Insurance UK

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FCA's New Redress Powers Spark Some Legal Concerns

Government plans to reform the Financial Ombudsman Service will give the Financial Conduct Authority new powers to introduce wide-ranging consumer redress programs at its discretion, leading lawyers to warn that the regulator could become too susceptible to public pressure.

Close-up of aeroplane jet-engine on a runway

Top Commercial Dispute Rulings Of 2025: Midyear Report

England's courts have dealt in the first half of 2025 with a multibillion-dollar legal dispute with insurers over planes stuck in Russia, slashed the exposure faced by banks over motor finance claims and set out how the proceeds from a landmark class action against Mastercard should be distributed.

Insurers Face Rising Tide Of Claims From AI-Driven Fraud

Insurers in Britain could be on the hook for far higher losses because of the rising use by criminals of artificial intelligence tools to invent or inflate claims, lawyers have warned.

Appointed Reps Reform Gives FCA Bigger Enforcement Hook

The U.K. government's plans to tighten the rules for appointed representatives will give the Financial Conduct Authority a far greater enforcement hook, making the regime costlier and harder to access by the companies it is designed to support, lawyers have warned.

September 16, 2025
BoE Set To Ease Rules For Foreign Insurers In UK

The regulatory arm of the Bank of England set out proposals on Tuesday to raise the liability threshold for foreign-based insurance groups that operate subsidiaries in the U.K. and reduce some reporting requirements.
September 16, 2025
Insurer Can't Duck $6M Bond Payout Over Ghana Power Plant

A London court ordered a Ghanaian insurance company on Tuesday to pay a subsidiary of Greek industrial conglomerate Metlen almost $6.3 million for wrongly refusing to pay up under a bond the insurer claimed was obtained by fraud.
September 16, 2025
Pension Pot Withdrawals Surged Nearly 36%, FCA Says

Savers in Britain withdrew £70.9 million ($96.8 million) from their pension pots in the financial year that ended in March, data published by the Financial Conduct Authority on Tuesday shows, amid suggested concern over government plans to amend tax rules linked to retirement pots.
September 16, 2025
UK Pensions Industry Should Drive 'Small Pots' Fix

The government should use existing retirement industry infrastructure rather than create a costly new central "clearing house" for merging small pension pots, a trade body warned Tuesday.
September 16, 2025
Conister Bank To Work With Fintech Biz On Overdraft Product

Conister Bank said Tuesday that it will work with financial technology company Fiinu to introduce an overdraft product in the U.K. using open banking rules.
September 16, 2025
State Pension Could Breach Tax Threshold In 2027

British pensioners will be forced to pay income tax on state pension benefits from 2027 unless minimum earnings thresholds are lifted, experts said Tuesday in response to new data.
September 16, 2025
Half Of Britons Unaware Of Pensions Policy Changes

Some 51% of adults in Britain do not know about a range of pension policy changes that could affect their retirement plans, Schroders Personal Wealth has said.
September 16, 2025
Eversheds Guides £250M Pension Deal For Defense Co.

The U.K. arm of global defense contractor Ultra Electronics Holdings Ltd. has agreed a £250 million ($341 million) full-plan pension buy-in with Just Group, the financial services company said Tuesday.
September 15, 2025
Only 41% Of Boomers Say They're Ready For Retirement

Only 41% of the more than 3 million working people ages 60 to 69 in the U.K. feel prepared for retirement, Just Group said Monday.
September 15, 2025
AerCap Wants £81M Costs From Insurers In Missing Jets Case

Aircraft leasing giant AerCap is seeking £81 million ($110 million) in costs in the mammoth dispute over hundreds of aircraft stranded in Russia after the 2022 invasion of Ukraine, according to filings for a London court hearing that began on Monday.
September 15, 2025
Insurance Premiums Could Rise If Catastrophe Losses Mount

