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Insurance UK
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February 22, 2024
Going Broke Is Top Concern For Retirement Clients
More than 70% of financial advisers report their retirement clients fear they will outlast their money, according to research published Thursday by insurer Aegon UK.
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February 22, 2024
Insurers Warned To Be Alert To Escalation in Middle East
Conflict in the Middle East could affect the revenue streams of insurers, a consultancy has warned, particularly if it spreads further to disrupt energy markets and air travel.
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February 22, 2024
Zurich To Reward Shareholders With $5B After Record Profit
Swiss insurance heavyweight Zurich said on Thursday that it will return a total of $5 billion to shareholders after recording a record $7.4 billion operating profit for 2023.
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February 21, 2024
NY Judges Question Lehman's Bid To Undo CDS Trial Loss
A panel of New York appeals court judges on Wednesday appeared reluctant to undo a bench trial loss Lehman Bros.' bankrupt European unit suffered last year in a suit attempting to clawback nearly half a billion dollars from Assured Guaranty over alleged losses on credit default swaps tied to the 2008 financial crisis.
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February 21, 2024
Pitmans Can't Strike Out Negligent Pension Advice Claim
Pitmans Solicitors, BDB Pitmans' predecessor, has failed to strike out allegations that it gave former clients negligent advice on a pension scheme, after a London court found Wednesday that it is "clearly in the interests of justice" that the case proceed against it.
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February 21, 2024
Insurer QBE Narrows Gender Pay Gap, But Bonuses An Issue
QBE UK has said the gender pay gap has fallen across its organization and is below the wider gap seen in the insurance industry, despite the gender bonus divide remaining "an issue" at the insurer.
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February 21, 2024
Pension Climate Reporting Has 'Failed To Shift UK Investment'
The government's climate reporting regime for pensions providers has failed to produce a meaningful shift in investment behavior away from fossil fuels, experts warned lawmakers on Wednesday.
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February 21, 2024
FCA Targeting Failings In Consumer Duty Compliance
Some financial companies are lagging in their compliance with the Consumer Duty rules that came into effect in 2023, Britain's City watchdog said in a paper outlining areas requiring improvement.
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February 21, 2024
Burges Salmon Leads Insurer's £11M Spar Pension Deal
Insurer Just Group said on Wednesday that it has completed an £11 million ($13.8 million) pension buy-in transaction with Spar (UK) Ltd., in a deal guided by Burges Salmon LLP.
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February 20, 2024
Fire Brigade Workers Fight To Overturn Pensions Loss
The firefighters union urged an appeals court on Tuesday to overturn its failed bid to prove that HM Treasury unfairly distributed costs when compensating workers who had received unlawful pensions in the past, arguing that the policy caused sex, age and race discrimination.
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February 20, 2024
Addleshaw Goddard Hires ESG Expert From Clifford Chance
Addleshaw Goddard LLP has recruited an environmental, social and governance specialist from Clifford Chance LLP as a partner in its London office, bolstering the law firm's ability to advise on sustainability issues.
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February 20, 2024
Insurers Fight To Overturn 'Mixed Injury' Compensation Ruling
Britain's highest court wrestled on Tuesday with how motorists bringing so-called mixed injury claims should win compensation from insurers, in landmark test litigation that could affect thousands of other cases.
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February 20, 2024
EU Negotiators Adopt Rules To Widen Market Data Access
The European Union adopted rules on Tuesday that give investors across the bloc equal access to updated share and bond prices, as well as trading data, in the final step before these changes enter legislation.
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February 20, 2024
Pension Transfers Could Cost Savers £70K In Retirement
Pensioners-to-be in the U.K. could lose about £70,000 ($88,500) in retirement when transferring their pension pot due to a lack of understanding of key information such as financial charges, according to recent research.
