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Insurance UK
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February 15, 2024
Claimant Body Denies Injury 'Epidemic' Before Court Appeal
Insurers have widely exaggerated the rise in the number of so-called mixed tariff injuries, a trade body for the claimant sector said on Thursday, as the U.K.'s highest court prepares for hearings next week on how to compensate people who have been affected.
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February 15, 2024
FCA Quizzes Top Firms On Advice Services Fees
The Financial Conduct Authority said Thursday it has written to 20 of the largest financial adviser firms to gauge how those businesses charge clients after giving advice amid its broader focus on ensuring customers are treated fairly.
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February 15, 2024
Osborne Clarke Steers £114M Standard Life Pension Deal
Standard Life said Thursday that it has completed a £114 million ($143 million) buy-in transaction guided by Osborne Clarke LLP to acquire the pensions of around 1,800 members of the Vector Pension Scheme.
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February 15, 2024
UK Gov't Asks Financial Regulators To Review AI Policing
The government said on Thursday that it has told financial markets regulators to publish an update by April 30 on how they will police artificial intelligence.
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February 15, 2024
Fintech Expert Appointed To FCA Board For 3-Year Term
HM Treasury said Thursday it had appointed Bryan Zhang, an expert in financial technology and open banking, to the Financial Conduct Authority's non-executive board for an initial term of three years.
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February 15, 2024
Addleshaw Goddard Adds BoE Deputy GC To Finance Team
Addleshaw Goddard said on Thursday that it has hired the Bank of England's deputy general counsel as a partner to bolster its financial services regulation team in London.
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February 14, 2024
BDO Sues Insurance Broker Over Unpaid M&A Advisory Fee
Accounting firm BDO LLP has sued KGJ Insurance Services and three of its directors over claims they failed to pay out for the advisory services BDO provided the insurance broker as it looked for a new buyer.
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February 14, 2024
UK Access Rules Too Burdensome, Say European Funds
An association for Europe's investment managers has asked the Financial Conduct Authority to make its planned regime giving European funds "equivalent" access to U.K. markets less burdensome, given similar requirements do not exist for U.K. funds.
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February 14, 2024
Insurers On Hook After Top Court Rules On Credit Hire Claims
The cost of motor claims for insurers could rise after Britain's highest court ruled on Wednesday that they have to pay additional damages to replacement car hire companies after a road traffic accident, although experts say there could still be a silver lining.
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February 14, 2024
FCA Flagged 10,000 Misleading Financial Ads In 2023
Britain's finance watchdog has ramped up its fight against misleading financial advertisements, reporting on Wednesday that it intervened to have more than 10,000 promotions posted online without proper authorization pulled or amended in 2023.
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February 14, 2024
Broker WTW Works With Maths Lab On Catastrophe Modeling
Insurance broker WTW unveiled a new collaboration on Wednesday between its research network and the London Mathematical Laboratory to improve how it predicts natural disasters such as earthquakes or hurricanes and deals with the consequences.
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February 14, 2024
Insurers Must Pay Out On Third-Party Hire Car Losses
Insurers must cover rental income lost by car hire firms when their vehicles are involved in accidents, the U.K.'s highest court ruled on Wednesday in a case that is likely to add major costs for the insurance industry.
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February 13, 2024
Insurance Broker Escapes £2.6M Claim From Foundry Client
A London judge has dismissed an investment advisory firm's bid to collect £2.6 million ($3.2 million) from its insurance broker for problems that allegedly nullified the foundry's coverage for an industrial site.
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February 13, 2024
EU Eases Rule Enforcement On Best Price For Clients
The European Union financial markets regulator said on Tuesday that it expects all national watchdogs "not to prioritize" taking supervisory action against investment companies that fail to comply with certain rules to report how they achieved the best terms for clients.
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February 13, 2024
UK Pension Surplus Dips Slightly To £425B
The total surplus of U.K. pension schemes dipped by £2.8 billion ($3.5 billion) over the past month, the sector's lifeboat scheme revealed Tuesday, but experts say the changes are unlikely to dim appetite for insurance de-risking transactions.
