Insurance UK

  • March 21, 2024

    Women 'Owed' Compensation Over State Pension Failings

    Women who were affected by the U.K. government's failure to inform them that their retirement age had changed are owed compensation for the state's failings, according to a much-anticipated report released Thursday by the parliamentary ombudsman.

  • March 21, 2024

    Audit Watchdog To Probe UK Sustainability Assurance Market

    The Financial Reporting Council on Thursday said it would be studying the quality of sustainability assurance services in the U.K. to ensure the market is providing high-quality guarantees over companies' reporting.

  • March 21, 2024

    British Safety Council Calls For A Minister For Well-Being

    The British Safety Council has urged the government to appoint a well-being minister to promote welfare in the workplace at a time when illness is at a 10-year high and recent surveys suggest high stress levels and burnout among workers.

  • March 21, 2024

    FCA Tells Consumer Lenders To Detect Financial Crime Better

    The City watchdog has warned chief executives of consumer lending firms that they must improve on their detection of financial crime.

  • March 21, 2024

    ECJ Adviser Rejects Taxing Foreign Pension Funds Differently

    Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.

  • March 20, 2024

    UK Pension Fraud Fund To Pay Out £416M To Victims By 2026

    The U.K.'s pension lifeboat scheme said Wednesday it expects to pay up to £416.7 million ($530 million) in compensation to members of pension schemes that have been hit by scams.

  • March 20, 2024

    Health And Safety Top Risk For Directors, Global Survey Says

    Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.

  • March 20, 2024

    AI Misuse Will Drive Cyber Insurance Demand, Actuary Says

    The use of artificial intelligence by criminals and other evolving threats will boost demand for cyber-insurance for at least the next decade, according to analysis published Wednesday by actuarial consultancy OAC.

  • March 20, 2024

    EU Insurers Warn Regulators Of Gaps In Greenwashing Rules

    European insurers have urged the bloc's insurance and pensions watchdog to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.

  • March 20, 2024

    Slaughter And May Cuts Partner Promotions By Half In 2024

    Slaughter and May said on Wednesday that it is adding to its bench of up-and-coming leaders by promoting five lawyers to its partnership — only half the number it elevated in 2023.

  • March 20, 2024

    UK Insurers See Boom In Income Protection Policies

    The number of people who took out personal insurance cover to shield their finances hit a record high in 2023, as more sought protection from a potentially serious accident or illness that would prevent them from working, British insurers said Wednesday.

  • March 20, 2024

    FCA Warns Pension Advisers Over Treatment Of Customers

    The Financial Conduct Authority urged pension advisers on Wednesday to look at how well they are considering the needs of their clients after a sweeping review of the sector found significant shortfalls at some companies.

  • March 19, 2024

    Financial Advisor 'Siphoned' Fees In Legal Fund Fraud Case

    A former financial adviser allegedly siphoned £5.8 million ($7.4 million) from an investment fund via secret commission payments as part of a legal financing fraud, prosecutors told a London jury at the start of his criminal trial Tuesday.

  • March 19, 2024

    Pension Watchdog Finds Trustee Boards Lack Diversity

    Pension boards across the U.K. lack diversity, according to research published Tuesday by Britain's retirement savings watchdog, which showed the characteristics of a "typical trustee" being unrepresentative of the overall U.K. population.

  • March 19, 2024

    Insurance Tech Biz Can't Get Policy Tracker Patent In UK

    An insurance tech firm can't get a patent over its automated policy tracker software in the U.K. because computer programs and business methods are not patentable, intellectual property officials said Tuesday.

  • March 19, 2024

    Charities Recovering From Pension Deficits

    Thirteen U.K. charities are no longer plugging a black hole in their pension schemes, a consultancy said Tuesday, amid a wider improvement in funding for retirement savings plans.

  • March 19, 2024

    Workers Have 'Misplaced' £50B In UK Pension Pots

    The growing number of young workers changing jobs and moving to different pensions providers has left more than £50 billion ($64 billion) in U.K. pension pots "at risk of being misplaced" in abandoned or lost accounts, according to analysis published on Tuesday.

