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Insurance UK
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February 29, 2024
£1.84B Of Gov't-Backed COVID Loans Suspected Fraudulent
Some £1.84 billion ($2.32 billion) of U.K. government-backed COVID-19 loans granted to help businesses through the pandemic are suspected to be fraudulent, the Department for Business and Trade said Thursday.
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February 29, 2024
Pensions Watchdog Chief Under Fire As Staff Strike Again
Workers at the U.K. pensions watchdog started a 12-day walkout on Thursday, criticizing the "head-in-the-sand attitude" of the regulator's chief executive and claiming she has ignored their requests to resolve a months-long pay dispute.
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February 29, 2024
Insurer Direct Line Rejects £3B Linklaters-Backed Ageas Bid
British insurer Direct Line has rejected a £3.1 billion ($3.9 billion) offer from Ageas, a Belgian-French rival, finding that it was "uncertain, unattractive, and that it significantly undervalued" the group.
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February 28, 2024
MPs Launch Inquiry Into Effectiveness Of Russia Sanctions
Parliament's Treasury Select Committee on Thursday said it is launching a parliamentary inquiry into whether Britain's sanctions against Russia have been effective in hampering the Kremlin's ability to finance its war with Ukraine.
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February 28, 2024
Insurer To Pay £15K To End Abuse Payout Row With Ex-Vicar
The Church of England's main insurer has agreed to pay £15,000 ($18,950) in a settlement to resolve a dispute over a former vicar's liability for money the insurer paid to settle victims' claims after he was convicted of child abuse.
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February 28, 2024
Bogus Insurance Claim Lawyer Seeks To Overturn Striking Off
A solicitor who made a false insurance claim over a road traffic accident urged a court on Wednesday to restore him to the profession, saying that a tribunal did not consider the "exceptional circumstances" of the case.
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February 28, 2024
Profit Warnings Rise For Pension Scheme Sponsors
One in five U.K.-listed companies with a defined benefit pension scheme issued a profit warning in 2023, according to research published by EY-Parthenon, marking a year that "exceeded levels" seen at the peak of the financial crisis.
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February 28, 2024
Pension Bodies Call For Investment Regulation Overhaul
The government must boost levels of pension savings, consolidate funds and offer new opportunities for investing in illiquid assets if it wants the sector to contribute to U.K. growth, two trade bodies have said.
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February 28, 2024
FRC Plans To Review Code For Asset Managers
Britain's accounting watchdog announced it will carry out a fundamental review of the Stewardship Code and revise its rules for investors where necessary to help promote U.K. competitiveness.
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February 28, 2024
St James's Place Sets Aside £426M For Potential Client Refunds
One of the U.K.'s largest wealth managers said Wednesday that it has set aside £426 million ($540 million) for potential refunds to clients that have complained they did not receive financial advice they paid for.
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February 27, 2024
Global Pension Assets Total $55T In 2023, Broker Says
Global pension assets rose by 11% to reach $55.7 trillion in 2023, according to research published by broker WTW, showing a rebound from weaker economic performance across the previous year.
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February 27, 2024
Financial Ombudsman Braced For APP Fraud Claims
Britain's financial dispute-resolution body told a cross-party group of members of Parliament on Tuesday it is braced for an avalanche of extra claims later this year when banks must recompense victims duped into transferring money to fraudsters.
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February 27, 2024
Insurance Body Launches Guide For 'Responsible' AI Use
British insurers should consider who is accountable for any artificial intelligence systems they use to ensure that they are using the technology responsibly, according to a guide published Tuesday by a trade body.
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February 27, 2024
FCA To Start Naming Finance Firms Under Investigation
The Financial Conduct Authority said on Tuesday that it plans to publicly name the firms it probes and publish information about its investigations at an earlier stage to increase the deterrent effect of its enforcement actions.
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February 27, 2024
British Pensions Sector Backs FCA 'Advice Gap' Review
The U.K. pensions industry has thrown its support behind a sweeping review designed to plug a growing advice gap among workers approaching retirement.
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February 27, 2024
UK Insurers Call For Extension Of 'Whiplash' Injury Tariff
Insurers said on Tuesday that they will campaign for changes to personal injury rules as part of a wider effort to curb spiraling hikes in the price of premiums.
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February 26, 2024
Insurance M&A Hits 10-Year Low Amid Political Uncertainty
The number of global mergers and acquisitions among insurers was at its lowest level for a decade in 2023, according to research published on Monday by Clyde & Co. that shows companies are reacting cautiously to heightened geopolitical risks.
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February 26, 2024
Ex-Managing Partner Must Pay £210K Costs In Bias Claim
A former managing partner of a law firm has lost his latest bid to avoid paying costs, after a tribunal blocked him from relitigating rulings that he hid information while off work with cancer to claim income protection insurance and a share of its profits.
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February 26, 2024
UK Unveils Plan For Surplus In £1.4T Pension Sector
The government has said it is exploring proposals to allow companies to tap into the £1.4 trillion ($1.8 trillion) defined benefit pension sector, but trade bodies and consultants warned that the plan could undermine the security of savers.
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February 26, 2024
EU Strengthens Investors' Protection On Investment Funds
The European Union adopted new rules on Monday for investment funds that are designed to make the market integrate better and strengthen protection for investors.
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February 26, 2024
Addleshaw Goddard Hires Macfarlanes Pro For Wealth Team
Addleshaw Goddard LLP has appointed former Macfarlanes LLP lawyer Laura Uberoi as partner and head of its newly created private wealth team in London.
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February 23, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Tesco target competing retailer Lidl with a copyright claim as they battle in the Court of Appeal over the design of Tesco’s Clubcard, the directors of a taxi business sue the creator of an AI route mapping app for professional negligence, Global Aerospace Underwriting Managers tackle an aviation claim by an Irish investment company, and Robert Bull hit with a general commercial contracts claim by Hancock Finance.
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February 23, 2024
Ex-Telecoms Execs Deny Knowledge Of Bribery In £11M Sale
Three former directors of a telecommunications company allege that a cloud-technology business owes them more than £1.5 million ($1.9 million) left unpaid after it bought their business, while denying claims that they failed to disclose ongoing legal disputes that subsequently devalued the shares.
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February 23, 2024
Allianz To Launch €1B Buyback, Boost 2023 Dividend
Allianz SE has announced a new share buyback program worth up to €1 billion ($1.1 billion), alongside plans to raise its dividend as it looks to increase its returns to shareholders.
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February 23, 2024
Swiss Watchdog Launches New Unregulated Fund Category
The financial watchdog of Switzerland said on Friday that the Bern government will launch a new category of investment fund which will be exempt from regulation, in a bid to make the country more attractive for the sector.
Expert Analysis
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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.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
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How Proposed EU Class Action Directive Could Affect Insurers
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.
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UK Group Data Breach Claims Pose Big Financial Risks
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.