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Insurance UK
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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.
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January 29, 2025
Aercap Says Sanctions Don't 'Excuse' Insurers For Lost Jets
Aircraft lessor Aercap told the High Court on Wednesday that insurers should have to cover losses over planes stranded in Russia because of Western sanctions imposed after the invasion of Ukraine.
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January 29, 2025
Pensions Watchdog Backs Gov't Surplus Investment Plans
Britian's retirement savings watchdog has given its backing to proposals recently floated by the government that would relax rules to allow pension funds to invest billions of pounds tied up in surpluses.
Expert Analysis
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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.
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.
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What To Expect During The Brexit Transition Period
While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.
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Opinion
Legal Prediction Is Demanding But Not Impossible
The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.
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Surefire Marketing Methods To Build Your Legal Practice
Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.
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Mandatory Mediation May Lie Ahead For England And Wales
The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.
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Key Risks And Developments For UK Law Firm Culture In 2020
In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.
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Cos. Can Start Preparing Now For Immigration Beyond Brexit
Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.
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#MeToo Pressure On UK Businesses Is Set To Rise
Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.
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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.