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Insurance UK
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February 04, 2025
CMS Guides £120M Pension Deal For Lufthansa
Airline carrier Lufthansa has offloaded £120 million ($150 million) of its U.K. pension scheme liabilities to Royal London, the insurer said, in a deal steered by CMS Cameron McKenna Nabarro Olswang LLP.
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February 04, 2025
Jets Stranded Due To Economic War, All-Risk Insurers Say
A group of all-risks insurers told the High Court on Tuesday that losses linked to planes stranded in Russia after the invasion of Ukraine should be covered by war-risks insurers because they were a result of Russian counter-measures amid an "economic war."
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February 04, 2025
FCA Warns Smaller Payment Firms Of Consumer Duty Failings
The City watchdog has warned smaller payments firms that they sometimes fail to act in the best interests of customers and have weaknesses in their financial crime controls.
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February 03, 2025
All-Risk Insurers Demand War-Risk Payouts For Stranded Jets
Insurers that covered aircraft lessors whose planes were stranded in Russia after the invasion of Ukraine told a London court on Monday that other insurers that covered the lessors for war-related risks should pay out for the allegedly lost aircraft.
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February 03, 2025
Pension Deal Demand To Be Unaffected By Surplus Reform
The government's plans to allow U.K. businesses to tap into £160 billion ($198 billion) of pension surpluses will be unlikely to significantly dent demand for insurance risk transfer deals in the near future, a ratings agency said Monday.
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February 03, 2025
FCA Response To Critical Report 'Disappointing,' MPs Say
The Financial Conduct Authority's response to a highly critical parliamentary report has been lackluster and continues to demonstrate that the regulator is "in dire need of transformation," the MPs who penned the report said Monday.
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February 03, 2025
EU Watchdog Warns That All Crypto Firms Are High Risk
The European Union's finance watchdog has briefed national regulators authorizing crypto-assets firms to consider every candidate high risk, particularly from money laundering.
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February 03, 2025
Schroders Commits To Extracting Pension Surplus
Asset manager Schroders said that it has struck a deal to allow its staff retirement savings plan to run on as the government weighs regulation to allow businesses to extract surpluses from their pension scheme.
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February 03, 2025
Watchdog Launches 1st Stage Of Probe Into SME Auditing
The accounting watchdog launched a study on Monday to gauge how effectively the audit market supports small and midsized businesses amid a wider campaign to improve the access of smaller companies to services in the sector that help to raise capital.
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January 31, 2025
Brexit Five Years On: The Legal Landscape After Europe
Five years after the U.K. formally left the European Union, Law360 looks at how Brexit has changed the legal, regulatory and financial terrain.
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January 31, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen another claim by Woodford investors against Hargreaves Lansdown in the widening £200 million ($248 million) dispute over the fund's collapse, a solicitor barred for his role in a suspected advance fee fraud face action by a Swiss wholesaler, and The Resort Group, which markets investments in luxury hotel resorts, hit with a claim by a group of investors. Here, Law360 looks at these and other new claims in the U.K.
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January 31, 2025
EU Extends UK CCP Equivalence Regime By Three Years
The European Union's executive body said Friday it has adopted a decision to extend equivalence for U.K. central counterparties for three years until June 30, 2028, following agreement between the European Parliament and the Council of the EU.
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January 31, 2025
Claims Management Sector Warned Over Misleading Adverts
The Financial Conduct Authority has written to claims management companies warning that it will respond to multiple cases of misleading advertising with new consumer protection measures.
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January 31, 2025
FCA Launches Survey To Gauge Opinion On Its Work
The Financial Conduct Authority has launched its annual market survey of regulated firms to gauge industry opinion on its performance, which comes amid calls from the financial sector for more growth-geared regulation.
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January 31, 2025
Banks, Insurers Told To Go Further On Managing Climate Risk
The regulatory arm of the Bank of England has said that the lenders and insurers it supervises have made progress on managing financial risks linked to climate change, but expects more ahead of a planned update to its expectations this year.
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January 31, 2025
5 Years On, Dust Settles On UK Insurance's Brexit Upheaval
The insurance market faced major upheaval when the U.K. crashed out of the European Union five years ago without a deal on financial services, which started a transition to a new way for British insurers to compete in Europe.
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January 30, 2025
Marsh Loses Appeal To Ax Chemical Co.'s Negligence Claim
Marsh Ltd. has failed in its bid to strike out a global chemicals group's claim that the insurance broker negligently arranged faulty motor insurance cover after a London appeals court said Thursday that the allegations need more clarity.
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January 30, 2025
Osborne Clarke Guides Aviva's £23M Pension Deal
Insurance giant Aviva has taken on £23 million ($28.7 million) of retirement savings liabilities from The Colthrop Board Mill Pension Scheme in a deal guided by Osborne Clarke, according to lead advisers on the transaction Thursday.
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January 30, 2025
FCA Says Ban On Pension Advice Contingent Charging Works
The Financial Conduct Authority said Thursday that almost 200 financial advisers stopped offering pension transfer services after it changed its rules on contingent charging five years ago.
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January 30, 2025
Growth Stocks Need Rule Changes, City Group Says
The government and regulators need to rewrite the rulebook for growth stocks in share trading, including an urgent review of "hampering" regulations like the Consumer Duty and "Dear CEO" letters, a leading City trade body said Thursday.
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January 30, 2025
UK Gov't Vows To Overhaul Pension Lifeboat Levy
The government said Thursday that it is considering allowing the Pension Protection Fund more flexibility over how it sets its levy, as it looks at further measures to boost economic growth.
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January 30, 2025
SMEs Urged To Insure Against The Risk Of Cyberattacks
There is a "severe" cyber-protection gap among small and midsized business in the U.K., a trade body for the insurance sector has warned as it urged companies to reassess whether they are too small to fall victim to an attack.
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January 30, 2025
City Struggles With Compliance Amid Post-Brexit Rule Shifts
Brexit paved the way for Britain to rip up the EU's financial services rule book and create a more U.K.-friendly regime — but some regulatory analysts say the process is taking too long, which imposes a bigger compliance burden on companies.
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January 29, 2025
Pension Plans To Start Entering Data Into Portals In April
The first retirement savings plans will start to input customer data to the government's pension dashboards project in April, a top civil servant said Wednesday.
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January 29, 2025
CMS Steers £1.4B Pension Deal For Pharma Co.
Legal & General said Tuesday that it has covered £1.4 billion ($1.7 billion) of pension liabilities for U.K. pharmaceutical company Aventis Pharma Ltd. to secure the benefits of all members of the retirement savings plan.
Expert Analysis
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Opinion
UK's Insurer Investigations May Not Help Policyholders
The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.
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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.