Insurance UK

Doubts Grow Over Impact Of UK Capital Market Deregulation

Government efforts to revitalize the country's sluggish economy by stripping away regulatory burdens on financial markets have raised concerns among lawyers that consumers might be exposed to more risk, amid doubts that the steps can stimulate broader U.K. economic output.

Gov't Growth Priority Forces FCA To Reassess Consumer Risk

Moves by the U.K. government to force the financial watchdog to back economic growth with more relaxed regulatory controls could expose consumers to harm, leaving regulators with no clear idea of what risk levels would be politically tolerable.

The Biggest Developments In Insurance In 2024

The financial watchdog has come under pressure this year from the Labour government to tackle the cost of insurance, which has soared because of rising claims caused by the ongoing repercussions from Brexit and the war in Ukraine.

FCA's 2024 Consumer Focus Still Has Firms Guessing

The Financial Conduct Authority shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.

April 17, 2025
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen the producers of West End show "Elf the Musical" face a contract dispute, Korean biotech company ToolGen Inc. bring a fresh patents claim against pharma giant Vertex, and ousted car tycoon Peter Waddell bring a claim against the private equity firm that backed his business. Here, Law360 looks at these and other new claims in the U.K.
April 17, 2025
Insurance Regulators Urged To Address Climate Change Risks

Insurance regulators must strengthen their understanding of the threats posed by climate change and better consider how those risks will shape the stability of the sector, a group of international regulators said in a report.
April 17, 2025
BoE Insurance Reforms Could Harm Pension Deal Prices

New freedoms that would allow insurers to invest more easily in a wider range of instruments could lead to reduced pricing for pension funds approaching the bulk purchase annuity market, a broker has said.
April 17, 2025
Insurer Markel Buys Marine Specialist Underwriter Meco

Insurance company Markel has said it has penned a deal to buy The Meco Group, a specialist marine managing general agent, as it seeks to boost its range of services
April 17, 2025
SFO Charges UK Insurance Broker With Bribery In Ecuador

The Serious Fraud Office said Thursday it has charged a Lloyd's of London broker with bribery, alleging that it failed to prevent a U.S.-based intermediary from making corrupt payments in Ecuador in order to secure contracts worth $38 million.
April 16, 2025
FCA Proposes Data Reporting Cuts For 16,000 Firms

The Financial Conduct Authority proposed Wednesday to remove unnecessary data reporting for firms, in an effort to support U.K. economic growth.
April 16, 2025
NHS Practice Manager Gets 7-Year Ban For Pension Failings

A former practice manager at an NHS surgery who did not pay more than £75,000 ($99,330) into the pension funds of staff has been banned from starting a new company for seven years over the failings, a government agency has said.
April 16, 2025
EY Under Investigation Over UK Post Office Audits

The accounting watchdog said Wednesday that it has started an investigation into Ernst & Young LLP as auditor of the Post Office over financial shortfalls registered by postmasters around the country.
April 16, 2025
UK Savers Favor 'Cautious Approach' To Pensions Investment

Almost half of savers in Britain want a cautious approach to investment in pension plans, with just 8% willing to invest in high-risk assets, according to research published on Wednesday by a retirement savings platform.
April 16, 2025
FCA Plans More Changes To Simplify Investment Information

The financial watchdog said Wednesday that it plans to further simplify information provided to U.K. retail investors in post-Brexit Britain by removing the requirement for fund managers to report on small price movements while trades are executed.
April 16, 2025
Cost Of Irish Private Health Insurance Rises By 9% In 2024

Private health insurance cover in the Republic of Ireland continues to expand, even though the cost of premiums rose by an average of 9.2% in 2024, the sector's watchdog has said.
April 16, 2025
Reinsurer Compre Boosts Portfolio With Covéa US Unit Deal

Reinsurer Compre Group said Wednesday that it has bought a U.S. subsidiary of French mutual insurer Covéa, to add to its portfolio of legacy insurance companies.
April 15, 2025
La. Parish Still Wants 5th Circ. To Remand Insurance Case

A Louisiana parish has again urged the Fifth Circuit to send its dispute over coverage for property damage caused by a pair of hurricanes back to district court, saying "everyone agrees" that the lower court made a procedural misstep that was subsequently wrongly appealed.
April 15, 2025
UK Gender Pensions Gap Widening, PensionBee Finds

Male customers of PensionBee saved an average of £507 ($671) more in retirement plans than women did in 2024, according to figures published by the retirement savings provider.
April 15, 2025
Schroders Tapped To Manage £2.1B Scottish Friendly Portfolio

Schroders said Tuesday it has been appointed to manage a £2.1 billion ($2.8 billion) portfolio by life insurance mutual company Scottish Friendly.
April 15, 2025
Marine Insurers Cut Premiums Despite Claims Inflation

