We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Insurance UK

  • November 6, 2018

    Ex-Keydata Directors Can't Escape £79M FCA Fines

    A U.K. appeals tribunal on Tuesday upheld the FCA’s decision to fine two former directors of collapsed Keydata Investment Services Ltd. a total of £79.2 million ($103.6 million), saying that the pair acted without integrity when they sold flawed products to retail investors.

  • November 6, 2018

    Nigerian Oil Co. Loses $56M After Failing To File Defense

    A Nigerian energy company must pay more than $56 million to a major Chinese credit insurer by the end of the month after it chose not to fight claims that it defaulted on debts from a troubled oil exploration project, a London court has ruled.

  • November 6, 2018

    UK Will Legislate To Create Flexible Pensions

    The U.K. government set out proposals on Tuesday for planned flexible pensions schemes as it responds to parliamentary concerns that current fixed-pension plans are unsustainable for employers and risky for pensioners.

  • November 6, 2018

    ICO Fines Insurance Firm £60K Over Brexit Data Misuse

    Britain’s data watchdog said Tuesday it has fined an insurance company owned by self-described "bad boy" Brexit campaigner Arron Banks £60,000 ($78,000) for serious breaches of electronic marketing regulations.

  • November 5, 2018

    AIG Settles Suit Over Damaged River Thames Cruise Ship

    The owner of a passenger vessel that caught fire has settled its U.K. lawsuit against the European subsidiary of American International Group Inc. and the repair company insured by the U.S. insurer over damage caused during a cruise along the river Thames in London.

  • November 5, 2018

    King & Spalding Hires Ex-BoE Enforcement Head As Partner

    Law firm King & Spalding LLP said Monday it has expanded its London-based special matters and government investigations team with the addition of a former chief counsel from the Bank of England’s regulatory arm as a partner.

  • November 5, 2018

    EU Watchdog Draws Ire Of UK Insurers With Brexit Demand

    Europe’s top insurance regulator called on Monday for “immediate action” to protect millions of cross-border contracts at risk from Brexit, angering British companies that believe the European Union should help to solve the problem.

  • November 5, 2018

    Lawmakers To Review UK Sanctions Regime As Brexit Nears

    A parliamentary committee said Monday it will scrutinize whether the U.K.’s recently updated sanctions regime will be effective at tackling economic crime after the country leaves the European Union, as concerns intensify that London has become a center for dirty money.

  • November 5, 2018

    UK Closer To Brexit Deal On Financial Services, MP Says

    A Brexit deal with the European Union for the U.K. financial services sector can be secured imminently, Britain’s City minister asserted on Monday, as he said there is “common ground" with the bloc's negotiators.

  • November 5, 2018

    AIG Unit Can Name Whistleblower After Blast Wrecks Ship

    London police cannot protect the identity of a witness to an explosion on an oil tanker off the coast of Yemen, the High Court ruled on Monday, helping an insurer prove its allegations that the blast was an inside job.

  • November 2, 2018

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

    The last week has seen a private equity firm sue a major U.K. pub operator, an Iranian shipper take on dozens of insurers and a breach of contract claim against Merrill Lynch. Here, Law360 looks at those and other new claims in the U.K.

  • November 2, 2018

    Ropes & Gray Snags Ex-FSA Regulatory Partner From Akin

    Ropes & Gray LLP has hired a former Financial Services Authority attorney away from Akin Gump Strauss Hauer & Feld LLP to expand its international risk team in London.

  • November 2, 2018

    Appliance Insurer Defends Right To Poach Rival's Staff

    A rival to Domestic & General Insurance PLC has admitted to trying to poach the company’s customers but denied allegations of wrongdoing, adding that its own representatives do not mislead potential clients as a “general rule.”

  • November 2, 2018

    Airbus Gets UK Go-Ahead For Suit Against Italian Insurers

    Airbus can press ahead with its lawsuit seeking to avoid liability to a group of Italian insurers over a damaged airplane, a London judge ruled Friday, rejecting the companies' bid to delay proceedings while they contest the jurisdiction of their claim against the aircraft manufacturer in the Italian courts.

  • November 2, 2018

    Insurance Website May Breach Competition Law, CMA Says

    Compare the Market, a high-profile price comparison website, appears to be breaking competition law by preventing home insurers from offering lower quotes on rival sites, the U.K.’s antitrust enforcer said on Friday.

  • November 1, 2018

    Agency Fires Warning Shot For Accountants In Pensions Case

    An accountant for a London cafe was fined nearly £6,900 ($8,970) on Thursday for lying about whether the company had complied with enrollment rules for its pension scheme, the first time an outside service provider has been prosecuted for such a violation.

  • November 1, 2018

    Asset Recovery Cos. That Duped Investors Get Shut Down

    Two linked companies that claimed to be able to claw back cash for people who lost money in alternative investments have been closed down by an English court after an investigation revealed they routinely misled clients, a government agency said Thursday.

  • November 1, 2018

    Genworth Can't Blame Santander For £28M Suit, Judge Says

    A judge in London refused on Thursday to allow Genworth Financial Inc. to shift the blame for missold payment protection insurance onto two British units of Santander, after AXA SA sued the U.S. insurer for £28.5 million ($37 million).

  • November 1, 2018

    FCA To Offer More Brexit 'Clarity' Amid Industry Concerns

    The Financial Conduct Authority has said it will be more transparent about how it expects financial services businesses to comply with new rules as it seeks to ease concerns within the sector about its supervisory response to Brexit and the growth in cyberrisks.

  • November 1, 2018

    EU, US Insurance Regulators May Link To Fight Cybercrime

    Regulators in the U.S. and the European Union could join forces to test the vulnerability of insurers on both sides of the Atlantic to international cyberattacks as the threat from online crime escalates, Europe’s top insurance supervisor has indicated.

Expert Analysis

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.

  • 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?

    Lauren-McGeever.jpg

    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

    krishtel.photo.jpg

    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.