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Insurance UK
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February 12, 2024
Proskauer Hires Sidley Austin's Funds Head In London
Proskauer Rose LLP has brought aboard a new partner with years of experience at the helm of Sidley Austin LLP's investment funds practice, to co-lead its global credit funds and sovereign wealth funds initiatives.
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February 12, 2024
Marine Insurer Skuld Cancels Red Sea 'War Risks'
A Norwegian marine insurance provider issued a cancelation notice for certain war risks on Monday after some of its reinsurers ended their cover for policyholders amid attacks on commercial ships in the Red Sea.
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February 12, 2024
UK Gov't Pushed To Reform Audit As Delays Cause Delistings
A governance trade body has urged the government to proceed with abandoned audit reform proposals, claiming the delays have led to companies delisting from the London Stock Exchange.
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February 12, 2024
FCA Tells Firms To Bear Brunt Of Policing Financial Crime
The City watchdog has said that companies must tackle financial crime by giving it better data that could lead to assertive supervision and enforcement action. But lawyers have told Law360 that this would put an even greater cost burden on companies.
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February 12, 2024
Pension Reform Key For UK Savings Shortfall, Report Says
Allowing workers to access some of their pension pots before retirement as well as increasing savings contributions could support scores of Britons who do not have enough saved for immediate challenges or for later life, a think tank said Monday.
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February 12, 2024
Reporting Rules For Russia Sanctions Get UK Update
Businesses in Britain have to tell the country's authorities whether they are holding any cash or other assets for Russian financial and state institutions under new rules announced Monday.
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February 09, 2024
Insurer Liable For Exploiting Business Before Merger
A motor industry insurer exploited an opportunity to provide warranties to a car dealership at the expense of the warranty provider that made the introduction during ill-fated merger talks, a London court ruled Friday.
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February 09, 2024
Court Says 'Catastrophe' Applies In COVID Reinsurance Cases
A London court has allowed insurers to make claims under reinsurance contracts for business interruption losses claimed during the COVID-19 pandemic, saying that the outbreak of an infectious disease constitutes a "catastrophe" under the policy wording.
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February 09, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a Saudi Arabian property investor file legal action against RLS Solicitors, Aspire Pharma and Bayer Intellectual Property tackle a patent dispute, the owners of soccer club West Ham United FC raise a red card against E20 Stadium LLP with a commercial fraud action, and accountants BDO file another commercial claim against the managing directors of KGJ Insurance Services. Here, Law360 looks at these and other new claims in the U.K.
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February 09, 2024
UK Gov't Audit Backlog Plan Gets Watchdog Support
The government has floated plans that would mandate local government bodies to publish audit accounts by a statutory deadline in a bid to clear a "concerning backlog" that Britain's accounting watchdog says undermines the sector.
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February 09, 2024
UK Insurers Agree To Pause Sales Of Asset Protection Cover
The Financial Conduct Authority said on Friday that eight out of 10 providers of guaranteed asset protection insurance have stopped selling the product, after the watchdog warned that customers may be getting ripped off.
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February 09, 2024
UK Regulators Need 'Growth Mindset' Lloyd's Boss Says
Financial watchdogs needed to change their mindset on international competitiveness in order to align with the U.K. government's plans for economic growth, the chair of Lloyd's of London said.
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February 09, 2024
Woodford Investors Get Court OK For £230M Redress Deal
Investors in Neil Woodford's failed £3.7 billion ($4.6 billion) fund will get payment under a £230 million settlement scheme backed by the financial watchdog after the High Court signed off on the arrangement in a judgment published on Friday.
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February 09, 2024
UK Pensions Watchdog Faces New Wave Of Walkouts
Workers at the U.K. pensions watchdog are planning another 12-day walkout after negotiations over pay demands failed, their union has said, marking their second strike action of 2024.
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February 09, 2024
FCA Sets Out Crime-Fighting Priorities For Finance Firms
The finance watchdog has set out four priorities in its fight against financial crime as it emphasizes the damage caused by offenses such as money laundering, evading sanctions and terrorist financing.
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February 08, 2024
Apt. Owners Can't Avoid Arbitrating Ida Damage, Insurers Say
Seven New Orleans-area property owners must submit their Hurricane Ida damage claims to arbitration proceedings regardless of whether one of two foreign conventions applies to the case over the other, a group of 10 insurers told a Louisiana federal court.
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February 08, 2024
Pension Reform Needed To Plug Growing Savings Shortfall
Only 40% of households with defined contribution schemes will have enough saved for a moderate standard of retirement living by 2040, an insurer has said, arguing that higher pension contributions could prevent a "bigger cost-of-living crisis" in the future.
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February 08, 2024
Pensions Regulator Boosts Data Gathering After Funds Crisis
The Pensions Regulator has said it has bolstered its gathering of data from the U.K.'s retirement funds in the wake of the liability-driven investment sector crisis.
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February 08, 2024
FCA Urged By Industry To Boost Investment Research
The Financial Conduct Authority should boost investment research by giving asset managers more choice in how to pay for it, helping to make U.K. finance more competitive, according to an organization representing City institutions.
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February 08, 2024
5 Questions For Hogan Lovells' Regulatory Expert Rachel Kent
Capital markets are in decline, as London Stock Exchange data shows there are 20% fewer listed companies than five years ago — but the Financial Conduct Authority is about to reform its convoluted rules on investment research. Here, Rachel Kent of Hogan Lovells tells Law360 why those reforms have become more urgent.
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February 08, 2024
UK Gov't Sets Up Pension 'Small Pots' Support Group
The U.K. government has brought together a group of regulators and industry experts to implement proposals designed to help savers track their pensions, a move lawmakers said could benefit the average saver by £700 ($882) at retirement.
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February 08, 2024
Fox Williams Hires Fintech Partner From Deloitte
Fox Williams LLP has hired specialist tech and fintech partner Chris Hill to its London office from Deloitte Touche Tohmatsu Ltd.
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February 08, 2024
Aviva's £460M AIG Life UK Takeover Gets Competition Probe
The Competition and Markets Authority said on Thursday it has launched an investigation into Aviva PLC's planned all-cash acquisition of the U.K. protection business of AIG Life Ltd. for £460 million ($580 million).
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February 08, 2024
Arc Pensions Law Hires Litigation Pro From Pinsent Masons
Specialist firm Arc Pensions Law LLP has hired pensions expert Ben Fairhead as a new partner from Pinsent Masons LLP.
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February 07, 2024
Women Need Extra 19 Years In Work To Close Pension Gap
Women in the U.K. would need to work for an additional 19 years on average to retire with the same amount of pension savings as a man, according to research published on Wednesday.
Expert Analysis
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GDPR — Coming Soon To A Merger Near You
Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.
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4 Questions About Whistleblowing In The UK And Beyond
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
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Obtaining DPAs In The UK Will Not Be Easy
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
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Lessons From 4 Recent Athlete Insurance Lawsuits
This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.
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Raising Issues In UK Preliminary Hearings Can Be Risky
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
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3rd-Party Litigation Finance In UK: To Brexit And Beyond
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
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Can D&O Policies Enhance Presumption Of Innocence In UK?
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
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Litigation Funding Is On The Rise In Europe
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
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Judging The Financial Conduct Authority 5 Years On
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
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The Outlook For Anti-Suit Injunctions After Brexit
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
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New Tax Rules For Termination Payments In UK
New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.
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EU Ruling Casts Doubt On Bilateral Investment Treaties
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
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GDPR Will Benefit Financial Services In The Long Run
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
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IP Considerations For UK Open Banking App Developers
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
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Opinion
BigLaw Doesn't Have A Diversity Problem
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.