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Insurance UK
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January 10, 2024
Pensions Watchdog Staff Resume Strike Action Over Pay
Workers at the U.K. pensions watchdog started 12 days of strikes on Wednesday after negotiations failed to produce a settlement over pay demands, their union said.
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January 10, 2024
New Governance Standards For Pension Plans Published
The Pensions Regulator published Wednesday long-awaited regulations designed to drive up governance standards for trustees of pension schemes.
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January 10, 2024
FCA Warns Adviser After 'Reckless' Pensions Advice
The Financial Conduct Authority has issued a pensions adviser with a warning for allegedly encouraging clients to transfer assets into unsuitable retirement savings arrangements.
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January 10, 2024
Dubai Brokerage Beats Manager's Claim For Worker Status
The Manchester Employment Tribunal has tossed an operations manager's claim that he held worker status at a financial services firm, ruling that he was self-employed because the company had no control over him or his work.
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January 10, 2024
Insurer Buys 2 European Liability Portfolios
Specialist insurance company Compre Group on Wednesday said that it has acquired two portfolios of European casualty and motor liabilities in two separate deals, reinsuring approximately €200 million ($219 million) of reserves across France, Germany, Italy and the Netherlands.
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January 10, 2024
New Pensions Funding Code Will Allow 'Productive Finance'
The U.K. pensions minister told a parliamentary committee on Wednesday that new funding regulations will allow defined benefit pension schemes to consider higher-risk finance in their long-term investment strategies.
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January 10, 2024
UK Pensioners Missing Out On State Benefits, Survey Finds
Nearly eight in 10 pensioners who own their homes are failing to claim their full entitlement to means-tested state benefits, a financial services retirement specialist has said, as it urged retirees to check their eligibility.
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January 09, 2024
Lloyd's Loan Fight Over Ex-MLB Pitcher Sent To Arbitration
A California federal judge ruled Tuesday that a $3.16 million dispute between loan service provider RockFence Baseball LLC and Lloyd's of London underwriters must go to arbitration over certain questions related to the coverage of a former Minnesota Twins pitcher.
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January 09, 2024
Glencore Denies Hiding Bribery Scheme From Investors
Glencore PLC has denied owing investors compensation for failing to disclose it orchestrated a global bribery scheme during an initial public offering that raised $10 billion, telling a London court that none of its board of directors was aware of any misconduct at the time.
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January 09, 2024
Signature Signs Up Arbitration Pro From Dechert In Paris
Signature Litigation LLP has bolstered its growing arbitration practice in Paris with a veteran partner from Dechert LLP whose expertise ranges from energy to telecommunications.
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January 09, 2024
Gov't Actuary Launches Pensions Equalization Tool
The Government Actuaries Department said Tuesday it has set up a tool to aid pension schemes in plugging an estimated £1.5 billion shortfall in retirement benefits of women, following a landmark court ruling.
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January 09, 2024
Insurance Payouts For Natural Disasters Fall To $95B
Insurance payouts for global natural disasters such as hurricanes, typhoons, earthquakes and floods fell to $95 billion in 2023, a 24% decrease on the $125 billion paid in the previous year, reinsurance giant Munich Re said Tuesday.
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January 09, 2024
Pensions Minister Faces Possible Parliamentary Probe
A parliamentary watchdog said on Tuesday that it has referred the pensions minister for a potential investigation into whether he misused taxpayers' money.
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January 08, 2024
New Health, Benefits Giant Names Ex-Axa Atty As Group GC
Aptia, a powerhouse global health and employment benefits company that formally launched on Monday, has announced its executive lineup, including a former Axa Group and Marsh McClennan attorney as its group general counsel and secretary.
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January 08, 2024
FRC Says It Won't Be Deterred By Delay To Audit Reform
Britain's Financial Reporting Council said Monday that delays to long-awaited reforms will not deter the audit watchdog from its aim of improving public trust in the sector, noting that regulatory change is "not an end in itself."
