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Featured
Snap July 4 Election Leaves Pension Reform In Disarray
The government's decision to call a snap general election for July 4 has left the U.K.'s pension sector in limbo, experts say, with uncertainty over whether the next administration will continue with an ambitious reform program.
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November 08, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen collapsed German airline Air Berlin take action against its former auditor KPMG, the associate editor at The Spectator hit with a libel claim by a mosque over the far-right riots that took place in August and British licensing authority the Performing Right Society sue Parklife Manchester and four other festival organizers. Here, Law360 looks at these and other new claims in the U.K.
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November 08, 2024
Insurers Urge Shared Approach To Define Major Cyber-Events
Limited historical evidence about major cyber-events makes it difficult to define the risks insurers face, experts have said, as they urge businesses to consider a shared approach when they describe "one of the most" prominent dangers to the sector.
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November 08, 2024
Squire Patton Steers Standard Life On £250M Pension Deals
Insurer Standard Life said it has penned £250 million ($324 million) worth of retirement savings deals for two pension plans linked to British safety technology group Halma PLC, in transactions steered by Squire Patton Boggs LLP.
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November 08, 2024
FCA Confirms Rules For Commercial Pension Dashboards
The U.K.'s financial watchdog set out detailed rules for how commercial pension dashboards will operate in the future, but experts say the lack of a fixed launch date could hinder the emerging sector.
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November 08, 2024
EU Sets Out Climate-Friendly Finance Targets For COP29
The European Union will later in November set out its climate finance and investment targets at a climate change conference in Azerbaijan, pushing for stronger global alignment with the goals of the Paris Agreement, it said in a statement on Friday.
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November 07, 2024
Insurers Blame Shipowner For $48M Loss In Iran Seizure Row
The owner and manager of a ship seized by Iranian authorities are not entitled to recover around $48 million because they did not attend court proceedings in the Asian country that could have helped their attempts to recover the vessel, two insurers have argued.
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November 07, 2024
5 Lessons For Lawyers From The UK Gov't Anti-Fraud Advice
Britain's largest companies face a challenge after being given 10 months to build safety rails to stop their employees committing fraud, lawyers say, after the government released advice on how they should comply with landmark anti-fraud legislation.
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November 07, 2024
Rainforest Investment Bosses Appeal £37M Fraud Convictions
Two directors of an ethical-investment scheme imprisoned for defrauding investors out of £37 million ($48 million) sought to overturn their convictions at a London appeals court Thursday, arguing jurors were not told what the goal of the conspiracy was.
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November 07, 2024
Gowling Steers £70M Building Society Pension Deal
A building society has offloaded £70 million ($91 million) of its staff pension liabilities to insurer Canada Life, advisers said Thursday, in a deal steered by Gowling WLG.
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November 07, 2024
EU Proposes Tougher Fossil Fuel Risk Buffer For Insurers
The European Insurance and Occupational Pensions Authority said on Thursday that it proposes that insurers should face higher capital requirements for holding fossil fuel assets — days after the European Commission approved changes to insurance capital rules.
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November 07, 2024
FCA Warns Firms On Inaccurate Transaction Reporting
The Financial Conduct Authority warned on Thursday that some regulated companies are reporting their transactions inaccurately — even after they have taken remedial measures.
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November 07, 2024
Eversheds, HSF Guide £190M Pension Deal For Insurer
Pension Insurance Corp. PLC said Thursday that it has taken on £190 million ($245 million) of retirement savings liabilities from a scheme sponsored by a trade credit insurer in a deal guided by Eversheds Sutherland and Herbert Smith Freehills LLP.
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November 06, 2024
Hedge Fund Lawyer Defends Signing Off On £1.4B Fraud Docs
The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion), who signed off on documents falsely confirming the trades were legitimate, told a London trial he didn't think it "was a big deal at the time."
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November 06, 2024
Lawyer Fails To Overturn Striking Off For Fake Whiplash Claim
A solicitor who made a false insurance claim over a road traffic accident failed in his bid to be restored to the profession, after a London judge found Wednesday that a lesser punishment would not be proportionate to the wrongdoing.
