retirement savings watchdog has confirmed that she will step down in July, departing after four years in the job.
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February 14, 2025
EU Watchdog Probes Bloc-Wide Fund Manager Compliance
The European Union's financial markets regulator on Friday launched a bloc-wide probe with national regulators on compliance and internal audit functions of fund managers.
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February 14, 2025
Single Pensioners Face Retirement Shortfall, Insurer Says
Single pensioners in Britain on a full state pension have to make up an annual shortfall of almost £2,900 ($3,500) if they want to achieve a minimum retirement living standard, analysis published Friday by a retirement specialist company suggests.
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February 13, 2025
MPs Call On Minister To Respond On Pensions Inflation Rules
The U.K. government has been urged by senior MPs to respond to calls for reform that will allow retirement benefits for older pensioners to rise with inflation.
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February 13, 2025
Pension Insurers Invest £178B In UK Assets, Trade Body Says
Providers of bulk and individual annuities invested £178 billion ($222 billion), or 65% of their assets, in the U.K. in 2023, the Association of British Insurers said on Thursday.
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February 13, 2025
FCA's Pension Support Reform Needs Work, Industry Says
Britain's pension industry on Thursday signaled its support for proposals floated by the Financial Conduct Authority to allow retirement savings providers to offer better support to workers ahead of retirement, but said more detail was needed before plans go live.
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February 13, 2025
FCA Files Criminal Charges Against Financial Adviser
The Financial Conduct Authority said Thursday it has charged an independent financial adviser with multiple criminal offenses that resulted in more than £2.3 million ($2.9 million) in losses for clients.
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February 13, 2025
Gov't Urged To Act On Growing Number Of Small Pension Pots
The number of small pension pots in the U.K. rose by two million between 2020 and 2023, a think tank has said, as it urged the government to urgently intervene for consolidation.
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February 12, 2025
AIG Largely Beats Claim Over Failed Italy Property Scheme
AIG is not liable to pay the bulk of nearly €3.5 million ($3.6 million) to investors in a failed Italian real estate project, as a judge found Wednesday that the insurance policy of a defunct Italian firm does not cover negligent advice by its predecessor.
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February 12, 2025
UK Annuity Sales Hit Record After Pension-Freedom Reforms
Pension annuity sales in Britain reached £7 billion ($8.7 billion) in 2024, figures published Wednesday by the Association of British Insurers show, marking a 34% increase on the previous year.
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February 12, 2025
Financial Ombudsman's Sudden Exit Draws MP Scrutiny
A cross-party group of MPs is scrutinizing the sudden and unexplained resignation of the chief executive of Britain's Financial Ombudsman Service after failing to get answers from the body's board.
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February 12, 2025
Watchdog Warns Pension Providers Over Climate Lethargy
The U.K. retirement savings watchdog issued a warning to pension providers Wednesday after campaigners found the sector to be dragging its heels on climate action.
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February 12, 2025
Pension Holders OK With AI Customer Support, Survey Shows
U.K. retirement savers are amenable to the use of artificial intelligence in customer services for pension provision, citing AI's advantages of round-the-clock availability, automation and improved accuracy, a study has found.
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February 12, 2025
QIC Denies COVID Cover For Franco Manca Owner
QIC Europe Ltd. has argued that it is not obliged to cover alleged losses sustained by the owner of a restaurant chain after it temporarily closed sites at the height of the COVID-19 pandemic because there were no cases of the virus "within the immediate vicinity" of the premises.
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February 12, 2025
Gowling Steers £250M Pension Deal For Machinery Co.
A U.K. machinery dealership has passed £250 million ($311 million) of its pension liabilities to Standard Life, the insurer said Wednesday, in a deal advised by law firm Gowling WLG.
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February 11, 2025
Audit Watchdog Signals More Support For Stewardship Code
Britain's audit watchdog on Tuesday said there are now 297 companies signed up to its stewardship code as it looks to finalize the latest iteration of the regime for investors this year.
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February 11, 2025
Insurers Ask EU Watchdog To Ease Up On Mass-Lapse Cover
Europe's insurance federation has warned the European Union's industry regulator to refrain from applying overly rigid requirements on reinsurance protection for insurers if many policyholders cancel cover quickly.
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February 11, 2025
Pension Providers Step Up Illiquid Investments In UK
The largest defined contribution pension providers are aiming to allocate up to 40% of their illiquid portfolios to U.K. assets, a consultancy said Monday, after years of pressure from the government to encourage more domestic investment in long-term projects.
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February 11, 2025
Gender Pension Gap Set To Keep Rising, Analysts Predict
Some 23% of men aged 16 and above are actively contributing to their work-place defined contribution pension plans, compared with only 19% of women, a financial services consultancy said Tuesday, adding to fears that the retirement savings gap between the genders is growing.
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February 11, 2025
Pension Schemes 'Healthier' Since 2022 Bond Crisis
More than half of the pension schemes in Britain are likely to "run on" because of improvements in funding since the liquidity crisis caused by a bond market crash three years ago, a professional services company has said.
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February 10, 2025
Haulage Co. Seeks To Shift Crane Damage Liability To Insurer
A British haulage company has said that its insurer must pay out to cover £1.26 million (£1.56 million) claimed by the owner of a property in an Essex industrial estate if it is found liable for damage caused by a crane one of its employees operated.
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February 10, 2025
Gov't Prompted To Prioritize Fighting Economic Crime
The U.K. government was urged by a financial services group on Monday to spend more on fighting economic crime and to require that tech companies contribute to fraud reimbursement.
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February 10, 2025
Pension Deal Adviser Isio Buys Rival Broking Specialist
Pension advisory business Isio Group Ltd. has formally confirmed its acquisition of rival insurance and risk settlement specialist K3 Advisory Ltd. for an undisclosed fee.
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February 10, 2025
Gov't Introduces Reforms To UK Terrorism Reinsurer
The government rubber-stamped a deal with the U.K.'s state-backed terrorism reinsurer on Monday that it said will minimize the risk to the taxpayer of any future loss.
Expert Analysis
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How Climate, Finance And Trade Will Intersect In 2021
In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.
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Perspectives
Finding A Path Forward To Regulate The Legal Industry
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
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Whether And How To Compel Remote Arbitration
Excerpt from Practical Guidance
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
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Creditors Welcome UK Supreme Court's Reflective Loss Decision
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.