Insurance UK

  • June 29, 2022

    SRA Fine Ceiling Jumps To £25,000

    A U.K. legal regulator can now fine solicitors and firms up to 1,150% more for misconduct under new rules designed to leave only the most serious cases in the tribunals, a move that has been derided by the trade association for solicitors.

  • June 29, 2022

    Dentons, Freshfields To Retain 90% Of Trainees In Fall Hires

    Freshfields Bruckhaus Deringer LLP and Dentons both said Wednesday that they are poised to retain about 90% of their trainees in fall 2022, as U.K. law firms continue to reveal how many of their newly qualified solicitors will be staying on.

  • June 29, 2022

    FCA Begins To Prepare Guidelines For Green Bond Issuers

    The finance regulator said Wednesday that it will work with investment firms to set guidelines for issuers of bonds linked to environmental, social and governance standards to prevent them from misleading investors.

  • June 29, 2022

    High-End Jeweler Sues Insurer Over $9M Cyber-Ransom

    A luxury British jeweler has sued a Lloyd's syndicate member to recover $9 million it spent after falling victim to a Russian ransomware attack that prompted press coverage of leaked celebrity clients and a rare apology from the hackers.

  • June 29, 2022

    UK Urged To Amend Draft Rules To Combat Insurance Fraud

    A U.K. consumer organization called on the government on Wednesday to plug potential holes in its draft online safety rules, saying a study it ran showed that social media sites are serving as platforms for insurance scams.

  • June 29, 2022

    S&P Puts Insurer On CreditWatch After Management Shake-Up

    S&P Global Ratings has indicated it could downgrade its ratings on SiriusPoint Ltd. and its main subsidiaries because of recent changes in top management at the Bermuda-based global specialty insurance and reinsurance company.

  • June 29, 2022

    IT Pro Was 'Stupid' To Obey Jones Day Atty's 'Burn' Order

    An IT manager testified at a trial on Wednesday that he was "stupid" to comply with instructions from a senior Jones Day lawyer to destroy a secure messaging system in an alleged attempt to conceal evidence of corporate espionage from supermarket group Ocado.

  • June 29, 2022

    Ulster Bank Transfers Irish Insurance Customers To Aviva

    Ulster Bank Ireland DAC has signed over its home and car insurance customers to Aviva Direct Ireland Ltd. as the lender makes a phased withdrawal from the Republic of Ireland.

  • June 29, 2022

    L'Oréal Blames Poor Security For Warehouse Theft

    French cosmetics giant L'Oréal and its insurers have sued a logistics and facilities company after they paid out for a hoard of stolen beauty products, saying that lapsed warehouse security systems at the firm's site were to blame for the heist.

  • June 29, 2022

    EU Council Agrees On Central Investment Database

    National financial services regulators across the European Union will create a centralized hub providing public information about companies and products to help investors make good decisions, according to an agreement by the European Council announced on Wednesday.

  • June 29, 2022

    Reed Smith Hires Structured Finance Atty From BCLP

    Reed Smith LLP is hiring the former head of the derivatives practice at Bryan Cave Leighton Paisner LLP for its team in London in a move to strengthen its capabilities in advising the financial sector.

  • June 29, 2022

    Gov't Urged To Act Over Self-Employed Pension Contributions

    The government should provide a way to help self-employed workers save for their retirement, experts said, after official figures revealed that just a fifth of people in the sector have a pension plan.

  • June 28, 2022

    Denmark Asks Court To Keep $2.1B US Pension Tax Fraud Suit

    Several U.S. pension plans shouldn't be allowed to escape a suit from Denmark's tax agency claiming they committed a $2.1 billion fraud, the agency told a New York federal court, arguing the case doesn't impermissibly implicate foreign tax laws.

  • June 28, 2022

    Slater & Gordon Restructures UK Business Into 2 Units

    Slater & Gordon said Tuesday it would create separate units to focus on volume work and specialist legal services after disappointing financials for 2020 prompted a strategic review of the law firm's U.K. business.