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February 20, 2024
Pension Numbers Shrink As Funding Grows, Watchdog Says
The number of defined benefit pension schemes in the U.K. has decreased by 2% since 2022, according to a report published Tuesday by The Pensions Regulator that shows that funding levels for retirement savings plans are continuing to improve.
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February 19, 2024
Insurers Detail Plans To Free £100B Amid Solvency Changes
Developing more consistent long-term decarbonization plans will help accelerate infrastructure investment of £100 billion ($126 billion) after the U.K. overhauls the capital adequacy rules for insurers, a report said on Monday.
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February 19, 2024
AmTrust Hikes Counterclaim To £14M In Legal-Funding Fight
Insurer AmTrust has boosted its counterclaim against Novitas to £14.4 million ($18.1 million), alleging it paid out to the legal loans company under after-the-event litigation policies that were unenforceable and did not comply with regulations.
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February 19, 2024
FCA Secures Bankruptcy Order Against Pension Promoters
The Financial Conduct Authority has said it has secured bankruptcy orders against a pair of pensions promoters in a move to cover a £10.7 million ($13.5 million) restitution order for creditors.
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February 19, 2024
NatWest Begins £300M Share Buyback As Profits Soar
NatWest Group PLC said on Monday that it has launched a share buyback program worth up to £300 million ($380 million) as the financial services group looks to reduce its shareholder equity after posting a surge in profits.
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February 19, 2024
Lloyd's Confirms Claire Schrader As General Counsel
Lloyd's of London said on Monday that it has appointed Claire Schrader as general counsel on a permanent basis after she held the position temporarily when her predecessor stepped down in August.
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February 16, 2024
Insurers Reject WRBC Corp.'s $90M COVID-19 Losses Claim
A group of underwriters and insurance companies have denied they owe at least $90 million claimed by a Lloyd's of London syndicate to cover COVID-19 losses, arguing they have met their obligations, having already paid out around $26.6 million.
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February 16, 2024
Law Firm Loses Over Solicitor's Pension On Maternity Leave
A London-based commercial law firm discriminated against an associate solicitor because she was on maternity leave and forced her to resign by making baseless criticisms about her performance, a tribunal has ruled.
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February 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a legal battle erupt between JPMorgan and the founder of a Greek payments company following a dispute over the valuation of their jointly owned fintech business, the children of late Russian oligarch Vladimir Scherbakov face a claim by Fieldfisher LLP, the Director of Education and Training at the Solicitors Regulation Authority tackle a claim by two solicitors, and train operator First MTR South Western Trains file a claim against a security company. Here, Law360 looks at these and other new claims in the U.K.
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February 16, 2024
Stephenson Harwood Hires Regulatory Pro In Corporate Boost
Stephenson Harwood LLP has appointed regulatory lawyer Christophe Boucherie as a partner in its London office, a move it believes will strengthen its corporate practice.
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February 16, 2024
UK Pension Annuity Sales Hit £5.2B In 2023, ABI Says
The total value of pension annuities for consumers jumped by almost 50% to £5.2 billion ($6.6 billion) in 2023, a trade body said Friday, a rise fueled in part by rising interest rates.
Expert Analysis
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.
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What To Expect During The Brexit Transition Period
While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.
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Opinion
Legal Prediction Is Demanding But Not Impossible
The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.
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Surefire Marketing Methods To Build Your Legal Practice
Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.
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Mandatory Mediation May Lie Ahead For England And Wales
The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.
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Key Risks And Developments For UK Law Firm Culture In 2020
In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.
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Cos. Can Start Preparing Now For Immigration Beyond Brexit
Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.
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#MeToo Pressure On UK Businesses Is Set To Rise
Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.
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Opinion
UK's Insurer Investigations May Not Help Policyholders
The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.
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The Outlook For Autonomous Vehicles In The UK And US
As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.
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Brexit's Impact On London As A Top Int'l Arbitration Seat
Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.
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Post-Brexit UK Likely To Conform With EU On Human Rights
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.
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The Evolution Of GDPR Enforcement Across The EU
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.