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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.
April 26, 2024
UK Gov't Rejects Lawmakers' Criticism Of Edinburgh Reforms

The U.K. government has rejected criticisms from the Treasury Committee that the post-Brexit financial services reform program is moving too slowly, claiming the changes are on track in a letter published Friday.
April 26, 2024
UK Workers Back Gov't 'Pot For Life' Pension Proposals

Proposals for single pension pots for life have cross-generational support from U.K. workers, according to the results of a survey by a cross-party policy think tank that were published Friday.
April 26, 2024
Insurer Signs First Settlement Over Russia-Stranded Planes

An aircraft lessor and an insurer have settled their fight over payouts for planes stranded in Russia after its invasion of Ukraine, the first agreement out of dozens of battles worth billions of dollars involving major insurers.
April 26, 2024
BoE To Include Funded Re In Life Insurance Stress Test

The Bank of England has said it will consider the risks posed by offshore reinsurance contracts when it carries out a stress test on life insurers in 2025.
April 26, 2024
FCA Defends Naming Firms Under Investigation

The Financial Conduct Authority on Friday defended its proposed naming of companies under investigation in a letter to a House of Lords committee.
April 26, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen budget airline Ryanair file a claim against NATS PLC after the air traffic controller's system collapsed, Mastercard and Visa Europe face group claims from Christian Dior and dozens of other beauty retailers, an intellectual property clash between the publisher of The Sun and ITV, and ISC Europe sue a former director for alleged money laundering. Here, Law360 looks at these and other new claims in the U.K.
April 26, 2024
Law Firm Racine Advises On €26M Sale Of Healthcare Unit

Wilmington PLC said Friday it has offloaded its healthcare business APM for €26 million ($28 million) to Philia Medical Editions SAS, which was advised by French law firm Racine.
April 26, 2024
PI Lawyer Rebuked Over Rejected Settlement Offers

A personal injury lawyer has been rebuked after he misled opposing solicitors into thinking that his client had rejected two offers to settle a legal claim, the Solicitors Regulation Authority said Friday.
April 25, 2024
Higher Greek Limit For Fire Claim No Reason To Stay UK Case

A London court refused Thursday to let the owner of a boat that sank in a Corfu marina pause English proceedings over liability for the accident in favor of pursuing the matter in Greece, where the payout cap would be higher.
April 25, 2024
UN Insurance Climate Group Relaunched After Backlash

An alliance of global insurers formed to accelerate the sector's move to a carbon-neutral economy was replaced on Thursday by a group encompassing less stringent requirements, after attempts to establish shared climate efforts prompted legal and regulatory backlash last year.
April 25, 2024
Firms Urge Delays To 'Unclear' FCA Greenwashing Guidance

Financial companies are urging the City watchdog to slow its anti-greenwashing rule that comes in force in May as legal experts warn that it has failed to clarify all its expectations in final guidance, putting businesses that make the wrong call at risk of enforcement action.
April 25, 2024
Watchdog Urges Caution On New Types Of Pension Schemes

The Pensions Regulator called on Thursday for a pause in the development of new types of retirement savings plans as it weighs whether they offer members sufficient levels of protection.
April 25, 2024
UK Insurers To Curb Premium Finance 'Tax On Poor'

Insurers said Thursday that they will take steps to reduce the additional expense incurred on policyholders which rely on finance arrangements to pay annual premiums.
April 24, 2024
Klarna Trims Down Basque Bank's European Logo TM

Buy-now, pay-later giant Klarna has won its fight to restrict trademark registration for a Spanish bank's logo, blocking protection in a myriad of categories ranging from laundry detergent to musical instruments.
April 24, 2024
Regulator Says Half Of Retirement Plans Ready For Buyout

Half of the 5,000-plus defined benefit pension schemes in Britain are expected to have exceeded their estimated buyout funding levels, the Pensions Regulator said Wednesday, giving trustees and employers a chance to reassess their long-term objectives.
April 24, 2024
Network Rail Rejected Pension Expert Due To Age Bias

An employment tribunal has ruled that Network Rail discriminated against an applicant to the pensions team because he was in his mid-50s, saying that the manager processing submissions barely glanced at his curriculum vitae.
April 24, 2024
Osborne Clarke Guides Canada Life's £46M Lexmark Deal

Insurer Canada Life has agreed to a £46 million ($57 million) buy-in with the pension scheme of printing business Lexmark Holdings Inc. in a transaction guided by Osborne Clarke LLP.
April 24, 2024
PRA Asks Banks To Review Private Equity Exposure

The Prudential Regulation Authority asked banks to review and assess their current practices to ensure they align with the regulator's expectations for effective risk management concerning private equity-linked credit and counterparty exposures.
April 24, 2024
AXA, Zurich Deny Liability In £26M Bakery Fire Claim

A group of six insurers has denied that it unlawfully refused to pay out at least £26 million ($32 million) to cover damage and losses caused by a blaze at a bakery, saying the food business did not comply sufficiently with fire procedures to justify a payout.
April 23, 2024
Tax Experts Want Cut To Healthcare Insurance Levy

Tax experts on Tuesday urged the U.K. government to partially suspend a levy on healthcare insurance products, after it revealed record premium tax revenue of £8.1 billion ($10.1 billion) last year.
April 23, 2024
UK Rules Sri Lanka Ship Insurance Row Must Be In London

A U.K. judge ruled Tuesday that a Sri Lankan shipping company cannot sue a London-based insurer in its home country over liability for a sunken container ship because the insurance contract is governed by English law.
April 23, 2024
COVID-19 Has Disrupted Pension Life Expectancy Models

Pension schemes have faced significant disruption to the way they calculate life-expectancy of their members as a result of the pandemic, a consultancy warned Tuesday.
April 23, 2024
FCA Clarifies Greenwashing Rule, Extends ESG regime

The Financial Conduct Authority has published clarifying final guidance on its anti-greenwashing rule for all regulated firms, saying on Tuesday that it will also extend its broader sustainability regime to include portfolio managers.
April 23, 2024
15 Pension Mega-Deals Forecast In Coming Months

The U.K. pension deals market is set for another record year, with around 15 mega transactions worth up to £30 billion ($37 billion) expected to go ahead in the next few months, a retirement savings consultancy said Tuesday.
April 22, 2024
Trader Behind £1.4B Tax Fraud Thought Trades Were Valid

A British trader accused of being the mastermind of a fraudulent trading scheme that cost Denmark's tax authority £1.4 billion ($1.7 billion) genuinely believed that the trades worked, his lawyer told a London court on Monday.

Editor's Picks

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.
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.
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

Dissecting Recent Developments Against The Misuse Of NDAs

The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
What To Know About The Russia-Stranded Plane Ruling

The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
3 Notable Pensions Reforms In Spring Budget

The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.
Bias Ruling Offers Guidance On Disqualifying Arbitrators

An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
Insurance Policy Takeaways From UK Lockdown Loss Ruling

An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.
What COVID Payout Ruling Means For Lockdown Loss Claims

While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
Spartan Arbitration Tactics Against Well-Funded Opponents

Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases

The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
Unpacking The Building Safety Act's Industry Overhaul

Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.
A Rare Look At Judicial Interpretation Of LEG Exclusions

A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.
Ruling In FCA Case Offers Tips On Flexible Work Requests

In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
Breaking Down The New UK Pension Funding Regs

Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
Decoding UK Case Law On Anti-Suit Injunctions

The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.
Cayman Islands Off AML Risk Lists, Signaling Robust Controls

As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.