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January 08, 2024
EU Finance Watchdogs Float Plans For New Data Portal
European Union financial regulators on Monday floated draft plans for the bloc's new data pool for public information about companies and products, which the watchdogs say will enable future users to effectively access centralized information and increase trust among investors.
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January 08, 2024
Pension Surpluses Slip £28B On Rising Liabilities
The U.K.'s defined benefit pension sector saw surpluses slip £28 billion ($36 billion) over the course of December due to falling yields on long-dated government bonds, a consultancy said Monday.
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January 08, 2024
UK Gov't Pressed To Call Emergency Meeting On LSE Exits
HM Treasury is facing calls from a governance trade body to arrange an emergency meeting to review the problem of many companies delisting from the London Stock Exchange.
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January 08, 2024
Actuaries To Study Growing Role Of AI In Pensions
A trade body for actuaries has set up a group to examine the impact of new forms of artificial intelligence on the pension sector and help to develop ethical standards.
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January 05, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Lucasfilm use the force in a High Court appeal in a dispute over the use of the late actor Peter Cushing's likeness, defunct crypto lender Celsius bring legal proceedings against cryptocurrency insurance startup Unslashed, and the Kuwaiti pensions authority bring another lawsuit to the table in a $10 million bribery scandal involving the authority’s former boss. Here, Law360 looks at these and other new claims in the U.K.
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January 05, 2024
Arter Appointed Interim Pension Ombudsman Chairman
The Department for Work and Pensions said on Friday that it has appointed Anthony Arter as interim chair of The Pensions Ombudsman, three months after the death of his predecessor.
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January 05, 2024
5 Questions For Sidley Partner Leonard Ng
The Financial Conduct Authority's new sustainability disclosure regime, which is launching in 2024, will mean significant extra work for fund managers, according to Leonard Ng, partner at Sidley Austin LLP.
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January 05, 2024
UK National Insurance Cuts Prompt State Pension Concerns
The introduction of a £9 billion ($11.4 billion) National Insurance tax cut has long-term implications for the future of state pension funding, an insurer warned Friday.
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January 05, 2024
Tech Biz Sues Telecom Execs For £2M Over Bad Biz Sale
A cloud technology business is seeking more than £2 million ($2.5 million) that it alleges it lost after buying a telecommunications company, claiming its owners failed to disclose ongoing legal disputes between clients and a subsidiary which devalued its shares.
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January 04, 2024
EU Watchdog Finds Disparities In Non-Life Underwriting Risk
The European insurance and pensions regulator said Thursday that it has found inconsistencies in the way European general insurers measure risk and calculate how much capital they must hold under solvency requirements.
Expert Analysis
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Raising Issues In UK Preliminary Hearings Can Be Risky
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
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3rd-Party Litigation Finance In UK: To Brexit And Beyond
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
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Can D&O Policies Enhance Presumption Of Innocence In UK?
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
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Litigation Funding Is On The Rise In Europe
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
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Judging The Financial Conduct Authority 5 Years On
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
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The Outlook For Anti-Suit Injunctions After Brexit
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
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New Tax Rules For Termination Payments In UK
New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.
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EU Ruling Casts Doubt On Bilateral Investment Treaties
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
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GDPR Will Benefit Financial Services In The Long Run
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
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IP Considerations For UK Open Banking App Developers
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
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Opinion
BigLaw Doesn't Have A Diversity Problem
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.
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Equity Partnership Isn't What It Used To Be
To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.
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Breaching Policy Warranties Can Partially Void UK Coverage
The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.
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With The GDPR, The Dawn Of The New Normal Approaches
With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.
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Issues To Watch For When Brexit-Proofing Your Contracts
While a great deal of uncertainty remains around Brexit, there will be challenges for all contractual parties in the U.K. and the EU as they approach existing and future contractual obligations, say Dipti Hunter and Kirsty O'Connor of PricewaterhouseCoopers LLP.