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Insurance UK
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May 21, 2024
13 Clyde & Co. Lawyers Defect To Kennedys In Madrid
Kennedys has hired 13 lawyers including a trio of insurance partners from Clyde & Co. LLP for its Madrid office, with the firm intent on strengthening its footing in one of Europe's key arenas.
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May 21, 2024
EU Gives Final Approval To World's First AI Rulebook
European Union law negotiators gave the final green light on Tuesday to the first worldwide rules on artificial intelligence across most sectors including financial services, classifying its usage in bank lending risk assessments or insurance underwriting for EU citizens as high-risk.
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May 21, 2024
I Am An Honest Man, British Trader Tells £1.4B Fraud Trial
Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), told a London court on Tuesday that he is an "honest man" who traded using a legal "loophole."
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May 21, 2024
Finance Pros 'Too Afraid' To Blow Whistle On Fraud
More than three-quarters of finance professionals in the U.K. stayed silent after spotting or suspecting internal fraud in their workplaces, a survey published on Tuesday showed, with nearly half saying they feared a backlash.
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May 21, 2024
UK Pension Reform Could Create 'Too Big To Fail' Providers
The proposed government fix for the spiraling number of retirement savings pots could create pension giants that are too big to fail, an industry body warned on Tuesday.
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May 21, 2024
Ex-Insurance Exec's Wife Denies Knowledge Of Illegal Money
The wife of a former executive at Gable Insurance has denied cashing in on unauthorized payments from her husband who, the Liechtenstein insurer alleges, siphoned off millions of pounds from the company to accounts he had links to.
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May 21, 2024
Investor Launches Property JV With USS Pension Scheme
Real estate investor Assura PLC said on Tuesday it has agreed to a £250 million ($318 million) joint venture with the U.K.'s largest private pension scheme to support investment in National Health Service buildings for community care services.
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May 21, 2024
Freshfields Helps Warburg Pincus Buy Insurance Intermediary
Private equity giant Warburg Pincus and Temasek of Singapore will buy Specialist Risk Group, a London-headquartered company that has brokered more than £1 billion ($1.3 billion) worth of insurance risk, the companies said on Tuesday.
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May 20, 2024
Lessors File Russia-Stranded Planes Cases After Major Ruling
Two aircraft lessors have filed details of claims against insurers in London for a combined total of $62.1 million over planes stranded in Russia because of the invasion of Ukraine after a landmark ruling tossed attempts to move the cases and others to Russia.
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May 20, 2024
Watchdog Finds Pensions Minister Broke Rules On Expenses
Paul Maynard, the pensions minister, broke parliamentary rules on expenses when he failed to properly manage the use of his taxpayer-funded office for political campaigning, a standards body has ruled.
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May 20, 2024
UK Leads Europe In Financial Services Investment, EY Says
The U.K. has solidified its position as Europe's top destination for foreign direct investment in financial services as it attracted 108 investment projects in 2023 compared to 76 a year earlier, the Big Four accounting firm EY said Monday.
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May 20, 2024
Step Up Action On Financial Abuse, FCA Tells Firms
The Financial Conduct Authority has called on regulated firms to take further steps to stop financial abuse of individuals through manipulation of banking or insurance products as it looks through the lens of the Consumer Duty.
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May 20, 2024
Pension Funds Under-Investing In UK Assets, Minister Warns
Pension schemes are not investing enough in Britain, a Treasury minister has warned, adding that the government will consider what "further action" is necessary to stimulate the capital injection that lawmakers want for the economy.
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May 17, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.
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May 17, 2024
Pensioners Lose £80M In Credit Over Submission Errors
The Department for Work and Pensions has said that retirees lost out on £80 million ($102 million) in payments to help top up their weekly income to a minimum level because they submitted inaccurate information about themselves in the last financial year.
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May 17, 2024
Insurers Seek Exclusion From EU Late Payment Rules
European insurers have called for their exclusion from the Late Payment Regulation proposed by the European Commission that would fix a single shorter payment period, warning that it ignores how insurance works.
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May 17, 2024
FCA Sets Out Consumer Duty Priorities For Closed Products
The Financial Conduct Authority has sent "Dear CEO" letters to multiple financial service firms, setting out its priorities for the July deadline to apply the Consumer Duty guidelines to closed-off products such as old savings accounts or insurance policies.
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May 17, 2024
ABN Amro To Sell Stake In Life Insurance JV Neuflize Vie
BN Amro Bank NV said Friday that its Neuflize OBC French private bank branch has entered "exclusive negotiations" to sell the unit to the insurance subsidiary of BNP Paribas SA to form a strategic partnership in life insurance in France.
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May 17, 2024
Asset Manager Alpha Growth To Buy Insurance Manager
British wealth manager Alpha Growth PLC said Friday that it will buy Guernsey-based insurance management company Jeometri for £450,000 ($569,000) to help it grow its insurance offering across the U.K.
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May 17, 2024
FCA To Weigh 'Sensitive, Emotive Issue' Of Probes Policy
The Financial Conduct Authority has said it "will take time" to consider widespread concerns over its proposals to identify companies or individuals under investigation after lawyers said the move could damage careers.
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May 16, 2024
Pension Scheme Profit Warnings Ease In First Quarter
The number of profit warnings issued by U.K.-listed companies with defined benefit pension schemes fell to 18 in the first quarter of this year, compared to 22 in the last three months of 2023, according to research published on Thursday by EY-Parthenon.
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May 16, 2024
Insurance Brokers Call For 'Breath' Amid Rising Regulation
Increasingly demanding regulation from the Financial Conduct Authority is hampering insurance brokers and unnecessarily overlaps with preexisting practices the industry already follows, a trade body for the sector has said.
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May 16, 2024
MPs Call For Redress Program For State Pension Errors
Lawmakers have urged the government to draw up plans by this summer for a redress scheme for retirement-age women who were short-changed on their state pensions.
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May 16, 2024
Average Pension Pot Value Plummets 66% Since 2012
The average value of a defined contribution retirement savings pot has plunged by 66% in just over a decade, official figures revealed Thursday, as experts warned there was a risk of employers becoming stingier with pension benefits.
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May 16, 2024
Nationwide Cited For Compliance Breaches In PPI Market
The competition watchdog said on Thursday it has written to Nationwide Building Society, telling the lender that it had breached the rules by giving clients incorrect information about insurance covering mortgage repayments.
Expert Analysis
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How Businesses Can Prepare For Cyber Resilience In 2024
With cybersecurity breaches one of the biggest threats to U.K. businesses and as legislation tightens, organizations should prioritize their external security measures in 2024 and mitigate risks by being well-informed on internal data protection procedures, says Kevin Modiri at Nelsons.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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DC Ruling Provides Support For Builders Risk Claim Recovery
To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
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New Fixed Costs Rules May Have Unforeseen Consequences
The recent changes to fixed recoverable costs, which were intended to reduce costs and increase certainty, have profound implications for civil claims, but may unintentionally prompt more litigation and reduce access to justice as lawyers leave the market, says Paul Squires at Sedgwick Legal.
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Sustainable Finance Consultations May Signal Key Changes
The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.
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Deal Over Jets Stranded In Russia May Serve As Blueprint
In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
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What The Auto-Enrollment Law Means For UK Workforce
In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
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Protecting The Arbitral Process In Russia-Related Disputes
Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.
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RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'
A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.
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Key Takeaways From ICO Report On Workforce Monitoring
The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.
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Firms Should Prepare For New DEI Reporting Requirements
While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.
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Shifting From Technical To Clear Insurance Contract Wordings
Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.