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Plan To Recast £2.5T Pensions Sector Raises New Risks

The government unveiled a set of reforms Tuesday designed to tap the U.K.'s £2.5 trillion ($3.2 trillion) pension sector for investment in new technology startups — but experts say the shakeup could lead to an uncertain future for millions of workers saving for retirement.
June 07, 2024
Former Allianz Unit Exec Admits Role In $6B Fund Fraud

A former portfolio manager at Allianz SE's U.S. unit told a Manhattan federal judge Friday that he lied to investors about the risks of the German finance giant's now-defunct Structured Alpha Funds, admitting to his role in a $6 billion fraud.
June 07, 2024
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen British broadcaster GB News hit with a libel claim by climate activist Dale Vince, MGM take aim at an immersive events company over intellectual property rights to the James Bond franchise, and law firms Stephenson Harwood and Bowen-Morris & Partners tackle a contracts claim by investment adviser Yieldstreet. Here, Law360 looks at these and other new claims in the U.K.
June 07, 2024
Trio Make First Appearance In FCA's £8M Pension Fraud Case

Three consultants made their first court appearance on fraud charges in London on Friday to face allegations by the Financial Conduct Authority over an investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.
June 07, 2024
Financial Adviser Gets 8 Years For Legal Funding Fraud

A London judge sentenced a former financial adviser to eight years in prison on Friday after he was convicted of siphoning £5.8 million ($7.4 million) in secret commission payments from an investment fund in a legal financing fraud.
June 07, 2024
'Squeezed Middle' Pension Schemes Urged To Be Flexible

Defined benefit pension schemes with assets between £10 million ($12.7 million) and £250 million are the new "squeezed middle" in the retirement savings market, Hymans Robertson has said, encouraging those plans to remain flexible amid the challenges they face.
June 07, 2024
30% Of UK Workers Unsure How To Access Pensions

An estimated 30% of British workers are unsure about their retirement options and worry about how to access their savings, according to a study published by TPT Retirement Solutions Ltd.
June 07, 2024
Swiss Finance Watchdog Issues New Cyber-Warnings

Switzerland's financial markets regulator issued new guidance for all regulated firms on Friday, telling them how to manage cyberrisks after finding that many are failing to take the right steps to prevent attacks, including those against the service providers they use.
June 06, 2024
La. Commercial Property Co. Settles Storm Insurance Dispute

A Louisiana federal judge has dismissed a commercial property owner's coverage fight over windstorm damage after the company settled in arbitration with a group of 10 insurers.
June 06, 2024
Broker Jailed For £46K Bouncy Castle Insurance Fraud

A former insurance broker has been jailed for two years after pocketing more than £46,000 ($58,900) by editing another company's contract documents to increase the cost of the insurance premiums paid by his clients, City of London Police said Thursday.
June 06, 2024
5 Questions For Linklaters Partner Guillaume Couneson

Since European Union law negotiators gave final approval in May to the first worldwide rules on artificial intelligence, the pressure on global banks and insurers to prepare to comply has started. Here, Guillaume Couneson, a partner at Linklaters, tells Law360 that regulators are likely to focus initially on low-hanging fruit breaches.
June 06, 2024
Pension Funding Levels 'Stable' Ahead Of Looming Election

The political party that wins the July 4 general election will is likely to operate within an environment of stable funding for retirement savings plans, a consultancy said Thursday, as it highlighted the "relatively" consistent levels of funding in the past year.
June 06, 2024
Stranded Plane Claims Belong In Ukraine, UK Judge Says

A London judge ruled Thursday that a legal battle between insurers and aircraft lessors over planes that have been stranded in Ukraine after Russia's 2022 invasion should be heard in Ukraine rather than England.
June 06, 2024
Lloyd's To Open Miami Office For Latin American Market

Lloyd's of London said Thursday that it will open a new office in Miami in September to strengthen its business in Latin America and the Caribbean, which accounted for 4.6% of its 2023 gross written premium of $2.7 billion.
June 06, 2024
ProMarine To Act As Underwriter For Allianz

Allianz Commercial entered into a new partnership with ProMarine UW Ltd. Thursday, to provide comprehensive insurance for the smaller commercial marine industry of up to £10 million ($12.7 million) across the U.K., Ireland and Europe.
June 05, 2024
Debevoise-Led Ambac Unveils 2 Deals Totaling $702M

