Insurance UK

  • September 26, 2022

    UK Pensions Watchdog Warns Employers Over Admin Errors

    The retirement savings watchdog on Monday warned employers about making administrative errors on pension enrollment, as it published figures revealing it has issued more than 15,000 fines for breaches over the course of six months.

  • September 26, 2022

    Atty Struck Off Over Role In $164M 'Pump And Dump' Scheme

    A London tribunal removed a Swiss attorney convicted in the U.S. for his part in a $164 million international pump-and-dump stock scheme from the roll of solicitors on Monday.

  • September 26, 2022

    FCA Urges Better Wind-Down Practices From Brokers

    The Financial Conduct Authority has called on general insurance brokers to strengthen their wind-down plans, after its sample study of the market's liquidity arrangements for potential collapses raised concerns about their handling of risk matters.

  • September 26, 2022

    Ireland Insurance Deal Rules 'Could Be Counterproductive'

    A crackdown by the Irish finance regulator on intragroup transactions within insurance companies could prove counterproductive and might undermine the financial strength of the sector, a European trade body warned on Monday.

  • September 26, 2022

    Insurer LV Replaces Chief After Failed £530M PE Takeover

    Liverpool Victoria said on Monday that it has appointed a new chief executive after the insurer's former top boss stepped down following a failed £530 million ($570 million) private equity takeover.

  • September 23, 2022

    Cybersecurity Firm Saepio Hires Former Mimecast Director

    U.K.-based Saepio Information Security hired away Mimecast's account director for legal and accountancy to serve in the same capacity at the cybersecurity firm, Saepio confirmed to Law360 on Friday.

  • September 23, 2022

    Funders Eye Equity Stakes In UK Law Firms

    Private financiers are increasingly looking at taking equity stakes in law firms using alternative business structures, in a bid to deliver hefty returns for their investors.

  • September 23, 2022

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen investors in a Disney film financing scheme look for a fairytale ending against HSBC, a scuppered Forex company sue a card payments provider in a breach of contract claim, and Boots Opticians eye up a commercial contracts claim against NHS England. Here, Law360 looks at these and other new claims in the U.K.

  • September 23, 2022

    Whirlpool Denies Liability Over Apartment Block Blaze

    Appliances manufacturer Whirlpool has hit back at a London borough, saying it does not have to pay out £1.3 million ($1.4 million) after a tumble-dryer caught fire in a residential tower building because the accident was not the result of a defective design.

  • September 23, 2022

    Gov't Sets Out Health Service Pensions Fix To Retain Staff

    Britain has announced plans to reform the National Health Service pension rules as it seeks to retain more experienced doctors in its system, but the proposals have been dismissed as merely "sticking plasters" by a clinicians' organization.

  • September 23, 2022

    Irish Central Bank Warns Of Growing Home Under-Insurance

    Almost one in six policyholders in Ireland do not have sufficient cover on their home insurance, the country's financial watchdog said on Friday as it told insurers to write to customers to warn them about the risks they face.

  • September 23, 2022

    Watchdog Urges EU Insurers To Improve Crisis Coverage

    The European Union insurance watchdog has urged companies in the bloc to ensure they continue to offer cover in the event of natural catastrophes and financial meltdowns, telling them to align their rules on how to handle crises.

  • September 23, 2022

    Insurers Settle Suit Over Coverage For $1B Ponzi Scheme

    An international corporate services company has settled with its insurers over a lawsuit in which it sought to be indemnified for costs for suits accusing it of being negligent when auditing a business involved in a $1 billion Ponzi scheme.

  • September 23, 2022

    Gov't Vows To Unlock Pensions Investment In Economy

    The government announced on Friday that it will bring forward plans to allow retirement savings plans to invest more widely in illiquid assets as it aims to improve economic growth — even as the country enters into recession.

  • September 23, 2022

    UK To Ditch Bankers' Bonus Cap To Attract Biz To London

    The government confirmed on Friday that it plans to abolish the cap on bankers' bonuses in a program to boost the competitiveness of London as a financial center, a controversial highlight in a mini-budget of regulatory and fiscal reform.

  • September 22, 2022

    Akin Gump Adds Development Duo From Norton Rose

    Akin Gump Strauss Hauer & Feld LLP has hired a two-attorney team from Norton Rose Fulbright as project finance and development partners in its London office.

  • September 22, 2022

    Gov't Reverses April's Hike In National Insurance Tax

    The U.K. government announced on Thursday that it is reversing its decision from April to impose a 1.25 percentage point increase in National Insurance contributions by businesses and employees to promote economic growth.

  • September 22, 2022

    FCA Moves To Combat Investor Harm On Trading Venues

    The financial watchdog proposed guidance on Thursday defining which firms are trading venues where investors may buy or sell securities, such as the London Stock Exchange, to stop some entities from operating without authorization and harming investors.

