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Insurance UK
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March 12, 2024
£100B Of UK Pension Surplus Could Be Returned To Sponsors
An estimated £100 billion ($128 billion) could boost British businesses and workers over the next decade if retirement savings plans continue to run on after the point at which they're fully funded, a consultancy said Tuesday.
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March 12, 2024
UK Pension Deals Hit Record-Breaking £50B In 2023
The total value of pension transfer deals in the U.K. hit a record-breaking £50 billion ($64 billion) in 2023, Hymans Robertson said Tuesday, with the number of transactions also eclipsing previous highs.
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March 12, 2024
Gov't To Give Banks More Time To Investigate Payment Fraud
HM Treasury on Tuesday published draft legislation giving banks more time to investigate suspected fraud on payments, giving them a better chance of stopping thieves.
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March 12, 2024
AI Attacks Pose Critical Threat To Businesses, Lloyd's Says
Artificial intelligence will empower cybercriminals and potentially increase the frequency and sophistication of digital attacks, Lloyd's of London warned in a report published Tuesday.
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March 12, 2024
FCA's New Greenwashing Rules Lack Clarity, City Firms Warn
City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.
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March 11, 2024
Insurers Sued For €403M Over Nord Stream Pipeline Damage
The operator of two Baltic Sea gas pipelines hit by explosions has sued its insurers for more than €403 million ($440 million) to cover damage intended to "sabotage a politically significant pipeline" supplying natural gas from Russia to Western Europe.
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March 11, 2024
New Treasury Review Of AML Rules To Cast Wide Net
The U.K. Treasury said Monday that a new review on the effectiveness of anti-money laundering regulations will have a broad scope, encompassing more than 100,000 businesses, including law firms.
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March 11, 2024
MPs To Hear From Administrators In Norton Pension Scandal
A parliamentary committee said Monday that it will weigh whether victims of pension fraud can receive compensation faster as the first part of its probe into the retirement savings scandal at Norton Motorcycle Co.
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March 11, 2024
Global Standards-Setter Sets Deposit Insurance Review
The International Association of Deposit Insurers said Monday that it will focus its 2024 efforts on updating the rules for deposit insurance, including studying how it works, collecting more data on it and helping members improve their systems.
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March 11, 2024
FCA Fines British Steel Pensions Firm, Bans Advisers
The finance watchdog said Monday that it has hit a financial advice company with a fine and banned two former employees after discovering failures by the business when it put through £90 million ($115 million) of retirement savings transfers for members of the British Steel Pension Scheme.
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March 08, 2024
FCA To Boost Fight Against Nonfinancial Misconduct
The Financial Conduct Authority said Friday it would ramp up its fight against bullying and sexual harassment in the financial services sector in light of a damning parliamentary report condemning efforts to tackle sexism in the financial services sector.
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March 08, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barclays initiate legal proceedings against top Russian private bank JSC Alfa-Bank; Lex Greensill, founder of the collapsed Greensill Capital, suing the U.K.'s Department for Business and Trade; Wikipedia's parent company hit with a libel claim; and a sports journalism teacher filing a data protection claim against Manchester United FC. Here, Law360 looks at these and other new claims in the U.K.
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March 08, 2024
Slaughter And May Guides PE Firm's £432M Wealth Firm Buy
Pollen Street Capital said Friday that its subsidiary has agreed to fully buy out Mattioli Woods, a wealth management company, for approximately £432 million ($556 million), as the U.K. private equity investor looks to capture a slice of the lucrative sector.
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March 08, 2024
Gov't Sets Out 'Social Factors' Guide For Pension Investment
The pensions watchdog has urged retirement fund managers to weigh social factors, such as labor rights and the safety of workers, as part of their investment considerations.
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March 08, 2024
'Aggressive' Cold-Calling Firm Shut For Targeting Pensioners
A company that used "aggressive techniques" when selling unnecessary home service and maintenance plans to vulnerable pensioners has been wound up for targeting and misleading elderly customers.
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March 08, 2024
Insurer Beazley Begins $325M Share Buyback As Profit Soars
Beazley began a share buyback on Friday worth up to $325 million in a move to lower its outstanding share capital and reward investors, as its pre-tax profits more than doubled to $1.25 billion.
