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Insurance UK
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March 18, 2024
UK Pension Insurers Sign Up To Net-Zero Targets
The bulk annuities insurance sector in Britain has universally adopted net-zero targets for carbon emissions, but analysts warn that there is still more to do in terms of climate stewardship.
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March 18, 2024
Watchdogs Join Forces To Ramp Up Fight On Debt Collection
The Financial Conduct Authority said on Monday it is launching a joint effort with three other watchdogs to further scrutinize debt collection practices, ensuring that companies fairly treat consumers who are feeling the pinch from the cost-of-living crisis.
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March 15, 2024
Solicitor Struck Off For Running Firm Without Insurance
A solicitor has been struck off after a London legal professional tribunal ruled that he had failed to have professional indemnity insurance, then gave regulators misleading information when they investigated, according to a judgment published Friday.
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March 15, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Howard Kennedy face legal action by a London hotel chain, former racing boss Bernie Ecclestone and Formula One hit with a breach of contract claim by a Brazilian racecar driver, and a libel row between broadcaster Jeremy Vine and ex-footballer Joey Barton. Here, Law360 looks at these and other new claims in the U.K.
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March 15, 2024
FCA To Review How Firms Treat Vulnerable Customers
Britain's finance watchdog said on Friday that it will examine whether U.K. firms are treating vulnerable and elderly customers fairly.
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March 15, 2024
Debenhams Pension Deal Eases Superfund Fears, LCP Says
The step by Clara-Pensions to take on all 10,400 members of the retirement savings plan of collapsed retailer Debenhams in the U.K.'s second-ever superfund deal will ease concerns around transactions in the nascent market, a consultancy has said.
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March 15, 2024
Insurer Calls For Clarity Over National Insurance Funding
The U.K. government must provide clarity over the impact of payroll tax cuts on future funding for state pensions, insurance giant Aegon UK said Friday.
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March 15, 2024
Pension Watchdog Says Poor-Value Plan Initiative Is Working
The U.K.'s retirement savings watchdog said that its fight against poor-value pension schemes is working and that plans are choosing to wind up following government regulations introduced to drive improvements for members.
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March 15, 2024
One-Day US Settlement Will Jeopardize Global FX Market
European asset managers have warned central banks and regulators that the planned U.S. move in May to settle foreign exchange trades more quickly will make billions of dollars in daily settlements unsafe, putting the global market at risk.
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March 14, 2024
Lehman Brothers Can't Undo Trial Loss Over Crisis-Era CDS
A New York appeals court on Thursday affirmed a bench trial loss Lehman Brothers' bankrupt European unit suffered last year in a suit attempting to claw back nearly half a billion dollars from Assured Guaranty over losses on credit default swaps tied to the 2008 financial crisis.
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March 14, 2024
FCA Warns Firms To Give Fair Value Under Consumer Duty
The Financial Conduct Authority warned firms on Thursday that it will act on significant concerns about failure to deliver fair value for savers under the Consumer Duty regime.
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March 14, 2024
Clara Takes Debenhams Pension Scheme In Landmark Deal
All 10,400 members of the retirement savings plan of collapsed retailer Debenhams will have their promised pension benefits restored after Clara-Pensions announced Thursday it would take on the scheme in the U.K.'s second-ever superfund transaction.
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March 14, 2024
Insurers Launch Fire Safety Project In Response To Grenfell
McGill and Partners Ltd. has established a fire safety program, designed to expand insurance capacity for buildings with combustible cladding, in response to the deadly 2017 fire at the Grenfell Tower flats in West London.
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March 14, 2024
EU Renews US Insurance Market Equivalence For 10 Years
The European Union will continue recognizing U.S. insurance regulations as equivalent to its own for another 10 years, the European Commission said Thursday.
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March 14, 2024
Advisers Want Tax Reduction For Pensions, Aegon Says
Many British financial advisers want the government to reduce taxes as part of pension reforms following the next general election, insurance firm Aegon UK said Thursday.
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March 21, 2024
DWF Hires Clyde & Co. Pro David Wynn As New Partner
DWF LLP has bolstered its global insurance practice by hiring David Wynn as a new partner from Clyde & Co. LLP, where he headed the global legacy solutions practice for the past 10 years.
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March 14, 2024
Insurer Completes Full Construction Co. Pension Scheme Deal
Insurer Just Group said on Thursday that it has completed a £37 million ($47.3 million) buy-out of a pension scheme sponsored by a leading engineering and construction company, finishing the process that it started in 2013.
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March 14, 2024
CMS Leads Rothesay £6B Buy Of Scottish Widows Portfolio
Pension insurer Rothesay Life said Thursday that it will buy Scottish Widows' £6 billion ($7.7 billion) portfolio of bulk annuities from Lloyds Banking Group PLC, in a transaction guided by CMS Cameron McKenna Nabarro Olswang LLP.