Debevoise & Plimpton LLP-led Ambac Financial Group on Wednesday announced two deals totaling $702 million, as the insurance holding company said it agreed to sell its financial guarantee business for $420 million in cash and separately announced that it will purchase a majority stake in Beat Capital Partners for roughly $282 million.
June 05, 2024
Gov't UK ISA Savings Proposal Gets Cold Shoulder

More financial firms on Wednesday warned that the U.K. government's plans to give consumers a new tax break for investing in U.K. companies was unworkable, adding it could conflict with the Financial Conduct Authority's consumer protection rules.
June 05, 2024
Climate Risk Must Form Part Of Trustee Role

A quarter of pension scheme trustees want a new interpretation of their fiduciary duties to allow them to consider climate risk because doing so will help tackle the dangers posed by a changing environment, Lane Clark & Peacock LLP said Wednesday.
June 05, 2024
FCA Research Access Plan Is Flawed, EU Finance Body Says

A group representing European financial firms said Wednesday that the Financial Conduct Authority's proposals to give asset managers more choice in how they obtain and pay for research are too inflexible, failing to make the U.K. more competitive.
June 05, 2024
Labour's Pension Tax Plans Backed By Fiscal Research Body

An influential economics think tank has backed plans by the Labour Party to reintroduce the lifetime allowance, arguing that there should be a cap on the tax-free accumulation of pensions wealth.
June 05, 2024
EU Financial Watchdogs Team Up With Cybersecurity Agency

The three financial regulators of the European Union signed an agreement with the EU cybersecurity agency on Wednesday to join forces to protect the pensions, markets and banking sectors in the bloc from cyberattacks and similar risks.
June 04, 2024
Arch Insurance Denies Liability In £8M Hotel Spa Fire Row

Arch Insurance (UK) Ltd. has denied liability for the £8 million ($10.2 million) claimed by two English hotel companies for a blaze allegedly caused by a roofer covered by the insurer because the business made "false" presentations about its risk.
June 04, 2024
EU Watchdogs Demand Tighter Greenwashing Controls

The European Union's financial regulators on Tuesday called on national regulators across the bloc to take tougher steps to combat greenwashing, using more resources and stepping up enforcement.
June 04, 2024
Nearly A Third Of Over 55s Dipping Into Pensions Early

Almost three in 10 retirees over the age of 55 have said they had withdrawn money from their pension before retirement as savers continue to feel squeezed by rising living costs, Just Group said Tuesday.
June 04, 2024
UK Finance Firms 'Triple Clean Energy Investment' To $2.3B

Britain's financial firms tripled their investments in clean energy projects to $2.3 billion in 2023, up from $800 million the year before, according to a new study published Tuesday.
June 04, 2024
Labour Calls For Crackdown On Soaring Car Insurance

The Labour Party said Tuesday it would lean on financial regulators to crack down on soaring car insurance costs if it won the election.

Editor's Picks

Litigation Funding Demand Rises As Pandemic Suits Percolate

More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Reforms Abroad For Litigation Funders Raise Questions In UK

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.
Coronavirus: The Latest EU Court Closures And Restrictions

UPDATED March 22, 2021, 10:35 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.

Expert Analysis

FCA Doubles Down On New Priorities With Target ID Plan

Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
Insurance Ruling Stresses High Hurdle To Fix Policy Wording

In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
Examining Senior Managers' Accountability For AI Use

With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
What Cos. Should Know About The EU Greenwashing Rules

The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
The Art Of Corporate Apologies: Crafting An Effective Strategy

Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
Dissecting Recent Developments Against The Misuse Of NDAs

The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
What To Know About The Russia-Stranded Plane Ruling

The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
3 Notable Pensions Reforms In Spring Budget

The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.
Bias Ruling Offers Guidance On Disqualifying Arbitrators

An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
Insurance Policy Takeaways From UK Lockdown Loss Ruling

An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.
What COVID Payout Ruling Means For Lockdown Loss Claims

While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
Spartan Arbitration Tactics Against Well-Funded Opponents

Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases

The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
Unpacking The Building Safety Act's Industry Overhaul

Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.