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Featured
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.
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September 29, 2023
Early Pension Withdrawals Near £13B Despite UK Tax Change
Pension funds have seen a record £12.9 billion ($15.7 billion) of early withdrawals as more people dip into their pension pots ahead of retirement, despite upcoming tax changes, according to new data.
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September 29, 2023
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Lenovo and Motorola bring a wireless tech patent spat with InterDigital to the U.K., litigation funder Therium and a Cayman Islands fund hit with a claim from a real estate sponsor, and the former deputy registrar of the University of Leicester sue three production companies for libel over his depiction in a film about the discovery of King Richard III’s remains. Here, Law360 looks at these and other new claims in the U.K.
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September 29, 2023
UK Clears UnitedHealth's £1.2B NHS Health Care Tech Deal
The U.K. antitrust authority Friday gave the green light to the £1.2 billion ($1.5 billion) acquisition by health care giant UnitedHealth Group Inc. of EMIS Group PLC, a supplier of software and information technology to Britain's general practitioners.
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September 29, 2023
Asset Manager Sues Insurer Over Investment Advice Claims
A boutique asset manager embroiled in legal proceedings over investment advice has filed a claim against an insurer in a London court, alleging it has been wrongly refused cover for its legal defense costs.
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September 29, 2023
Ireland Urged To Act On Insurance As Injury Claims Fall €36M
The total value awarded to personal injury claimants in Ireland fell €36 million ($38 million) last year due to civil justice reform, but campaigners say insurers are not passing on the savings by lowering premiums.
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September 29, 2023
FCA Aims To Force Insurers To Treat Leaseholders Fairly
The Financial Conduct Authority said Friday that new protection for leaseholders will include a ban on insurance companies recommending policies based on how much brokers could earn in commission.
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September 29, 2023
FCA's Non-Financial Misconduct Rules 'Lack Clarity'
A plan by the Financial Conduct Authority to widen its conduct rules to cover non-financial misconduct like bullying or harassment more explicitly fails to clarify what constitutes breaches, according to legal experts.
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September 28, 2023
Judges Lose Part-Time Worker Pension Fight With MoJ
Three retired judges have failed to prove the government gave them less favorable pension terms because they were part-time workers, with a London tribunal finding it was their change in role that caused the issue.
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September 28, 2023
Glue Maker Fights To Make £5.7M Insurance Claims Stick
A manufacturer of sprayable industrial adhesives has sued two of its insurers in a London court for a combined £5.7 million ($7 million) to cover losses it allegedly incurred when fighting claims over defective products it sold in the U.K. and Germany.
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September 28, 2023
FCA Fines, Bans 2 Advisers For Dishonest Pensions Advice
The Financial Conduct Authority said Thursday it had fined and banned two financial advisers over suspect retirement savings advice, in a case the watchdog dubbed "one of the worst" it has seen.
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September 28, 2023
Insurers Face $27B Bill From New Accounting Standard
The global insurance sector is facing a final bill of up to $27 billion from the implementation of new accountancy standards introduced in January, a broker said Thursday.
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September 28, 2023
UK Fines ExxonMobil Pension Plan Over Climate Reporting
Britain's pension watchdog said on Thursday that it issued ExxonMobil Corp. a fine in May for failing to publish a report on climate-related financial disclosures regarding its U.K. pension plan even though the company produced it on time.
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September 28, 2023
UK To Allow Life Insurers Into Wider Range Of Investments
The Bank of England on Thursday outlined long-awaited reforms to encourage insurers to invest in a broader range of assets, in a bid to fuel economic recovery.
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September 28, 2023
FCA Warns Corp. Finance CEOs Over Market Abuse Failings
The Financial Conduct Authority warned chief executives of corporate finance firms Thursday that some lacked controls to prevent market abuse and had failed to address conflicts of interest.
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September 28, 2023
EU Financial Watchdogs Warn Of Concentrated Tech Services
European financial regulators have warned of the dangers of popular technology providers supporting many critical functions within an interconnected market, heightening concerns about concentration in the sector as the EU prepares bloc-wide rules.
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September 27, 2023
Brokerage Bosses Hid £3.5M Account Shortfall Before Buyout
A London court on Wednesday ordered two former insurance brokerage directors to pay their old business and its buyer more than £9.3 million ($11.3 million) after ruling that they falsified accounts to hide a £3.5 million deficit ahead of the sale.