  • June 28, 2022

    Wolters Kluwer Acquires Spain-Based Legal Tech Co.

    Information services company Wolter Kluwer NV is expanding its presence in Spain's legal market with its acquisition of legal practice management software Level Programs SL on Tuesday.

  • June 28, 2022

    Insurers Can't Block €425M Venezuelan Suits Abroad

    A judge ruled Tuesday that Venezuela's €425 million ($448 million) dispute with two British insurers over a sunken vessel belongs in arbitration in the U.K., but refused to block the country from litigating the case abroad because of state immunity.

  • June 28, 2022

    Judge Should Have Recused In Trinidad Corruption Case

    The Judicial Committee of the Privy Council has ruled that a judge should have refrained from ruling in a corruption case against two insurance officials over the construction of a Caribbean airport because he had biases due to financial help he received from the country's attorney general.

  • June 28, 2022

    Trade Body Urges FCA To Rethink British Steel Redress Plan

    The finance watchdog should rethink its plans for a £71 million ($87 million) compensation scheme for workers caught up in the British Steel Pension Scheme transfer scandal, a trade body for financial advisers warned Tuesday.

  • June 28, 2022

    Asbestos Co. Fights To Nix £5M Liabilities Claim

    An asbestos maker has said that a suit filed by three insurance giants seeking a £5 million ($6.1 million) payment over an injury claims settlement should not be allowed to move ahead because an earlier settlement agreement allows the company to offset the payment.

  • June 28, 2022

    'Authorized' Fraud Jumped By Over 20%, Says Ombudsman

    The U.K. financial dispute-resolution body said on Tuesday that the number of complaints from people being tricked into transferring money into accounts they believe are legitimate rose by more than 20% during the financial year ending March 2022.

  • June 28, 2022

    Gov't Mulls 'Big Bang' Launch For Online Pension Portals

    The government floated the possibility of a 90-day countdown for the launch of new pensions "dashboards" for retirement savers on Tuesday, as experts warned that the prospect of bottlenecks could undermine public trust in the system.

  • June 28, 2022

    Insurers March On Treasury Over Solvency II Reform

    The government confirmed on Tuesday that it has met behind closed doors with representatives of the insurance industry as the country considers whether to break from the European Union on regulation for capital adequacy for the sector.

  • June 28, 2022

    PE-Driven Insurance Broker Merger Boom Could Be Over

    A wave of consolidation that dominated the British insurance broking sector for more than two decades might have peaked, as experts say that private-equity backed buyers are turning their attention elsewhere amid a growing scarcity of viable targets for acquisition.

  • June 27, 2022

    Investor Must Arbitrate Case Over $36M Hurricane Irma Award

    A Florida federal judge on Monday denied a real estate investment company's request to hear its case against insurance underwriters at Lloyd's and its affiliates, ruling that due to an agreement already in place, the parties must arbitrate the dispute over a delayed $36 million award for Hurricane Irma-related damage.

  • June 27, 2022

    Lewis Silkin Managing Partner Tapped To Lead Law Society

    The Law Society of England and Wales named Lewis Silkin LLP managing partner Ian Jeffery as its new chief executive on Monday to help develop what it called "an ever more sophisticated" approach to meet the needs of an evolving legal landscape.

Expert Analysis

  • Examining UK Commission's Corporate Crime Reform Ideas

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    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    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.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    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.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    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.

  • What EU Corporate Sustainability Plan Means For Contracts

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    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.

  • How The Rise In Ransomware Is Affecting Business Insurance

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    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.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    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.

  • A Landmark UK Enforcement Case For Crypto-Assets

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    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.

  • Emerging Economic Effects From Russia-Ukraine War

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    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.

  • Unexplained Wealth Orders' Role In UK Dirty Money Bill

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    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.

  • How EU Proposal Would Affect Corporate Sustainability Duties

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    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.

  • How Will UK Use New Penalties For Debt-Dodging Directors?

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    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.

  • Automated AML Compliance Tools Are No Silver Bullet

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    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.

  • Issues To Watch In Potential English Arbitration Act Reform

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    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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