The insurance industry could be forced to eventually correct the trend of falling prices for property cover if natural catastrophe losses continue to mount, a ratings agency said Monday.
September 15, 2025
Aegon To Extend Pensions App To More Than A Million Savers

Financial services firm Aegon said Monday it wants its Mylo app for tracking pension balances and information to be available to more than a million people, saying it understands the "emotional challenges" people face with their finances.
September 15, 2025
Squire Patton-Led Insurer Agrees Revised Offer For Indian Biz

CPP Group PLC said on Monday that the two potential local buyers of its India-based subsidiary have decreased their offer for the company, which the U.K. insurance products provider is selling in order to streamline its operations.
September 15, 2025
Employers Expect Budget Reform On Pension Salary Sacrifice

Nine out of 10 U.K. employers expect the government to ditch tax breaks on pension salary-sacrifice arrangements when it unveils its autumn Budget, a survey has found.
September 15, 2025
Watchdog Launches Program To Improve Audit Sector

Britain's accounting watchdog launched a program on Monday that it said would bring together projects that are designed to drive improvements in the audit sector.
September 12, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen former Master Chef presenter Gregg Wallace sue the BBC, Elon Musk's xAI take legal action against a staff engineer, and fashion mogul Kevin-Gerald Stanford file a fresh claim against Lion Capital-owned Klotho and EY amid a long-running All Saints share acquisition dispute.
September 12, 2025
Ex-AIG IT Pro's Claim Struck Out Over Courtroom Misconduct

A former AIG software developer on Friday had his whistleblowing claims against the insurer struck out after accusing a judge of perverting the course of justice, eating a meal during a hearing and calling a London tribunal a "circus."
September 12, 2025
Gov't Will Oppose 'Indexation' Changes To UK Pension Bill

The government has said it will oppose amendments to draft legislation that will mean retirement benefits for older pensioners rise with inflation.
September 12, 2025
Third Point Completes Deal To List Reinsurance Biz On LSE

Third Point Investors Ltd. said Friday that it has completed a reverse takeover of Malibu Life Reinsurance SPC under which the hedge fund will become a London-listed reinsurance company, despite opposition from a large group of shareholders.
September 12, 2025
Travelers Sued For £5.8M Client Funds Lost In Axiom Collapse

A property buyer has sued Travelers for a £5.8 million ($7.9 million) insurance payout under its policy with Axiom Ince, telling a London court that the company had misappropriated his payment for an apartment before collapsing into administration.
September 12, 2025
Lloyd's Picks AI-Driven Insurance Startups For Incubator

Lloyd's of London has picked 12 insurance startups for the next round of its business incubator project, focusing mostly on companies that use new artificial intelligence technology.
September 12, 2025
Squire Patton Leads £23M Welcome Break Pension Deal

British motorway service station operator Welcome Break Group Ltd. has finalized a £23 million ($31.2 million) full-scheme buy-in of its pension plan with Just Group, the financial services company said Friday.
September 12, 2025
Helvetia, Baloise Win Swiss, EU Approvals For Merger

Swiss insurers Helvetia and Baloise said Friday that two European regulators have given the thumbs-up for their planned merger, confirming that the deal to create the second-largest insurance group in Switzerland will close in December.
September 11, 2025
FCA Official Outlines Risk-Based Approach To Financial Crime

Fighting financial crime isn't a barrier to growth but a prerequisite for economic investment, a senior official at the Financial Conduct Authority said on Thursday, as he outlined plans to take a "risk-based" approach to cracking down on fraud.
September 11, 2025
Pensions Managers Urged To Boost Standards For Savers

Pensions administrators must invest more to modernize their data systems and trustees should play a stronger role in raising standards to help the sector make improvements, the retirement savings watchdog warned on Thursday.

Editor's Picks

Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums

Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
FCA Begins Crackdown On Poor-Value Insurance Products

The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
Post-Election UK Pension Changes Could Be In The Fine Print

Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.