  • March 19, 2024

    AI Tool Automates Climate-Related Financial Risk Analysis

    The Bank for International Settlements said Tuesday that it has developed an artificial intelligence tool that analyzes climate-related risks in the financial system by streamlining large sets of data — and could pave the way for future research applications.

  • March 19, 2024

    FCA Sets Out Priorities For New Financial Year

    The Financial Conduct Authority detailed on Tuesday its new priorities for the next financial year, setting out plans to protect consumers and boost competitiveness in Britain and to make better use of data.

  • March 26, 2024

    DLA Piper Hires M&A Pro Carl Hotton From Freshfields

    DLA Piper has hired mergers and acquisitions professional Carl Hotton as an insurance partner from Freshfields Bruckhaus Deringer LLP.

  • March 18, 2024

    Life Insurer DeadHappy Unable To Accept New Customers

    Life insurer DeadHappy said Monday it could not accept new customers, a year after the regulated broker faced restrictions for a controversial advertising campaign featuring a convicted serial killer.

  • March 18, 2024

    Aviva Completes £937M Exit From Singapore Insurer

    Aviva PLC said Monday that it has sold its entire stake in Singapore Life Holdings Pte Ltd., or Singlife, for £937 million ($1.2 billion), giving Sumitomo Life Insurance Co. complete control of the company.

  • March 18, 2024

    Direct Line Unit Denies Liability For Plastic In Branston Pickle

    A subsidiary of Direct Line Group PLC has denied owing a processed vegetable product supplier £487,000 ($617,000) for losses caused by plastic found in ingredients set to be used for Branston Pickle chutney, because the insurer has already paid out under its policy.

  • March 18, 2024

    WTW To Launch 'Game-Changing' Climate Finance Solution

    Insurance broker WTW said Monday it is working to launch an insurance facility that it hopes will remove risks associated with loans to private companies, a move to protect them from threats linked to climate change.

  • March 18, 2024

    UK Pension Insurers Sign Up To Net-Zero Targets

    The bulk annuities insurance sector in Britain has universally adopted net-zero targets for carbon emissions, but analysts warn that there is still more to do in terms of climate stewardship.

Expert Analysis

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • 4 Key Skills For An Effective Attorney Coaching Conversation

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    As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

  • FCA Pension Scheme Case Highlights Issues Ripe For Reform

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    The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.

  • What An Organization Can Do To Protect Its Supply Chains

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    In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

  • How Counsel Can Effectively Lead Data Breach Investigations

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    More businesses are expecting in-house counsel to lead cybersecurity incident responses, so lawyers should work on asking external responders the right questions, managing ransom negotiations to gain time and information, and communicating with regulators to avert or limit penalties, say Oliver Price and Kevin Hughes at FTI Consulting.

  • What EU Oil Spill Insurance Ruling Means For UK Arbitration

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    A recent European Court of Justice opinion in an insurance dispute related to the 2002 sinking of oil tanker MV Prestige provides clarity on the priority of cross-border judgments and arbitral awards, and indicates that EU member state civil judgments will be given precedence over U.K. arbitral awards — with exceptions, says David Vaughan at Collyer Bristow.

  • UK Claim Limitation Ruling Is A Tentative Win For Insurers

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    A U.K. county court's recent decision in Rashid v. Direct Savings reduces the limitation period for third parties to make direct claims against insurers, potentially providing insurers with a defense that was not previously apparent, if the decision is upheld on appeal, says Robert Morris at RPC.

  • Why Risk-Based Employee Conduct Policies Are Advisable

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    In establishing employee conduct policies, companies should consider the extent to which they are exposed to certain types of risk, such as bribery and corruption, as establishing clear written standards offers a step toward avoiding criminal liability, says Steve Melrose at Bellevue Law.

  • A Trusted Cybersecurity Framework Is Imperative For Lawyers

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    The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.

  • 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.

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