The U.K.'s insurance sector is facing potentially cataclysmic changes in coming years from a ban on the so-called loyalty penalty in which customers who don't switch frequently see their rates jump over time, a move that could save billions for vulnerable, long-term customers.
Insurance broker Marshall Wooldridge, part of Global Risk Partners, said on Tuesday that it has acquired R F Broadley, an English company specializing in farm cover run by a husband and wife team.
European Union leaders urged the U.K. on Monday to set up a means for conducting customs and value-added-tax checks at Britain's border with Ireland before Jan. 1 if talks fail to produce a post-Brexit free trade deal.
Counsel for a Greek lender told a London judge at trial on Monday that the owners of a wrecked oil tanker owe millions in unpaid loans after the lender tried to recover as much as it can from the vessel's insurers.
European insurers urged the European Commission on Monday to revise regulations governing long-term investment funds to make it easier for institutional investors and insurers to make contributions.
The U.K.'s retirement savings regulator should ensure that it doesn't impose "too stringent" rules on market consolidation or else risk penalizing savers, a pensions consultancy warned Monday.
The government said Monday it is considering making it a mandatory requirement that pension plans should simplify statements to their members, after raising concerns that communications are "lengthy, inaccessible and inconsistent in design and content."
Marcus Pleyer, the new president of the Financial Action Task Force, talks to Law360 about his priorities, including the risks posed by crypto-assets and the role of artificial intelligence in enforcement.
The soaring cost of insurance for professional advisers poses an "existential threat" to the industry, a trade body warned on Monday, as it revealed that costs have soared by 100% in the last five years for a quarter of companies.
The government has officially rolled out its £500 million ($650 million) program to help cover the insurance costs for film producers affected by COVID-19, amid claims that delays in its launch have resulted in people leaving the sector.
Allianz has settled a retail investor's £3.6 million ($4.7 million) lawsuit in London that sought to claw back the cost of repairs to a 16-story residential tower block.
Most companies are cutting down their executive pension contributions under mounting pressure from shareholders, who believe managers should not take home extra cash amid the financial turmoil brought on by the COVID-19 crisis, the Investment Association has said.
German insurer HDI Global SE has told the Second Circuit that Phillips 66 made a misleading attempt to play victim with a sanctions motion that tries to paint a reasonable appeal as "delaying the inevitable" payment of a $44 million arbitration award.
More than a year after a new rule began requiring U.K. lawyers to publish common pricing information online, fewer consumers think hiring an attorney is out of their price range, new research shows.
Something's rotten in the state of Denmark's tax collection, and authorities blame a London banker turned Dubai-based hedge fund manager. But in an exclusive with Law360, the accused trader says he merely exploited a perfectly legal loophole in the tax system.
The U.K.'s pensions watchdog said Friday it has received requests from around 200 pension schemes for further "flexibilities" on payments toward deficits, as a result of disruption from the COVID-19 pandemic.
Claimant groups have called for the U.K. government to postpone its so-called whiplash reforms, after official figures showed a 38% decrease in personal injury insurance claims last year.
An estimated one million long-term savers could have their money transferred to a pension superfund in the next decade, according to analysis by PricewaterhouseCoopers.
This week in London has seen Societe Generale become the latest big bank to face a suit from a major Dutch housing group, credit reporting giant Experian target Zurich, and the British music copyright collective face an intellectual property claim. Here, Law360 looks at those and other new claims in the U.K.
The move toward a green economy is paying dividends, and the financial sector must take advantage of that progress by focusing on sustainability in capital markets, a central banker said on Friday.
The finance watchdog proposed new measures on Friday to protect insurance policyholders and customers with loans who remain in financial difficulty amid the COVID-19 crisis and to ensure that vulnerable consumers get support after existing measures expire on Oct. 31.
A judge has axed a London cafe's lawsuit that sought to force Allianz Insurance PLC to cover its business losses linked to COVID-19 after determining on Thursday that the claim was "bound to fail."
Arch Insurance has said a British construction company attempting to claw back £1.9 million ($2.4 million) under its professional indemnity coverage for installing faulty cladding took over three months to report the issue to the insurer, invalidating the claim.
Nearly half of British pension plans are expecting to complete deals to insure liabilities within the next three years, according to research by Willis Towers Watson.
Six in 10 pension transfers that took place in September were potentially linked to scams, a consultancy has warned, as it backed proposed new rules to allow trustees to block suspicious activity.
A global anti-money laundering body has urged governments to implement anti-money laundering standards to guard against risks posed by stablecoins, after it emerged that some states have still not incorporated new measures into their regulatory frameworks.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
UPDATED October 19, 2020, 11:49 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
With the Financial Conduct Authority's deadline for consumers to file claims for compensation for missold payment protection insurance fast approaching, the watchdog is set to put a cap on the long-running scandal. Here, Law360 looks back at how the regulatory response unfolded.
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.