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February 13, 2024
New Panel Set Up To Promote UK Fund Investments
A panel of pensions, venture capital and private equity experts has been established to boost returns for savers and support economic growth by encouraging funds to invest in fast-growing businesses, the British Private Equity and Venture Capital Association said on Tuesday.
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February 13, 2024
Post-Election UK Pension Changes Could Be In The Fine Print
Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.
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February 13, 2024
One In Four Retirees 'Not Checking State Pension Forecast'
Pensioners-to-be should check their state pension pots to avoid a "nasty surprise," a retirement specialist said on Tuesday as it published a survey showing that many opt not to look at their forecast before retiring.
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February 12, 2024
Proskauer Hires Sidley Austin's Funds Head In London
Proskauer Rose LLP has brought aboard a new partner with years of experience at the helm of Sidley Austin LLP's investment funds practice, to co-lead its global credit funds and sovereign wealth funds initiatives.
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February 12, 2024
Marine Insurer Skuld Cancels Red Sea 'War Risks'
A Norwegian marine insurance provider issued a cancelation notice for certain war risks on Monday after some of its reinsurers ended their cover for policyholders amid attacks on commercial ships in the Red Sea.
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February 12, 2024
UK Gov't Pushed To Reform Audit As Delays Cause Delistings
A governance trade body has urged the government to proceed with abandoned audit reform proposals, claiming the delays have led to companies delisting from the London Stock Exchange.
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February 12, 2024
FCA Tells Firms To Bear Brunt Of Policing Financial Crime
The City watchdog has said that companies must tackle financial crime by giving it better data that could lead to assertive supervision and enforcement action. But lawyers have told Law360 that this would put an even greater cost burden on companies.
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February 12, 2024
Pension Reform Key For UK Savings Shortfall, Report Says
Allowing workers to access some of their pension pots before retirement as well as increasing savings contributions could support scores of Britons who do not have enough saved for immediate challenges or for later life, a think tank said Monday.
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February 12, 2024
Reporting Rules For Russia Sanctions Get UK Update
Businesses in Britain have to tell the country's authorities whether they are holding any cash or other assets for Russian financial and state institutions under new rules announced Monday.
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February 09, 2024
Insurer Liable For Exploiting Business Before Merger
A motor industry insurer exploited an opportunity to provide warranties to a car dealership at the expense of the warranty provider that made the introduction during ill-fated merger talks, a London court ruled Friday.
Expert Analysis
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Is Equifax Data Breach Penalty A Sign Of Fines To Come?
Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.
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Ensure That Dispute Resolution Mechanisms Are Brexit-Proof
With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.
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5 Cyber Insurance Pitfalls To Avoid In The UK
Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
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UK Unexplained Wealth Orders: More Bark Than Bite So Far
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
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GDPR Compliance Questions For Blockchain Firms
The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
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Knowledge Management: An Unsung Hero Of Legal Innovation
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
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Uncertainty Concerning The UK's Proper Purpose Rule?
The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.
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How Europe's AML Regime Is Tackling Virtual Currencies
The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.
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UK Ruling Signifies Greater Cross-Border Sharing Of Data
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
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Why Law Firms Should Monitor The Dark Web
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.
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Lessons From UK's Data Backlash
Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.
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Tech, Media, Telecom Investor-State Arbitration Is On The Rise
Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.
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Treat GDPR Compliance As A Marriage, Not A Wedding
Earlier this year, many businesses were so focused on ensuring that their privacy notices and customer lists were compliant by May 25 that they forgot that General Data Protection Regulation D-Day was just the first day of a new regime, rather than a one-day event, say Ben Pilbrow and Joanna Boag-Thomson of Shepherd and Wedderburn LLP.
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New UK And US Regimes May Deter Foreign Investment
Newly proposed U.K. rules and the amended regime for the Committee on Foreign Investment in the United States will radically change how the two governments review sensitive transactions, which will affect the likelihood of deal clearance, deal timing and the drafting of appropriate contractual provisions, say Robert Bell and Jennifer Mammen of Bryan Cave Leighton Paisner LLP.
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UK Employees May Soon Gain The 'Right To Disconnect'
Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.