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March 13, 2024
Pensions Watchdog Workers Call Off Strike, Agree To Pay Deal
Some 400 workers at The Pensions Regulator suspended their strike action after agreeing to a pay increase aligned with guidelines set for government employees, the watchdog said Wednesday.
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March 13, 2024
Norton Pension Scam Victims Receive Initial £9.4M Redress
Former employees of Norton Motorcycles received £9.4 million ($12 million) into their pension schemes from the Fraud Compensation Fund this week, an independent trustee told a group of senior MPs on Wednesday.
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March 13, 2024
Gordons, Pinsent Masons Steer Academy Buy Of Allianz Unit
Academy Insurance Services has agreed to acquire the Premierline commercial insurance arm of insurance giant Allianz in the U.K. for an undisclosed amount in a deal guided by Pinsent Masons LLP and Gordons LLP.
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March 13, 2024
'Significant' Gaps Remain In UK Pension Provision, FCA Says
Automatic enrollment should be recognized as a success, but gaps around the retirement saving provision remain, the Financial Conduct Authority's chief executive said Wednesday, raising questions about Britain's current and future pension landscape.
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March 13, 2024
Bond Market Seeks Mix Of FCA Proposals On Trade Reporting
U.K. and European trade bodies jointly laid out their preferences on Wednesday for a U.K. regulatory framework for publishing bond trading data based on elements of two potential models proposed by the Financial Conduct Authority.
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March 13, 2024
Insurer Direct Line Snubs £3.2B Improved Ageas Bid
British insurer Direct Line on Wednesday said it had rejected an improved £3.2 billion ($4.1 billion) offer from Belgian rival Ageas because it still "significantly undervalues" the group.
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March 12, 2024
Civil Servants Appeal For 2nd Shot At Age Bias Challenge
Twenty civil servants argued Tuesday that they were not given a fair shot at their claim that a redundancy compensation scheme was unjustifiably biased against older staff.
Expert Analysis
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New Anti-Modern Slavery Bill Unlikely To Accomplish Goals
A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.
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Opinion
FCA Proposal Fails British Steel Pension Scandal Victims
The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.
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How New Framework Could Ease EU-US Data Transfer Burden
The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.
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What EU Corporate Sustainability Plan Means For Contracts
The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.
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How The Rise In Ransomware Is Affecting Business Insurance
Following an unprecedented rise in global ransomware attacks, with insurance companies scaling back coverage and increasing premiums, policyholders should consider these trends and take certain steps to mitigate risks, say Marialuisa Gallozzi and Josianne El Antoury at Covington.
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How A New Law Tightens The Screw On Dirty Money In The UK
By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.
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A Landmark UK Enforcement Case For Crypto-Assets
HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.
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Emerging Economic Effects From Russia-Ukraine War
While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.
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Unexplained Wealth Orders' Role In UK Dirty Money Bill
A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.
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How EU Proposal Would Affect Corporate Sustainability Duties
The European Commission recently released its proposal for a directive on corporate sustainability, human rights and environmental due diligence, that, if adopted, will have a substantial impact on the external corporate regulation and the internal corporate governance of the largest companies operating in the EU, says François Holmey at Carter-Ruck.
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How Will UK Use New Penalties For Debt-Dodging Directors?
Thomas Shortland at Cohen & Gresser discusses the scope of the new disqualification regime for company directors who dissolve their businesses to avoid paying back state COVID-19 loans, and identifies factors that may affect how frequently the government exercises the new powers.
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Automated AML Compliance Tools Are No Silver Bullet
As financial institutions increasingly use automated tools for anti-money laundering compliance, attorneys at Covington discuss the risks of overreliance on such tools, regulatory expectations, potential liability and insurance coverage implications, as well as lessons from recent enforcement actions.
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Issues To Watch In Potential English Arbitration Act Reform
Summary dismissal, confidentiality, technological updates and certain other topics that could fall under the England and Wales Law Commission's upcoming review of the 25-year-old Arbitration Act should be of particular interest to those considering an English-seated arbitration, say Neil Newing and Alasdair Marshall at Signature Litigation.
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UK's Vicarious Liability Juggernaut Shows Signs Of Slowing
In the last five years, U.K. court decisions have generally broadened the scope of vicarious liability, holding organizations responsible for individuals' crimes, but more recent decisions suggest that courts are finally taking steps to limit such liability, say Stephanie Wilson and Philip Tracey at Plexus Legal.
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What 9th Circ. Arbitration Case May Mean For Insurance
If the plaintiffs in CLMS Management Services v. Amwins Brokerage of Georgia appeal the Ninth Circuit's recent decision that state law does not bar the enforcement of arbitration clauses in insurance contracts, the case may have a significant effect on the different dispute resolution options for insurers and policyholders, say attorneys at Sheppard Mullin.