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Insurance UK
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January 31, 2025
Brexit Five Years On: The Legal Landscape After Europe
Five years after the U.K. formally left the European Union, Law360 looks at how Brexit has changed the legal, regulatory and financial terrain.
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January 31, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen another claim by Woodford investors against Hargreaves Lansdown in the widening £200 million ($248 million) dispute over the fund's collapse, a solicitor barred for his role in a suspected advance fee fraud face action by a Swiss wholesaler, and The Resort Group, which markets investments in luxury hotel resorts, hit with a claim by a group of investors. Here, Law360 looks at these and other new claims in the U.K.
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January 31, 2025
EU Extends UK CCP Equivalence Regime By Three Years
The European Union's executive body said Friday it has adopted a decision to extend equivalence for U.K. central counterparties for three years until June 30, 2028, following agreement between the European Parliament and the Council of the EU.
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January 31, 2025
Claims Management Sector Warned Over Misleading Adverts
The Financial Conduct Authority has written to claims management companies warning that it will respond to multiple cases of misleading advertising with new consumer protection measures.
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January 31, 2025
FCA Launches Survey To Gauge Opinion On Its Work
The Financial Conduct Authority has launched its annual market survey of regulated firms to gauge industry opinion on its performance, which comes amid calls from the financial sector for more growth-geared regulation.
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January 31, 2025
Banks, Insurers Told To Go Further On Managing Climate Risk
The regulatory arm of the Bank of England has said that the lenders and insurers it supervises have made progress on managing financial risks linked to climate change, but expects more ahead of a planned update to its expectations this year.
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January 31, 2025
5 Years On, Dust Settles On UK Insurance's Brexit Upheaval
The insurance market faced major upheaval when the U.K. crashed out of the European Union five years ago without a deal on financial services, which started a transition to a new way for British insurers to compete in Europe.
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January 30, 2025
Marsh Loses Appeal To Ax Chemical Co.'s Negligence Claim
Marsh Ltd. has failed in its bid to strike out a global chemicals group's claim that the insurance broker negligently arranged faulty motor insurance cover after a London appeals court said Thursday that the allegations need more clarity.
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January 30, 2025
Osborne Clarke Guides Aviva's £23M Pension Deal
Insurance giant Aviva has taken on £23 million ($28.7 million) of retirement savings liabilities from The Colthrop Board Mill Pension Scheme in a deal guided by Osborne Clarke, according to lead advisers on the transaction Thursday.
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January 30, 2025
FCA Says Ban On Pension Advice Contingent Charging Works
The Financial Conduct Authority said Thursday that almost 200 financial advisers stopped offering pension transfer services after it changed its rules on contingent charging five years ago.
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January 30, 2025
Growth Stocks Need Rule Changes, City Group Says
The government and regulators need to rewrite the rulebook for growth stocks in share trading, including an urgent review of "hampering" regulations like the Consumer Duty and "Dear CEO" letters, a leading City trade body said Thursday.
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January 30, 2025
UK Gov't Vows To Overhaul Pension Lifeboat Levy
The government said Thursday that it is considering allowing the Pension Protection Fund more flexibility over how it sets its levy, as it looks at further measures to boost economic growth.
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January 30, 2025
SMEs Urged To Insure Against The Risk Of Cyberattacks
There is a "severe" cyber-protection gap among small and midsized business in the U.K., a trade body for the insurance sector has warned as it urged companies to reassess whether they are too small to fall victim to an attack.
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January 30, 2025
City Struggles With Compliance Amid Post-Brexit Rule Shifts
Brexit paved the way for Britain to rip up the EU's financial services rule book and create a more U.K.-friendly regime — but some regulatory analysts say the process is taking too long, which imposes a bigger compliance burden on companies.
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January 29, 2025
Pension Plans To Start Entering Data Into Portals In April
The first retirement savings plans will start to input customer data to the government's pension dashboards project in April, a top civil servant said Wednesday.
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January 29, 2025
CMS Steers £1.4B Pension Deal For Pharma Co.
Legal & General said Tuesday that it has covered £1.4 billion ($1.7 billion) of pension liabilities for U.K. pharmaceutical company Aventis Pharma Ltd. to secure the benefits of all members of the retirement savings plan.
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January 29, 2025
Aercap Says Sanctions Don't 'Excuse' Insurers For Lost Jets
Aircraft lessor Aercap told the High Court on Wednesday that insurers should have to cover losses over planes stranded in Russia because of Western sanctions imposed after the invasion of Ukraine.
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January 29, 2025
Pensions Watchdog Backs Gov't Surplus Investment Plans
Britian's retirement savings watchdog has given its backing to proposals recently floated by the government that would relax rules to allow pension funds to invest billions of pounds tied up in surpluses.
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January 29, 2025
UK Watchdog To Help Small Businesses Obtain Audits
The Financial Reporting Council said Wednesday it has launched a year-long campaign to help small businesses get audit services to help them raise capital.
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January 29, 2025
'Huge Disparity' In Pension Savings Between Men And Women
Recent figures revealing that adult men have almost twice as much median pension wealth as women demonstrate the "huge disparity" among retirees and highlights the need for more targeted support to bridge the gap, a financial services consultancy said Wednesday.
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January 28, 2025
AerCap Says Insurers Are On The Hook For Stranded Planes
There is "no merit whatsoever" to arguments by aviation insurers seeking to escape liability for the loss of aircraft seized by Russian airlines, a lawyer for major lessor AerCap said in closing submissions Tuesday at a High Court trial with billions of dollars at stake.
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January 28, 2025
Gov't Floats Pension Reforms To Reinvest Surplus Funds
The U.K. government on Tuesday mapped out plans to relax pension fund rules to allow schemes to invest billions of pounds tied up in retirement plan surpluses in their own business or wider economy.
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January 28, 2025
HDI Reaches Settlement On Planes Stranded In Russia
Insurance company HDI Global Specialist SE has settled its fight with a dozen aircraft companies over payouts for planes stranded after Russia's invasion of Ukraine, ending one of many disputes in sprawling litigation worth billions of pounds.
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January 28, 2025
Insurers Challenged Over Furlough Cuts On COVID Claims
Hospitality businesses forced to close during the COVID-19 pandemic launched an appeal on Tuesday over whether insurers were right to attempt to deduct the £6.5 million ($8.1 million) they received in state support from claims payouts.
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January 28, 2025
NFU Mutual Denies Liability In £10M COVID-19 Loss Row
The National Farmers Union Mutual Insurance Society has argued that it does not owe a group of hospitality and farming businesses approximately £10.5 million ($13 million) for alleged losses after COVID-19 took hold in Britain because their policies did not cover the pandemic.
Expert Analysis
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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.
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Legal Technology Is Likely To Flourish In The UK
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
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Opinion
Legal Operations Teams Are Gaining Popularity In EU
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
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Why Proper Document Redaction May Be An Ethical Duty
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
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Why The Flood Of GDPR Litigation Has Been Delayed
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.
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Opinion
Law Schools Should Be More Like Medical Centers
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
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Opinion
Courts Are Getting It Right On Litigation Funding Discovery
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
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Worldwide Freezing Orders Can Backfire Without Proper Care
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
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UK Litigation And Guidance Highlight Cybersecurity Risk
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
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2 BVI Cases Explore Scope Of Proper Purpose Test
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
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Last-Minute Brexit Preparations For EU Financial Firms
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
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What To Expect From Serious Fraud Office In 2019
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.