  • September 22, 2022

    Pensions Watchdog Can Issue Fines On Savings 'Dashboards'

    The pensions watchdog said on Thursday that it could issue fines of up to £50,000 ($56,000) for retirement schemes that fail to meet deadlines ahead of the launch of new online savings "dashboards."

  • September 22, 2022

    Pensions Industry Calls For Reforms In Gov't Mini-Budget

    The new government under Liz Truss should not sideline pension reform as it attempts to tackle the cost-of-living crisis, retirement industry experts have said as the new administration prepares for its first mini-Budget, which is scheduled to be unveiled on Friday.

  • September 22, 2022

    Squire Patton Lands Structured Finance Pro From Shearman

    Squire Patton Boggs LLP has recruited a derivatives and structured finance specialist from Shearman & Sterling LLP in a wider strategy to strengthen its financial services practice in London.

  • September 21, 2022

    Insurers Battle To Avoid $844M Plane Crash Compensation

    Victims of a deadly plane crash in Colombia sought in a London court on Wednesday to shut down a request by units of Tokio Marine and Aon to stop the victims' pursuit of compensation for the disaster in a Florida court.

  • September 21, 2022

    Solicitor Numbers Up, But Minority Groups Underrepresented

    A record high number of people qualified as solicitors in England and Wales last year, although attorneys from minority ethnic backgrounds continued to be underrepresented, the Law Society said Wednesday.

  • September 21, 2022

    UK Gov't Budget Scrutinized For Removal Of Bank Bonus Cap

    City lawyers will get a first glimpse on Friday of plans by the new government to break from the European Union's regulatory rule book, including scrapping the cap on bankers' bonuses imposed after the financial crisis to deter reckless strategies that could harm consumers.

  • September 21, 2022

    Edwin Coe Atty Tells Tribunal: 'I Do Not Lie To Courts'

    A senior partner at Edwin Coe LLP and the former head of the Law Society told a disciplinary hearing Wednesday that he did not lie under oath about a legal fee dispute when describing his communications with a client.

Expert Analysis

  • The New EU Data Act Proposal Raises Several Questions

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    In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.

  • Preparing For FCA's New Appointed Representative Rules

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    The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.

  • Opinion

    A Better Gov't Response To Pensions Misselling Is Needed

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    To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.

  • A Review Of The New UK Financial Services And Markets Bill

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    In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.

  • How Greenwashing Litigation Is Affecting Financial Services

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    A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.

  • FCA Consumer Duty Shows Shift In Retail Financial Services

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    The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.

  • Pandemic Rent Ruling Is A Blow To Commercial Tenants

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    The recent U.K. Court of Appeal decision in London Trocadero v. Picturehouse demonstrates that even exceptional COVID-19-related circumstances will not induce courts to interfere with a previously considered allocation of risk between parties or imply terms in a contract, says Gurpreet Sanghera at Simkins.

  • Building Inspector Insurance And Its New Relaxed Rules

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    The U.K. government recently opened up the market for approved building inspector insurance in the aftermath of the 2017 Grenfell Tower tragedy, but it does not appear to have considered the impact this may have on homeowners and developers, say Alan Stone and Jonathan Carrington at RPC.

  • New Corporate Insolvency Data Reveals Unexpected Results

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    For a variety of reasons there has been a slower than anticipated increase in U.K. corporate insolvency figures in recent months, although there may be a time lag between economic difficulties and sentiment among investors, lenders and business owners, and it is likely that numbers will rise in the autumn, says Jeremy Whiteson at Fladgate.

  • How The Latest Trends In Litigation Funding Are Developing

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    With investors looking for alternative assets that can achieve returns and claimants likely to be cash poor in the current economic downturn, the signs are that the litigation funding market is not only here to stay, but is set to expand, says Simon Thomas at Baker & Partners.

  • Pros And Cons Of Regulating Finance Sector's Third Parties

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    Recent proposals by the U.K. Treasury could lead to regulation of those designated as critical third parties in finance, and legislation will be needed to ensure technology suppliers are not deterred from participating in the financial services markets, say attorneys at Addleshaw Goddard.

  • UK Online Safety Bill Delayed, But Firms Should Still Prepare

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    Despite delays and content providers' concerns regarding the impact on their profitability, it appears certain that the Online Safety Bill will be enacted in one form or another, mirroring proposals in the EU and U.S., so tech firms must prepare for a new regulatory framework that will require them to tackle illegal and harmful content on their services, say attorneys at Dechert.

  • A Look At The Solvency II Insurance Sector Proposed Reforms

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    It is hoped that the proposed reforms of Solvency II will not only ensure policyholder protection and a successful insurance industry, but that released capital will be invested in long-term infrastructure and green projects, yet there are questions and even concerns surrounding potential changes and what their impact might be, says Dónal Clark at Kennedys.

  • 4 Ways M&A Deals Are Changing

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    There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.

  • The Digital Markets Act: Key Implementation Issues To Watch

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    The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.

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