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November 06, 2024
Rachel Reeves Calls Budget A 'Once In A Parliament' Reset
Chancellor Rachel Reeves told lawmakers on Wednesday that her inaugural budget in October was a "once in a Parliament" reset and that her government would not set out fiscal proposals of a similar scale again.
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November 06, 2024
Motor Finance Ruling Could Spread To Insurance, RBC Warns
A landmark U.K. court ruling on motor finance could have wider implications for the insurance sector, an investment bank warned.
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November 06, 2024
Carlyle-Backed Insurance Consolidator Enters French Market
PIB Group said Wednesday that it has bought a French medical malpractice insurance business, BEA Group — the latest in a string of purchases disclosed by the acquisition vehicle as it expands across Europe.
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November 06, 2024
Gov't Advice Kick-Starts Race To Comply With UK Fraud Law
The largest companies in Britain have 10 months to install safeguards to prevent employees from committing fraud after the government published guidance Wednesday on a sweeping new offense that would hold businesses criminally responsible for profiting from fraud.
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November 06, 2024
EU Investors Body Targets Murky Pension Costs
A European advocacy group called Wednesday for stricter regulation to enforce transparency in fee disclosures and performance reporting, so savers can accurately assess the costs of different pension products.
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November 05, 2024
Forbes Loses TM For Some Financial Services In Europe
U.S. media company Forbes has partially lost a trademark over its name as European officials ruled that consumers might believe it was linked to investment firm Alexander Forbes.
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November 05, 2024
Greensill Bank Says Marsh Can't Dodge Australian Litigation
Greensill Bank AG has said that it should be allowed to add Marsh to litigation in Australia linked to the wider group's collapse, arguing in a court filing that it is not bound by an English jurisdiction clause in its contract with the insurance broker.
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November 05, 2024
FCA Sets Out Final Rules To Simplify Bond Trade Reporting
The Financial Conduct Authority set out on Tuesday final rules for publishing data on pricing and volume in bonds and derivatives more efficiently, with separate proposals to give asset managers greater flexibility on how to pay for investment research.
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November 05, 2024
European Union Overhauls Insurance Capital Regime
The European Union said Tuesday it has signed off on its long-awaited overhaul of capital adequacy rules for insurers, which it said will likely boost economic investment and make the sector more resilient.
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November 05, 2024
Pensions Giant Joins £54M Gov't Housebuilding Partnership
Pension Insurance Corp. has entered into a £54 million ($70 million) joint venture with a national developer and a government housing agency to build 3,000 low-carbon, affordable rental homes across England.
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November 05, 2024
FCA Charges Businesses Over Unauthorized Operations
The Financial Conduct Authority said Tuesday that it has charged three individuals involved in two commercial retailers that allegedly generated at least £4 million ($5.2 million) from unlawful business that involved thousands of consumers.
Editor's Picks
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Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums
Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
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FCA Begins Crackdown On Poor-Value Insurance Products
The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
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Post-Election UK Pension Changes Could Be In The Fine Print
Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.
Expert Analysis
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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Embedding Consumer Duty: 6 Areas Firms Should Prioritize
The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
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Insuring Lender's Baseball Bet Leads To Major League Dispute
In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.
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What Steps Businesses Can Take After CrowdStrike Failure
Following last month’s global Microsoft platform outage caused by CrowdStrike’s failed security software update, businesses can expect complex disputes over liability resulting from multilayered agreements and should look to their various insurance policies for cover despite losses not stemming from a cyberattack, says Daniel Healy at Brown Rudnick.
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What To Expect From Labour's Pension Schemes Bill
The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
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What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
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Insurance Rulings Show Court Hesitancy To Fix Policy Errors
Two recent Court of Appeal insurance decisions highlight that policyholders can only overcome policy drafting errors and claim coverage if there is a very obvious mistake, emphasizing courts' reluctance to rewrite contract terms that are capable of enforcement, says Aaron Le Marquer at Stewarts.
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EU Investment Fund Standards Offer Welcome Clarity
The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
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10 Ways To Manage AI Risks In Service Contracts
With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.
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Unpacking The New Concept Of 'Trading Misfeasance'
In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
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Key Takeaways From Proposed EU Anticorruption Directive
The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.