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Insurance UK

  • May 14, 2018

    EU Council Adopts Tougher Anti-Money Laundering Laws

    The European Council announced on Monday that it has adopted new rules aimed at strengthening the European Union’s fight against money laundering and terrorist financing without hindering the bloc’s financial system.

  • May 14, 2018

    Insurer To Pay Costs For Lost Bid In $3M Sunken Ship Dispute

    A Russian insurer has been given one month to pay a shipping firm’s legal costs after a London judge found the amount of evidence the insurer put forward in an unsuccessful application for security far outweighed the other party’s submissions.

  • May 14, 2018

    Reinsurers Accuse Russian Firm Of Fraud In UK Court

    Nineteen reinsurance companies have denied owing millions of dollars to Kapital Insurance over a plane crash that killed 45 passengers, alleging at the High Court in London that the Russian company may have secured previous judgments against them through corruption and fraud.

  • May 14, 2018

    TPR Says It’s Eyeing Infant-Care Retailer Amid Restructuring

    Mothercare PLC is the latest in a series of once-healthy high street firms to appear on the U.K. Pensions Regulator’s radar, the watchdog said Monday, after the ailing retail chain announced that it is close to finalizing a restructuring plan following the closure of dozens of its stores in recent years.

  • May 14, 2018

    Pros Hiding Dirty Money For Crooks Is Top Threat, UK Warns

    The greatest money laundering threat to the U.K. comes from criminals exploiting accounting and legal professionals to set up corporate structures where they can hide illicit funds, the National Crime Agency has warned.

  • May 11, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a vacation rental agency file for an appeal against a fiduciary service company, the Bank of India sue a jewelry company owned by an alleged fraudster and an African mining company launch legal proceedings against a Brazilian bank. Here, Law360 looks at those and other new claims in the U.K.

  • May 11, 2018

    Pensions Regulator Rues Slow Reaction To British Steel

    The U.K. pensions regulator has conceded that it could have acted faster to protect savers seeking to leave the embattled British Steel Pension Scheme, it was revealed in correspondence released on Friday.

  • May 11, 2018

    FCA Vows To Improve Access To Its Authorized Firms Register

    The Financial Conduct Authority is planning to overhaul its public register of regulated firms so that consumers can clearly see if restrictions have been placed on businesses following bad behavior, the watchdog said in a letter published Friday.

  • May 11, 2018

    Vannin Seeks Quick Win In £15M Claim On RBS Settlement

    A litigation funder is seeking a quick win in its legal bid to claim £15 million ($20.4 million) plus damages and interest from the shareholders who won a £200 million settlement from Royal Bank of Scotland over its 2008 rights issue.

  • May 11, 2018

    FCA To Fill Claims Regulator's Role After Misconduct Failings

    Companies pursuing insurance claims will be policed by the U.K. Financial Conduct Authority from spring 2019, the FCA said on Friday, after their current regulator struggled to stamp out widespread industry misconduct.

  • May 11, 2018

    Regulators To Step Up Fintech Collaboration, IOSCO Says

    The International Organization of Securities Commissions has announced it will launch a “support framework” to boost cross-border collaboration and information-sharing on financial technology trends and developments in initial coin offerings among its members.

  • May 11, 2018

    FCA Says Watchdogs Must Tackle Pensions Crisis Together

    The Financial Conduct Authority and the U.K. pensions regulator must spell out their individual priorities for retirement funds, the FCA's chief executive said in correspondence released Friday as the watchdog pushes to avoid overlap in tackling the retirement crisis.

  • May 10, 2018

    UAE Firms Can’t Claim Interest On Awards In Insurer Dispute

    A London judge has ruled that two United Arab Emirates companies are not entitled to claim interest on two separate arbitration awards worth around $16.7 million following a trial of preliminary issues in their legal fight with a group of insurers.

  • May 10, 2018

    UK Passes Law To Outlaw Pensions Cold Callings By June

    New legislation to usher in a ban on pensions cold-calling entered the U.K. statute books on Thursday, paving the way for regulators to begin a crackdown on con men targeting elderly savers by June.

  • May 10, 2018

    As GDPR Looms, UK Biz Get Guidance On Consent Rules

    The U.K.’s privacy regulator has issued its final guidance to businesses that will need to gain consent to process personal data under the European Union’s General Data Protection Regulation, a sweeping new data regime that comes into force in just two weeks.

  • May 10, 2018

    Insurer Beazley Snags Privacy Expert As Tough GDPR Looms

    Beazley PLC announced on Thursday that it has appointed a privacy and cyber-insurance lawyer from DAC Beachcroft LLP as the global insurer prepares for rigorous new data protection rules that take effect later this month.

  • May 10, 2018

    UK Pensions Regulator Promises Tougher Approach

    The U.K.’s pensions watchdog said on Thursday it would prove it is not another toothless regulator and pledged to spend millions to bolster frontline staff to prevent savers being let down and ripped off.

  • May 10, 2018

    Gun Lobby Aims For New Insurers After Rebuff From Lloyd's

    The National Rifle Association will seek new insurers after Lloyd’s of London ordered its members to stop writing business linked to the U.S. gun lobby as a regulatory investigation takes place in New York, an NRA lawyer has told Law360.

  • May 10, 2018

    10-Year Ban For Boss Who Pocketed £60K Insurance Payout

    The U.K.’s Insolvency Service said Thursday it has banned the director of a recruitment firm from running companies for 10 years after he was found to have diverted £60,000 ($81,600) from an insurance settlement into his personal bank account.

  • May 10, 2018

    Ex-Cop Must Pay £360K For Selling Insurance Data

    A former police officer who sold the details of thousands of car crash victims to law firms pursuing insurance claims in a "shocking case" has been ordered to pay back £367,772 ($500,250), the U.K.’s Insurance Fraud Bureau has said.

Expert Analysis

  • On The Eve Of A Blockchain Revolution

    Ross Nicholls

    Blockchain technology holds great potential to revolutionize the financial services industry, but it is not quite there yet. More work needs to be done across development and regulation to win the full trust of the wider financial sector, says Ross Nicholls of IR Global.

  • Smart Contracts Need Smart Corporate Lawyers

    Matthew O’Toole

    Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.

  • A 10-Step Guide For US Companies Pondering GDPR Compliance

    Seth Berman

    One of the challenges American practitioners face in contemplating General Data Protection Regulation compliance is that the underlying principles and language of European data privacy law feel foreign. U.S. companies can prepare by adopting a 10-step framework, says Seth Berman of Nutter McClennen & Fish LLP.

  • Will The UK Open Its Doors To US-Type Class Actions?

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    While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

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    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • An 11th-Hour Reprieve For Legal Entity Identifier Compliance

    Keily Blair

    Despite early indications that the U.K.'s Financial Conduct Authority and the European Securities and Markets Authority would require investment firms' clients to obtain legal entity identifiers by Jan. 3, regulators have now extended the deadline by six months. There is no extra credit for timely compliance, but in the long term, noncompliant entities cannot sit back and do nothing, say Keily Blair and Andrea Holder of PricewaterhouseCoopers LLP.

  • Inside France's 1st Deferred Prosecution Agreement

    Keith Krakaur

    France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Litigation Finance Trends To Watch In 2018

    Jay Greenberg

    Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.