The marine insurance market could face losses if premiums continue to soften in the face of mounting claims inflation, a broker warned.
April 15, 2025
Most Drivers 'Unsure' What To Do After Injuries From Crash

About two-thirds of drivers do not know what steps to take if someone is injured after a collision, insurance giant Aviva has said, while 45% are unsure what to do after a crash that damages property or another vehicle.
April 15, 2025
DLA Piper Helps KKR Buy £100M Properties From L&G

U.S. private equity heavyweight KKR said on Tuesday that it has purchased a portfolio of three properties from British financial services group Legal & General for more than £100 million ($132 million).
April 15, 2025
Freshfields-Led Insurtech Biz Raises $90M, Hits $2B Valuation

Marshmallow said Tuesday that it has raised $90 million from investors, including Portage and BlackRock, which values the British insurance startup at $2 billion and allows it to expand globally.
April 14, 2025
Firm Owner, Consultant Sanctioned Over Misled Insurer

A London tribunal has sanctioned a law firm owner who knowingly allowed another lawyer to manage the firm's bank accounts in breach of the conditions of his practicing certificate.
April 14, 2025
EU Council Greenlights Delay To Sustainability Rules

The Council of the European Union said on Monday that it has formally approved a proposal that will temporarily delay the implementation of two flagship sustainability directives across the bloc.
April 14, 2025
Pensions Body Warns Of Risks Of AI Adoption

The U.K.'s tough regulatory environment will mean that artificial intelligence is unlikely to replace pension trustees in key decision-making roles anytime soon, a trade body said.
April 14, 2025
Pension Trustees Warned To Plan Ahead In Dashboard Prep

U.K. pension plans have been warned to plan for bottlenecks in processing customer data as they prepare to meet deadlines for new government-backed online portals.
April 14, 2025
Squire Patton Guides £120M Pensions Deal For Utilities Co.

Pensions insurer Just Group said on Monday that it has taken on £120 million ($158 million) in retirement savings liabilities from a plan sponsored by a U.K. water supplier, in a deal guided by Squire Patton Boggs.
April 14, 2025
A&O Shearman-Led Ageas Inks £1.3B Deal For UK Insurer

Belgian insurer Ageas said Monday that it has reached an agreement with Bain Capital to buy Esure Group PLC, which provides motor and home cover, for £1.295 billion ($1.7 billion) as it moves to expand in the U.K. online market.

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 Latest FCA Portfolio Letter Means For Payments Firms

Charlotte Hill at Charles Russell discusses the Financial Conduct Authority’s recent portfolio letter to CEOs of payments firms, outlining the regulator’s expectations, and the steps that these companies may now need to take to ensure compliance and operational effectiveness.
What's Next After FCA Drops Troubled 'Name And Shame' Plan

A closer look at the Financial Conduct Authority's recent decision to toss its widely unpopular proposal changing the test for announcing enforcement investigations may reveal how we got here, why the regulator changed course, and where it’s headed next, say lawyers at Hogan Lovells.
New UK Order Offers Welcome Clarity To Crypto Staking Rules

The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.
How EU's Anticoercion Tool May Counter New US Tariffs

The never-before-used anticoercion instrument could allow the European Union to respond to the imposition of U.S. tariffs, potentially effective March 12, and gives EU companies a voice in the process as it provides for consultation with economic operators at different steps throughout the procedure, say lawyers at Crowell & Moring.
What To Know About Compliance As EU AI Act Takes Effect

Raj Shah at Mishcon de Reya explains how recently effective provisions of the European Union Artificial Intelligence Act, which concern prohibited AI practices and AI literacy, will affect both providers and users of AI systems, and suggests steps that companies can take now to plug any compliance gaps.
Rethinking 'No Comment' For Clients Facing Public Crises

“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
Market Infrastructure Regs Aim To Reinvigorate EU Trading

The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
Important Changes To Note In Accountant Ethics Code Update

The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
What 2025 Holds For UK, EU Restructuring And Insolvency

European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
How GCs Can Protect Cos. From Geopolitical Headwinds

Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
Navigating PRA's Data Request For Crypto-Asset Exposure

The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
Key Points From FCA Financial Crime Guide Updates

The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.
Why Nonfinancial Misconduct Should Be On Firms' Radar

Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.
Insider Info Compliance Highlights From New FCA Guidance

The Financial Conduct Authority's recent guidance to companies on identifying inside information clarifies the regulator's expectation of case-by-case assessment, helpfully highlighting that abuse of U.K.-regulated markets can arise earlier than some might think, say lawyers at Sullivan & Cromwell.
Interpreting Newly Released Consumer Fraud Complaints Data

The Financial Ombudsman Service’s latest complaint data focuses on scams and customer service, and demonstrates that as fraud is becoming rapidly more complex, financial regulators need to acknowledge that technology is here to stay and work together with firms to protect consumers, say lawyers at RPC.