Insurance UK

  • March 11, 2024

    FCA Fines British Steel Pensions Firm, Bans Advisers

    The finance watchdog said Monday that it has hit a financial advice company with a fine and banned two former employees after discovering failures by the business when it put through £90 million ($115 million) of retirement savings transfers for members of the British Steel Pension Scheme.

  • March 08, 2024

    FCA To Boost Fight Against Nonfinancial Misconduct

    The Financial Conduct Authority said Friday it would ramp up its fight against bullying and sexual harassment in the financial services sector in light of a damning parliamentary report condemning efforts to tackle sexism in the financial services sector.

  • March 08, 2024

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

    This past week in London has seen Barclays initiate legal proceedings against top Russian private bank JSC Alfa-Bank; Lex Greensill, founder of the collapsed Greensill Capital, suing the U.K.'s Department for Business and Trade; Wikipedia's parent company hit with a libel claim; and a sports journalism teacher filing a data protection claim against Manchester United FC. Here, Law360 looks at these and other new claims in the U.K.

  • March 08, 2024

    Slaughter And May Guides PE Firm's £432M Wealth Firm Buy

    Pollen Street Capital said Friday that its subsidiary has agreed to fully buy out Mattioli Woods, a wealth management company, for approximately £432 million ($556 million), as the U.K. private equity investor looks to capture a slice of the lucrative sector.

  • March 08, 2024

    Gov't Sets Out 'Social Factors' Guide For Pension Investment

    The pensions watchdog has urged retirement fund managers to weigh social factors, such as labor rights and the safety of workers, as part of their investment considerations.

  • March 08, 2024

    'Aggressive' Cold-Calling Firm Shut For Targeting Pensioners

    A company that used "aggressive techniques" when selling unnecessary home service and maintenance plans to vulnerable pensioners has been wound up for targeting and misleading elderly customers.

  • March 08, 2024

    Insurer Beazley Begins $325M Share Buyback As Profit Soars

    Beazley began a share buyback on Friday worth up to $325 million in a move to lower its outstanding share capital and reward investors, as its pre-tax profits more than doubled to $1.25 billion.

  • March 07, 2024

    Efforts To Tackle Sexism In City Moving At 'Snail's Pace'

    A group of senior MPs called on Friday for an end to the "era of impunity" in the country's financial sector, saying that efforts to tackle sexism in the City are moving at a "snail's pace" and ignoring the benefits of diversity.

  • March 07, 2024

    Ex-Slater And Gordon Lawyer To Face Tribunal Over PI Claim

    A former personal injury lawyer at Slater and Gordon must face a disciplinary tribunal after he allegedly misled a client about the status of her personal injury claim for more than 15 years, the Solicitors Regulation Authority has said.

  • March 07, 2024

    Irish Central Bank Plans Modernized Consumer Protection

    The Central Bank of Ireland opened a consultation on Thursday on plans to modernize the Consumer Protection Code and clarify the obligations financial companies face for managing such risks as climate change.

  • March 07, 2024

    UK Working On Fix For Privacy Rules Clash On Pensions

    The government is working on a solution to the problem of pension providers being held back from communicating with members because of privacy regulations, a minister has said.

  • March 07, 2024

    Aviva Kicks Off £300M Buyback After 'Strong Performance'

    Aviva PLC said Thursday that it will reward investors with a share buyback worth up to £300 million ($383 million), as it reported a rise in its premiums and operating profit.

  • March 06, 2024

    UK Cuts Tax, Reforms Non-Dom Rules In Pre-Election Budget

    The U.K. government unveiled another cut in payroll taxes and changes to rules on non-domicile status on Wednesday as it presented its election-year spring Budget.

  • March 06, 2024

    Gov't Cools Its Tone On Pension 'Pot For Life' Plans

    A U.K. government update on Wednesday on policy plans for pension pots for life for retirement savers appeared to signal a more cautious tone after pushback from the sector, financial experts have said.

