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Insurance UK

  • January 10, 2018

    Ex-BHS Owner's Trial Over Pension Probe Draws To Close

    A U.K. court is set to hear the final arguments on Thursday in the trial of former race car driver Dominic Chappell, who allegedly failed to cooperate in an investigation of his 2015 purchase of British Home Stores, which collapsed in 2016 to reveal a £571 million ($771.5 million) deficit in its pension insurance scheme.

  • January 10, 2018

    Insurers Urge UK Gov't To Tackle Sickness Scams Before Summer

    New measures to combat travel insurance fraud that cost British insurers tens of millions of pounds will have to be put in place by April to curb abuses before the summer holiday season gets under way, U.K. travel agents warned.

  • January 10, 2018

    EU Insurers Challenge Regulator Over Solvency II Reforms

    Europe’s mutual insurers fought back on Wednesday against a leading regulator's plans to change the standard formula for calculating their unpopular capital requirements, describing the proposed approach as “piecemeal.”

  • January 10, 2018

    Pensions Co. Gets More Time To Fight Bad Advice Claim

    A pensions company has won more time by the High Court in London to file its defense against claims that it pushed customers into an unsuitable scheme.

  • January 10, 2018

    OECD Urges Gov'ts To Boost Use Of Insurance As Cybershield

    Governments should treat insurance as an essential weapon in their national strategies to tackle financial cybercrime and consider forcing companies to reveal full details after they suffer an online attack, a major intergovernmental organization has said.

  • January 9, 2018

    Axa Sues Genworth Over £28.5M In PPI Losses After Purchase

    Axa SA is suing Genworth Financial Inc. over £28.5 million ($34 million) in losses the French insurer alleges it has racked up in payment protection insurance misselling claims made against two U.K. companies it acquired from Genworth Financial.

  • January 9, 2018

    UK Firm Launches Sharia-Compliant Home Insurance

    A U.K. financial services company has launched what it believes to be the country’s first Sharia-compliant home insurance policy, capable of satisfying Islamic law and being enforced in conventional courts.

  • January 9, 2018

    Boost Diversity In Financial Services, UK Lawmakers Told

    The government should play a greater role in increasing diversity across the financial sector by monitoring the success of initiatives and holding individual institutions to account when they miss targets, industry figures told an influential parliamentary committee on Tuesday.

  • January 9, 2018

    Aviva Pushes Legislation To Ban Nuisance Cold Calls

    Consumers in the U.K. were “bombarded” with more than 2.2 billion insurance-related cold calls and text messages in 2017, according to the nation’s largest insurer, as it urged the government to accelerate legislation to ban the practice.

  • January 9, 2018

    IBM Vows To Fight £130M Suit Over Abandoned IT Project

    Technology giant IBM said on Tuesday it would “rigorously defend” itself against a £130 million ($176 million) lawsuit brought by a U.K. insurer after a deal to install a new computer system collapsed.

  • January 9, 2018

    EU Lawmakers Mull State Variances For Blocwide Pensions

    The European Parliament has published proposals for a new regulation on a blocwide personal pensions regime aimed at promoting competition and allowing customers to move their retirement investments across the EU.

  • January 9, 2018

    New Pensions Secretary Warned Against Meddling In Reforms

    Britain’s new work and pensions secretary must resist the temptation to “tinker” with retirement savings and allow a period of stability following major legal reforms, a leading financial consultancy said Tuesday.

  • January 8, 2018

    Swiss Firm Calls £4.3M Pension Claim Abuse Of Process

    A Swiss-based manufacturer of printer cartridges has denied owing £4.3 million ($5.8 million) to a pension insurance scheme for its loss-making British subsidiary, according to court documents seen on Monday.

  • January 8, 2018

    ESMA Mulls Controls On Margin Moves During Market Stress

    The European Union's securities regulator said Monday it is weighing new rules to moderate margin requirements in securities trading that tend to rise in times of market stress to account for higher risk, as it aims to limit the potential for higher margins to worsen a financial crisis.

  • January 8, 2018

    Shipping Firm Seeks To Scuttle £5.5M Pension Debt Demand

    The British arm of a major Chinese shipping firm and a U.K.-based haulage company have dismissed claims that they owe nearly £6.4 million ($8.7 million) in debt to a pension insurance scheme, according to court papers seen on Monday.

  • January 8, 2018

    BoE Details Capital Buffer Reporting Plan Under Bail-In Rules

    The Bank of England set out guidance on Monday for financial services firms on how they should report the size of their capital buffers under a resolution framework introduced to safeguard banks from failing.

  • January 8, 2018

    UK Insurer Sues IBM For £130M Over Abandoned IT Project

    A U.K. insurer is suing IBM for £130 million ($176 million) after a deal for the technology giant to install a comprehensive new information technology system turned sour before it could be completed, according to court documents seen by Law360 on Monday.

  • January 5, 2018

    UK Loss Adjuster Gets Record Fine For Flouting Privacy Law

    An insurance claims firm and two of its senior members were hit with record fines after an English jury convicted them of hiring private detectives to illegally hunt down the personal bank records of a businessman they were researching, the U.K’s privacy watchdog said Friday.

  • January 5, 2018

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

    The last weeks have seen Citibank file a Financial List case against a pair of hedge funds, Axa sue Genworth Financial, and a local government in Kent take Santander to court over its financial backing. Here, Law360 looks at those and other new claims in the U.K.

  • January 5, 2018

    UK Lawmakers Extend Pension Inquiry Deadline

    A U.K. parliamentary committee is extending a deadline until the end of January as it seeks evidence for an inquiry into a controversial new form of pension, which offers a target payout rather than a promised amount on retirement, a representative confirmed on Friday.