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September 27, 2023
Insurers Hit With £3.1M Claim Over Building Defects
An affordable housing association has sued a group of insurers for around £3.1 million ($3.8 million) to cover the costs of fixing a string of defects in a building project in northwest London.
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September 27, 2023
Insurer Hiscox To Sell Asian Unit To Specialist Investor
International insurer Hiscox said Wednesday that it has agreed to sell its business in Singapore and Thailand to Ignite Thailand, a specialist investment firm, as part of a "strategic review."
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September 27, 2023
Demand For Pension Deals To Hit £200B By 2025
Insurers could have to take on £200 billion ($243 billion) of retirement savings liabilities between 2023 and 2025, Pension Insurance Corp. PLC said Wednesday, as the sector moves to respond to an unprecedented demand for risk transfer deals.
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September 27, 2023
UK, New Zealand Sign Recognition Deal For Auditors
Auditing regulators in the U.K. and New Zealand said Wednesday that they have signed a deal to mutually recognize the qualifications of auditors in both countries, aiming to make it easier for them to work in both states.
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September 27, 2023
Dozens Of Lawyers Leave Axiom Ince Amid Closure Threat
Dozens more lawyers have headed for the exit at Axiom Ince as the head of the Solicitors Regulation Authority has warned that the watchdog could shut the law firm down after it was rocked by scandal.
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September 27, 2023
Insurer Launches Ukraine War Cover For Black Sea Ships
Insurance broker Miller said it has created a product that will fully insure ships carrying grain from Black Sea ports against losses arising from the Ukraine war.
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September 26, 2023
ESG Rules Put Pressure On Financial Sector, KPMG Says
Adhering to ever-increasing and overlapping environmental, social and governance rules continues to cause the most regulatory pressure for financial services companies across the U.K. and European Union, according to KPMG research published Wednesday.
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September 26, 2023
Moody's Rates UK Insurers 'Negative' Even After Price Hikes
Insurers have failed for years to make a proper allowance for rising inflation when they increase home and motor insurance premiums, a credit ratings agency warned Tuesday.
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September 26, 2023
DWF Hires Insurance Pro From DLA Piper In London
DWF LLP has hired an insurance expert as a partner for its London global risks department from DLA Piper as the law firm looks to expand its team.
Editor's Picks
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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.
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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.
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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
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Breaking Down The UK's Draft Updates To Prospectus Regime
While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.
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4 Compliance Considerations Under FCA Consumer Duty
Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.
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Swiss Privacy Law Reforms Present Divergences From GDPR
The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.
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Opinion
Russia Ruling Should Lead UK To Review Sanctions Policy
The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.
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Pension Plan Amendment Power Lessons From BBC Ruling
The High Court's recent ruling in BBC v. BBC Pension Trust upheld an unusually restrictive fetter on the pension scheme's amendment power, which highlights how fetters can vary in degrees of protection and the importance of carefully considering any restriction, says Maxwell Ballad at Freeths.
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UK Securitization Reform Opts For Modest Approach, For Now
Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.
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FCA Consumer Duty May Pose Enforcement Challenges
The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.
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How The OECD Global Tax Proposal Could Affect M&A
Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.
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What Trustees Must Know About Virgin Media Pension Case
The High Court's recent decision in Virgin Media v. NTL Trustees could have significant consequences for salary-related contracted-out schemes, making it necessary for trustees to start examining any deeds of amendment during the affected time period, says James Newcome at Wedlake Bell.
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Trustees Should Take Caution After UK Pension Tap Plan
The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.
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Factors Driving Increased Litigation Against European Cos.
European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.
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Pension Trustee Case Could Lead To Fossil Fuels Divestment
While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.
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What TPR's Guidance On DEI Means For Pensions Industry
The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.
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Ensuring Construction Project Insurance Cover Is Adequate
There are a number of ways for practitioners to secure appropriate insurance for a construction project, and it is as important to consider who is covered under the policy as it is the specific terms and obligations, say lawyers at Gowling.
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Rebuttal
2nd Circ. Reinsurance Ruling Correctly Applied English Law
Contrary to a recent Law360 guest article's argument, the Second Circuit correctly applied English law when it decided in Insurance Company of the State of Pennsylvania v. Equitas that concurrent reinsurance certificates required the reinsurer to cover loss in accordance with the law of the policy's governing jurisdiction, say Peter Chaffetz and Andrew Poplinger at Chaffetz Lindsey.