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Insurance UK
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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.
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February 07, 2024
City Regulator Warns It Cannot Fine Cloud Service Providers
The Prudential Regulation Authority's senior leadership warned MPs on Wednesday that it will be unable to fine large third-party cloud service providers to banks and insurers like Google or Amazon Web Services under new powers.
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February 07, 2024
Pension Funding Hits Record Despite Gilt 'Roller Coaster'
Pension funding in the U.K. reached a record surplus of £265 billion ($334.6 billion) in January despite the economic turbulence towards the tail end of last year, according to an analysis by PwC.
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February 07, 2024
UK Freezes Pensions Auto-Enrollment Thresholds Again
Britain's pensions minister has said the government will retain the current earnings threshold at which workers are automatically enrolled into pension plans, citing "prevailing economic factors."
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February 07, 2024
FCA Tells Insurers To Provide Non-Financial Misconduct Data
The Financial Conduct Authority has given insurers written notice to provide statistics on incidents of non-financial misconduct like bullying and harassment at their firms.
Expert Analysis
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Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant
The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.
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UK Antitrust Watchdog Proposals Would Bolster Enforcement
The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.
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Guest Feature
Preet Bharara On The Human Factor In The Justice System
A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.
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Considering A More Cost-Effective Future For The SFO
In light of multiple recent examples of U.K. Serious Fraud Office investigations yielding far less than the agency may have hoped for, a new approach to prosecuting individuals and corporations may be a smart investment, says Azizur Rahman of Rahman Ravelli.
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Lessons From Carphone Warehouse's Partial FCA Settlement
In the first case decided under the U.K. Financial Conduct Authority's new partial settlement process, Carphone Warehouse demonstrates not only the possible value of cooperating with authorities but also the cost of failing to right previous wrongs, says Syedur Rahman of Rahman Ravelli Solicitors.
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Collective Redress In The EU: Past, Present And Future
Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.
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Lenders Score Major High Court Victory In Foreclosure Case
The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.
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3 Brexit Scenarios And Their Implications For US-UK Trade
Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.
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Frustrating Events: Are Your Contracts Brexit-Proof?
In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.
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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.