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.
AIG fought back against a financier's suit claiming the insurer is on the hook for more than £1.6 million ($2 million) because a law firm customer collapsed before turning over funds it was hired to collect, saying the collection work didn't qualify under the policy as litigation practice.
Most life insurers are seeing the benefits of using predictive technology, but progress is being hindered by challenges such as processing huge volumes of data, insurance broker Willis Towers Watson said on Wednesday.
Two Danish insurers have been ordered by a London court to hand over a total of £420,000 ($560,000) as security for costs in a lawsuit that they have brought against a British company over the alleged poor handling of motor claims.
GoCo Group PLC, which operates an insurance price comparison site, will be bought by publishing house Future PLC for £594 million ($790 million) under a deal announced Wednesday.
Britain's financial lifeboat scheme said on Wednesday that it has had to raise an extra £92 million ($122 million) in supplementary levies in 2020 to meet the demands of a finance sector hit hard by the COVID-19 crisis and a rise in claims about poor pensions advice.
Motor insurer AA PLC said on Wednesday that it has accepted a £219 million ($290 million) takeover bid by two private equity companies in a deal that will result in more money being invested in the struggling company.
European Union lawmakers have given the final green light to new rules that will allow consumers to bring collective actions against companies that have engaged in misconduct in a move to boost the bloc's consumer protection regime.
A KPMG partner accused of misconduct while arranging the sale of a British bed manufacturer to U.S. buyout firm HIG Capital in 2011 told a tribunal on Tuesday that he is the victim of a "witch hunt" by the audit watchdog.
The European Supervisory Authorities published proposals Monday that will allow U.K. counterparties to a derivatives transaction to be replaced with others based in the European Union without triggering margin and clearing requirements after the end of the Brexit transition period.
The Financial Conduct Authority said it will hold senior bosses of Lloyd's of London insurers directly to account if it finds evidence that customers with claims from the pandemic have been treated unfairly.
A government-backed taskforce set up to help people from diverse backgrounds get top jobs in the financial services sector was launched on Tuesday, in a move to encourage companies to widen the mix of people at senior levels.
European insurers hit back at the European Commission on Tuesday over proposed changes to the value-added tax regime in the bloc, saying the system is outdated and threatens the EU's capital markets union.
The finance watchdog has said it is planning new initiatives to clarify rules governing sustainable finance as consumers grow more concerned about environmental investments.
British bed manufacturer Silentnight faced a "burning platform" of debt and pension liabilities in the year before it entered administration, a KPMG partner accused of helping a U.S. private equity firm force the company into insolvency told a London tribunal Monday.
Nine in ten employers believe the government should simplify the pensions tax regime, a trade body claimed Monday, as the country's finance minister prepares to unveil a widely anticipated review of government spending this week.
A brewery has sued Royal & Sun Alliance Insurance PLC seeking £1.7 million ($2.3 million) in compensation under its business interruption policy after the insurer agreed to cough up only £100,000 for the closure of the company's pubs during the COVID-19 pandemic.
The European Central Bank asked the finance sector on Monday for responses to proposed rules that would force lenders to include so-called fallback clauses in cash products and derivatives transactions that rely on the market interest-rate benchmarks Euribor and the new €STR rate.
A global forum of central bankers said Monday that banks and insurers should collect more data on the exposure of their clients to climate-related risks to help reduce the threat of natural disasters, such as floods and hurricanes, damaging the sector.
The European Commission is seeking responses from the financial sector on proposals for defining which economic activities can be classed as "environmentally sustainable" as the European Union attempts to draft a common language for investors on climate change.
Aviva said Monday it will sell its majority stake in the Italian life insurance company Aviva Vita for €400 million ($476 million), as the British giant seeks to reshape its international business.
This week in London has seen some of Europe's biggest truckmakers facing more litigation following their antitrust fines, Eddie Stobart sued by its fired founder, and pharmaceutical company Reckitt Benckiser go after its former prescription drugs business. Here, Law360 looks at those and other new claims in the U.K.
A London judge on Friday sided with Aviva and Swiss Re in their challenge to an "unintended but increasingly onerous" law that forces insurers liable for asbestos-related diseases to pay the government far more money than the harm actually caused by their policyholders.
Trustees for Lloyds Bank's pension scheme must plug historic shortfalls in the retirement pots of employees who swapped providers, a judge said on Friday in a landmark ruling expected to add to the massive review of gender discrimination in British pensions.
Britain's top regulators and the Treasury said on Friday that they will form a working group to seek to improve investment in "productive finance," which could help revive the country's economy, which has been battered by the COVID-19 outbreak.
The specialist division of German insurer Allianz said it has been hit by a 950% increase in cyber-insurance claims over the last three years, and warned of the growing threat to business from internet criminals taking advantage of a new trend in working from home.
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.
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 November 23, 2020, 12:51 PM 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.
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
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.