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Insurance UK

  • February 26, 2018

    Do Not Limit Register To Managers, UK Firms Warn Watchdog

    The U.K.’s Financial Conduct Authority said on Monday that it has received “substantial” feedback from financial services firms urging it to continue to maintain a public register of all certified employees, rather than just senior managers, at businesses regulated by the watchdog.

  • February 26, 2018

    PPI Misselling Bill At £44B After RBS, Lloyds Reveal Hits

    U.K. banks have set aside £44.2 billion ($62 billion) to cover claims for missold payment protection insurance, approximately five times the cost of staging the London Olympics in 2012, new data shows.

  • February 23, 2018

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

    The last week has seen hundreds of new claimants bring competition suits against Visa and MasterCard, Italian bank Dexia lodge a claim against a Sicilian city still staring down a pre-crisis-era derivatives contract, and the liquidator for an FCA-targeted carbon credit investment scheme file a negligence claim against Nabas International Lawyers LLP.

  • February 23, 2018

    EX-BHS Owner Told To Pay £87K For Pensions Probe Failures

    The former owner of British Home Stores was ordered by a court to pay £87,170 ($121,800) on Friday for failing to turn over information to a U.K. watchdog as it investigated a multimillion-pound deficit at the now-defunct retailer.

  • February 23, 2018

    Standard Life Dodges Solvency II With Insurance Biz Sale

    Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.

  • February 23, 2018

    PRA To Review Insurers' Cyberrisk Plans Amid Payout Fears

    The U.K. Prudential Regulation Authority is to examine whether insurers are securing themselves against risk in cyber underwriting, a senior PRA official told Law360 on Friday, amid concerns that companies may have to make huge payouts after a catastrophic attack.

  • February 23, 2018

    Aviva Sells Spanish Holdings For Solvency II Capital Boost

    The U.K.’s largest insurer, Aviva PLC, announced on Friday that it has sold its entire shareholdings in two of its joint ventures in Spain, allowing it to boost its capital surplus by approximately £150 million ($209.5 million) and meet Solvency II requirements.

  • February 22, 2018

    DOJ Fights Ex-State Street Exec's Bid To Sever New Charge

    The U.S. Department of Justice urged a Massachusetts federal court on Wednesday not to split a freshly filed charge against a former State Street executive into a separate trial, saying the new charge goes after the same scheme only targeting a different victim.

  • February 22, 2018

    Appeals Court Spikes Insurer's Exclusion Clause Challenge

    The U.K. Court of Appeal on Thursday rejected an attempt by Acasta European Insurance Co. Ltd. to overturn a ruling that found the insurer must cough up £1.1 million ($1.5 million) to Nesbit Law Group LLP under a financial guarantee indemnity that underpinned loans provided to the personal injury law firm.

  • February 22, 2018

    Barclays’ Pension Plan Faces Skepticism As It Heads To Court

    When Barclays on Monday becomes the first British bank to reveal in court how it will comply with new ring-fencing regulations, pension lawyers will look to how the bench reacts to the lender's controversial plan to house its pension scheme in its newly separated investment banking arm.

  • February 22, 2018

    UK Lawmakers Call For Pensions Regulator Reforms

    A parliamentary committee called for regulatory reform while grilling executives of the British pensions regulator on Thursday for failing to see early signs of financial stress that led to the collapse of construction giant Carillion PLC under a £800 million ($1.1 billion) pension deficit.

  • February 22, 2018

    Legislate For Cyberattack Disclosure, Lloyd's Chief Says

    Private companies could be compelled to hand over information to help the insurance industry in the aftermath of a cyberattack, the head of Lloyd’s of London told Law360 on Thursday.

  • February 22, 2018

    Help Insurers Access Cyberattack Data, OECD Urges Gov'ts

    Governments must help insurers gain access to information on cyberattacks to help them price risk for customers and determine their own exposure to a potential rush of claims, the deputy secretary-general of the Organisation for Economic Co-operation and Development indicated on Thursday.

  • February 21, 2018

    CMA To Release First Investment Consultants Report In July

    The U.K.'s antitrust watchdog said Wednesday it planned to release its initial conclusions on the state of competition among investment consultants in July after deciding to continue to focus mainly on services aimed at pension schemes.

  • February 21, 2018

    Katten Muchin Hires New Heads For 2 London Practices

    Katten Muchin Rosenman UK LLP has tapped two new partners from Lloyds Banking Group PLC and Jones Day to lead its London banking and financial services practices, bringing with them expertise in commercial real estate and investment regulations.

  • February 21, 2018

    Ex-Insurance Broker Execs Say Firm's Buyer Isn't Owed Fees

    Three directors of insurance brokerage FJ Lock & Associates Ltd. have sought to dismiss allegations they owe the U.K. investment firm that acquired their business around £500,000 in payments connected to the acquisition.

  • February 21, 2018

    Randell Secures Top FCA Post Despite Tax Avoidance 'Errors'

    A parliamentary committee approved the appointment of Charles Randell as chairman of the Financial Conduct Authority on Wednesday, despite what he called an earlier "error of judgment" that involved him in a tax avoidance scheme.

  • February 21, 2018

    Lawmakers To Quiz Pensions Watchdog, Auditors On Carillion

    Lawmakers will grill the U.K.’s pension regulator and two accountancy firms on Thursday over their role in the collapse of construction giant Carillion PLC.

  • February 21, 2018

    KPMG Moves To Help Insurers Prepare For Accounting Reform

    Global auditing giant KPMG revealed plans on Wednesday to help insurance firms comply with demanding new accounting rules due in 2021, warning that more than a third of companies around the world have yet to make any preparations.

  • February 20, 2018

    UK Brexit Chief Backs Cooperation On State Aid, Competition

    The U.K.'s chief Brexit negotiator on Tuesday signaled the country's support for pan-European state aid and merger control rules, positing competition and high regulatory standards as key to Britain's future relationship with the European Union.