Expert Analysis

What To Note From FCA, Gov't Financial Growth Proposals

Recent Financial Conduct Authority and government proposals for financial services reform are positive developments for firms, signaling a drive to push forward growth and a willingness to be flexible in areas of regulation that the industry has long raised as barriers, say lawyers at Simmons & Simmons.
FCA Misconduct Guide Will Expand Firms' Duty To Investigate

The Financial Conduct Authority's recent proposals on workplace nonfinancial misconduct will place a greater onus on compliance and investigations teams, clarifying that the question to ascertain is whether the behavior is justifiable and proportionate, say lawyers at Ashurst.
Mansion House Speech Heralds New Financial Regulatory Era

The chancellor of the exchequer's recent Mansion House speech introduced a sweeping commitment to modernize regulation, which will require U.K. retail banks and building societies to revisit core assumptions, and allow lawyers to play a key role in shaping the new rules, say lawyers at Addleshaw Goddard.
Key Points From EU Proposals To Ease Securitization Rules

The European Commission’s recently proposed securitization framework amendments aim to relax existing rules, such as by reducing due diligence requirements and removing the need for investors to conduct certain prescribed compliance verifications by sponsors or original lenders, say lawyers at McDermott.
What To Expect As FCA Preps To Launch AI Testing Service

The Financial Conduct Authority’s forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool’s potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
EU Banking Watchdog Regulations Herald New AML Era

The European Banking Authority’s forthcoming anti-money laundering package will set a framework for compliance across the European Union by redefining the rules of engagement between financial institutions and supervisors, setting a new standard for transparency and accountability, say lawyers at A&O Shearman.
What To Expect As UK, US Gov'ts Develop Stablecoin Policies

While the U.K. and U.S. governments’ policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
What Insurers Can Do To Prepare For PRA 'Solvent Exit' Rules

With less than a year until the Prudential Regulation Authority's new solvent exit rules for insurers come into force, it is critical that firms prepare to meet the imminent deadline by outlining an execution plan and establishing clear governance arrangements, say lawyers at Holman Fenwick.
How Regulators Want Online Platforms To Fight Finance Fraud

Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
FCA Notes Industry Criticism But Keeps Transparency Focus

The Financial Conduct Authority’s recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
Court Backing Of FCA Pensions Ruling Sends Key Message

The Upper Tribunal’s recent upholding of the Financial Conduct Authority's decisions against CFP Management directors serves as a judicial endorsement of the regulator’s approach to defined benefit transfers, underscoring that where the advisory model is fundamentally flawed, the consequences for those in control can be severe, say lawyers at RPC.
Pension Schemes Bill's Most Notable, Controversial Measures

The long-awaited Pension Schemes Bill recently introduced to Parliament creates a framework for harnessing money saved in U.K. workplace pension funds to grow the country’s economy, but provisions relating to local government pension scheme investment, and scale and asset allocation, are controversial, says Claire Dimmock at Squire Patton.
Decoding Arbitral Disputes: Prestige's Jurisprudential Legacy

The U.K. Supreme Court's recent denial of appeal ended Spain's decades-long quest to enforce an €855 million arbitral judgment against a London insurer, throwing into stark relief the increasingly complex relationship between arbitral sovereignty, foreign state immunity and the shifting terrain of post-Brexit private international law, says Josep Galvez at 4-5 Gray's Inn.
UK Securities Tax Reform Will Be Welcomed By Investors

The proposed reforms resulting from HM Revenue & Customs' recent consultation on modernizing stamp taxes on shares, suggesting a single digital tax on securities to replace stamp duty and stamp duty reserve tax, are expected to reduce complexity for investors transacting in U.K. securities, say lawyers at Ropes & Gray.
A Shifting Landscape Of Greater Scrutiny After Data Breaches

Recent Information Commissioner's Office fines for personal data breaches and a Home Office consultation signal a shift in the U.K. regulatory landscape, and with an increase in mass actions and resulting exposure, organizations should prepare for potential third-party claims from those incurring consequential losses, say lawyers at Atheria.