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Insurance UK
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May 08, 2025
FCA Flags Risky Investment Practices At Small Asset Firms
The Financial Conduct Authority said Thursday that many small asset managers have ineffective arrangements to manage conflicts of interest and inadequate processes to offer high-risk investments.
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May 08, 2025
Sackers Guides Trustee In Standard Life's £280M Pension Deal
Standard Life and Cancer Research UK's retirement savings plan have concluded a £280 million ($372 million) bulk purchase annuity transaction, the pensions giant said Thursday, with the trustee guided by Sacker & Partners LLP.
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May 08, 2025
Franco Manca Owner Settles COVID-Cover Fight With QIC
The owner of popular high-street pizzeria Franco Manca has agreed to settle its dispute with QIC Europe Ltd. over losses the restaurant chain claimed to have suffered after it temporarily closed sites at the height of the COVID-19 pandemic.
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May 07, 2025
AmTrust Hit With £11.7M Claim Over Post-Grenfell Repairs
A social housing provider has sued AmTrust Europe Ltd. for over £11.7 million ($15.6 million) for allegedly refusing to pay out to fix issues the provider uncovered during an investigation prompted by the deadly Grenfell fire in 2017.
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May 07, 2025
Finance Trade Body Warns AI Can Amplify Misconduct Risk
A U.K. trade body for financial firms warned a group of members of Parliament at a hearing Wednesday that artificial intelligence amplifies the risk that banks could screen out unwanted customers without anyone knowing, in defiance of the Consumer Duty.
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May 07, 2025
Intellica Acquires Pensions Consultancy Cosan
Pensions technology consultancy Intellica Ltd. said on Wednesday that it has bought rival Cosan Consulting Ltd. in a bid to boost resources to address the challenges faced by the retirement savings sector.
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May 07, 2025
Lloyd's Broker Appears In Court On Ecuador Bribery Charges
A Lloyd's of London broker appeared in court Wednesday accused by the Serious Fraud Office of failing to prevent a U.S.-based intermediary from making corrupt payments in Ecuador in order to secure contracts worth $38 million.
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May 07, 2025
EU Watchdog To Advise Tightening Insider Dealing Rules
The EU markets watchdog specified on Wednesday in advice to the European Commission on insider dealing rules for companies listing shares that profit warnings must be disclosed immediately rather than delay until accounts are produced.
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May 07, 2025
MPs Launch Fresh Probe Into Civil Service Pension Plan
A cross-bench parliamentary committee has launched a new inquiry into how members of the civil service pension plan are treated amid ongoing scrutiny over historical failings associated with the program.
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May 06, 2025
Trade Body Calls For Swift Action On Pension Surplus Plan
The U.K. must act swiftly in developing a new regime to allow businesses to tap into well-funded pension plans to invest in themselves or the wider economy, a trade body urged Tuesday.
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May 06, 2025
Financial Complaints Skyrocket After Motor Finance Ruling
The U.K.'s financial complaints watchdog said Tuesday that it received more than 140,000 reports about financial businesses in the last six months of 2024, up almost 49% on the same period a year earlier, after a landmark ruling that requires motor finance lenders to disclose commissions.
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May 06, 2025
Marsh Blamed For $143M Loss On Greensill As Trial Opens
The investment firm White Oak said it would never have invested in a financial scheme set up by now-collapsed Greensill Capital if it had not relied on misleading statements provided by the insurance broker Marsh about its cover, the firm's lawyers said at the opening of an almost $143 million trial Tuesday.
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May 06, 2025
EU Watchdog Proposes New Rules For ESG Ratings Firms
The European Union's markets watchdog has proposed new rules for providers of ESG ratings in a move to prevent conflicts of interest and improve their disclosures.
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May 06, 2025
Greensill, Gupta Get 2027 Trial Date Over $400M Row
Administrators overseeing part of the collapse of Lex Greensill's empire will head to trial in October 2027 to seek $400 million from a Swiss insurance giant that has accused the financier and one of his major former clients, Sanjeev Gupta, of fraud.
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May 06, 2025
Gallagher Boosts Turkish Operations With Aspera Buy
U.S. insurance giant Arthur J. Gallagher & Co. said Tuesday that it has acquired boutique Turkish broker Aspera to support its growth plans in the region, which it described as a "strategic insurance hub" between Asia and Europe.
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May 02, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Premier League football club Newcastle United FC sue the owner of the land next to its stadium, Laurence Fox face a defamation claim by TV presented Narinder Kaur and a further sexual assault claim filed against actor Kevin Spacey.
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May 02, 2025
FCA Proposes Curb On Purchase Of Crypto-Assets On Credit
The Financial Conduct Authority proposed on Friday to restrict how far cryptocurrency companies could go in allowing consumers to buy crypto-assets on credit, part of its planned regulatory regime for the sector.
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May 02, 2025
US Tariffs Spark Concerns for Unhedged Pension Assets
European pension funds that have significant unhedged dollar assets could be in trouble, experts warned Friday, as unprecedented market volatility was sparked imposition of U.S. trade tariffs.
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May 02, 2025
Draft UK Crypto-Regulations Facing Teething Troubles
The government's new crypto-assets regime will be unenforceable across borders and could deter fledgling companies from working in the country, meaning that the financial watchdog will face early challenges to its attempts to protect British consumers in a volatile global marketplace.
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May 02, 2025
Pension Deal Insurance Capacity Outstrips Demand
Eight out of 10 pension deals last year involved a scheme with less than £100 million ($133 million) in assets, due to a major increase in insurer capacity, a consultancy said Friday.
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May 01, 2025
Regulatory Costs Claim 3.3% Of Insurance Brokers' Revenue
Insurance brokers in the U.K. pay an average 3.3% of their annual revenue to cover regulatory costs, compared with only 1.9% paid by insurers, according to research published Thursday by consultant London Economics.
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May 01, 2025
UK Pension Funds Face Scrutiny Over Investment Plans
A parliamentary committee will quiz pensions chiefs as part of a wider probe into whether the £3 trillion ($4 trillion) retirement savings sector can invest more in U.K. assets to better support the country's economic growth.
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May 01, 2025
Cross-Border Payments Firms Lack Transparency, FCA Says
Companies offering international money remittance and cross-border payment services often fail to explain their fees clearly and should consider making improvements under the Consumer Duty, the Financial Conduct Authority said Thursday.
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May 01, 2025
Insurers Underestimating Climate Change, BoE Warns
U.K. insurers must do a better job of reflecting the risk of climate change on their balance sheets, the Bank of England has warned.
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May 01, 2025
UK Gov't Mulling Major Reform To Pensions Protection Fund
The government has confirmed that there are still plans to transform the Pension Protection Fund into a public sector consolidator of retirement savings schemes.
Expert Analysis
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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Employers Can 'Waive' Goodbye To Unknown Future Claims
The Scottish Court of Session's recent decision in Bathgate v. Technip Singapore, holding that unknown future claims in a qualifying settlement agreement can be waived, offers employers the possibility of achieving a clean break when terminating employees and provides practitioners with much-needed guidance on how future cases might be dealt with in court, says Natasha Nichols at Farrer & Co.
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Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.
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Misleading Airline Ads Offer Lessons To Avoid Greenwashing
Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.
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CMA Guidance Can Help Businesses Act On Climate Change
Guidance recently published by the Competition and Markets Authority, which explains how competition law applies to sustainability and climate change agreements, provides clarity for businesses seeking to collaborate and emphasizes the regulator’s open-door policy, says Andrew Maxwell at Freeths.
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An Overview Of UK Short Selling Regulation Reforms
The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.