  • March 06, 2024

    Lloyd's Says Women Hold 35% Of Top Insurance Market Jobs

    Lloyd's of London has said the proportion of women in leadership roles at the specialist insurance marketplace has now increased by three percentage points to 35%, fulfilling the short-term target it set in 2020.

  • March 06, 2024

    Ex-Managing Partner OKs £33K Costs In Failed Bias Claim

    A former managing partner of a law firm has agreed to pay £32,500 ($41,400) costs to his former company after a tribunal blocked his discrimination claims and ruled that he hid information while off work with cancer to boost his income.

  • March 06, 2024

    Pensions Watchdog Outlines New Funding Strategy Reporting

    The pensions watchdog has laid out new requirements for trustees when they report on their funding plans, as analysts warned of the growing regulatory burden on the sector.

  • March 05, 2024

    Hiscox Rolls Out 1st Tranche Of $150M Buyback Program

    Insurer Hiscox Ltd. on Tuesday started the first part of its share repurchase scheme worth up to a total $150 million, as it posted a record pretax profit.

  • March 05, 2024

    Spending Watchdog Warns BoE As Compliance Breaches Rise

    The U.K. public spending watchdog has urged the Bank of England to examine its controls after it found a significant increase in breaches of staff policies at the central bank.

  • March 05, 2024

    More Insurers Sued For $44M Over Plane Stranded In Russia

    An Irish aircraft operating company has added 24 reinsurers to its lawsuit that aims to claw back $44 million to cover the loss of a plane leased to a Russian airline and held there after the country's invasion of Ukraine.

  • March 05, 2024

    FCA Warns Firms To Remedy Failings In AML Controls

    The Financial Conduct Authority has fired off a warning to the chief executives of 1,000 firms it regulates for money laundering purposes, telling them on Tuesday to tackle failings in their controls.

  • March 05, 2024

    FCA Begins Crackdown On Poor-Value Insurance Products

    The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.  

  • March 05, 2024

    FCA Orders Total Pause On Asset Protection Insurance Sales

    The Financial Conduct Authority said Tuesday it has struck a deal with the remaining providers of guaranteed asset protection insurance to pause all sales as it examines whether the additional safeguard for policyholders offers value for money.

  • March 04, 2024

    5th Circ. Says Hurricane Coverage Battle Must Be Arbitrated

    A Louisiana property owner and its eight domestic insurers must arbitrate the owner's claims that they mishandled and delayed paying its Hurricane Laura property damage claim in bad faith, the Fifth Circuit ruled Monday, reversing a district court's decision that found an arbitration provision at issue unenforceable.

  • March 04, 2024

    McLaren Ups Claim Against Spanish Racing Driver To $31M

    McLaren Racing Ltd. has hiked its claim against Álex Palou, alleging that it lost an estimated $31 million when the Spanish driver walked away from their Formula 1 deal and signed with a competitor.

Expert Analysis

  • A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias

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    In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.

  • Rebuttal

    Legal Industry Should Pursue AI Prediction Progress

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    As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

  • Opinion

    Legal Prediction Is Demanding But Not Impossible

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    The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.

  • Surefire Marketing Methods To Build Your Legal Practice

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    Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.

  • Mandatory Mediation May Lie Ahead For England And Wales

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    The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.

  • Key Risks And Developments For UK Law Firm Culture In 2020

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    In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.

  • Cos. Can Start Preparing Now For Immigration Beyond Brexit

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    Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.

  • #MeToo Pressure On UK Businesses Is Set To Rise

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    Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.

  • Opinion

    UK's Insurer Investigations May Not Help Policyholders

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    The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.

  • The Outlook For Autonomous Vehicles In The UK And US

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    As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.

  • Brexit's Impact On London As A Top Int'l Arbitration Seat

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    Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.

  • Post-Brexit UK Likely To Conform With EU On Human Rights

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    In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.

  • The Evolution Of GDPR Enforcement Across The EU

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    With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.

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