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March 07, 2024
Efforts To Tackle Sexism In City Moving At 'Snail's Pace'
A group of senior MPs called on Friday for an end to the "era of impunity" in the country's financial sector, saying that efforts to tackle sexism in the City are moving at a "snail's pace" and ignoring the benefits of diversity.
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March 07, 2024
Ex-Slater And Gordon Lawyer To Face Tribunal Over PI Claim
A former personal injury lawyer at Slater and Gordon must face a disciplinary tribunal after he allegedly misled a client about the status of her personal injury claim for more than 15 years, the Solicitors Regulation Authority has said.
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March 07, 2024
Irish Central Bank Plans Modernized Consumer Protection
The Central Bank of Ireland opened a consultation on Thursday on plans to modernize the Consumer Protection Code and clarify the obligations financial companies face for managing such risks as climate change.
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March 07, 2024
UK Working On Fix For Privacy Rules Clash On Pensions
The government is working on a solution to the problem of pension providers being held back from communicating with members because of privacy regulations, a minister has said.
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March 07, 2024
Aviva Kicks Off £300M Buyback After 'Strong Performance'
Aviva PLC said Thursday that it will reward investors with a share buyback worth up to £300 million ($383 million), as it reported a rise in its premiums and operating profit.
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March 06, 2024
UK Cuts Tax, Reforms Non-Dom Rules In Pre-Election Budget
The U.K. government unveiled another cut in payroll taxes and changes to rules on non-domicile status on Wednesday as it presented its election-year spring Budget.
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March 06, 2024
Gov't Cools Its Tone On Pension 'Pot For Life' Plans
A U.K. government update on Wednesday on policy plans for pension pots for life for retirement savers appeared to signal a more cautious tone after pushback from the sector, financial experts have said.
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March 06, 2024
Lloyd's Says Women Hold 35% Of Top Insurance Market Jobs
Lloyd's of London has said the proportion of women in leadership roles at the specialist insurance marketplace has now increased by three percentage points to 35%, fulfilling the short-term target it set in 2020.
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March 06, 2024
Ex-Managing Partner OKs £33K Costs In Failed Bias Claim
A former managing partner of a law firm has agreed to pay £32,500 ($41,400) costs to his former company after a tribunal blocked his discrimination claims and ruled that he hid information while off work with cancer to boost his income.
Expert Analysis
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3 Insurance Issues Raised By The Notre Dame Cathedral Fire
The devastating Notre Dame Cathedral fire provides a rare opportunity to consider the many unique factors that owners and insurers must consider when insuring national treasures, say attorneys at Zelle.
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Where The Post-Libor Litigation Tsunami Will Hit
The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.
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Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant
The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.
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UK Antitrust Watchdog Proposals Would Bolster Enforcement
The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.
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Guest Feature
Preet Bharara On The Human Factor In The Justice System
A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.
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Considering A More Cost-Effective Future For The SFO
In light of multiple recent examples of U.K. Serious Fraud Office investigations yielding far less than the agency may have hoped for, a new approach to prosecuting individuals and corporations may be a smart investment, says Azizur Rahman of Rahman Ravelli.
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Lessons From Carphone Warehouse's Partial FCA Settlement
In the first case decided under the U.K. Financial Conduct Authority's new partial settlement process, Carphone Warehouse demonstrates not only the possible value of cooperating with authorities but also the cost of failing to right previous wrongs, says Syedur Rahman of Rahman Ravelli Solicitors.
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Collective Redress In The EU: Past, Present And Future
Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.
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Lenders Score Major High Court Victory In Foreclosure Case
The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.
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3 Brexit Scenarios And Their Implications For US-UK Trade
Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.
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Frustrating Events: Are Your Contracts Brexit-Proof?
In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.
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Simple Secrets For Writing A Killer Brief
These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.
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What 2019 Has In Store For UK Data Protection
Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.
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Opinion
Brexit International Arbitration Clause Is Misunderstood
Much of the criticism aimed at the international arbitration clause in the recent Brexit withdrawal agreement unfairly identifies a perceived lack of transparency and appears to be based on a lack of understanding about the process, says Margarita Michael of O'Melveny & Myers LLP.
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The Lawyer's Daily
How To Requalify As A Lawyer In Canada
Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.