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Insurance UK
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September 11, 2025
Watchdog Launches Program To Help Small Audit Firms Grow
Britain's accounting watchdog initiated a program on Thursday that it said would help small audit businesses to improve their inspections of larger companies, as part of its broader bid to improve variety in the market.
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September 11, 2025
Pensions Watchdog Urges Vigilance On 'Impersonation Fraud'
The retirement savings watchdog has urged pensions chiefs to tighten security amid a rising trend in which scammers attempt to pass themselves off as members of a retirement savings plan.
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September 11, 2025
Prudential Must Pay VAT On Investment Firm's Success Fees
Britain's highest court ruled Thursday that payments of £9.3 million ($12.5 million) made by Prudential to an investment firm are taxable under value-added tax regulations because the liability was incurred when they were not part of the same group for tax purposes.
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September 10, 2025
Chubb Says La. Casino Can't Stop English Arbitration Case
A Chubb unit has asked a Louisiana federal judge to toss a lawsuit by the owners of a casino as they look to halt parallel litigation in England related to arbitration proceedings for a COVID-19 pandemic coverage case, saying a British court order bars the U.S. suit.
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September 10, 2025
UK Gov't Rebuffs Lawmaker Calls To Reform Lifetime ISAs
The government shrugged off calls to reform the rules around Lifetime ISAs on Thursday, despite warnings that millions of Britons may have been wrongly sold the long-term savings product.
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September 10, 2025
AIG Sued By Ex-Teacher Over PI Negligence Claim
A retired teacher has sued the U.K. arm of AIG for £176,000 ($238,000) to cover the alleged professional negligence of his solicitors, which represented him in a dispute linked to an earlier row over clinical negligence and is now insolvent.
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September 10, 2025
Pinsent Masons Guides £105M Materials Co. Pension Deal
Legacy pension plans for the industrial materials giant Mativ Holdings Inc.'s U.K. arm have completed two full-scheme buy-ins worth £105 million ($142 million) with Rothesay Life PLC, the insurer has said.
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September 10, 2025
Lawmakers Float Plan To End Lifeboat Fund Admin Levy
The Liberal Democrats said Wednesday that they have backed reform that will see the permanent removal of a controversial levy on pension providers which funds the administrative expenses of the sector's lifeboat program.
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September 10, 2025
FCA To Slash Data Reporting For Retail Broker Firms
The Financial Conduct Authority said Wednesday that it plans to slash some of the quarterly and biannual reports that retail broker companies must submit, a step it estimates can save the sector approximately £1.8 million ($2.4 million) in administrative costs.
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September 09, 2025
Insurers Told To Invest In Data To Meet Cyber-Market Demand
The insurance sector must improve the quality of its data to better understand risks if it is to address the anticipated growth in the cyber-market, Lockton Re has said.
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September 09, 2025
Dutch Pension Reform Could Mean Shakeup For Markets
The sweeping reform of the €2 trillion ($2.3 trillion) Dutch pension sector from next year could have knock-on effects for bond markets and Eurozone banks, a credit rating agency warned Tuesday.
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September 09, 2025
Chancellor Warned Against Cutting Pension Tax Relief
Possible changes to pension tax relief rules that could be announced in the forthcoming autumn budget to raise additional revenue are fraught with risks for Chancellor Rachel Reeves and could break government manifesto commitments, a consultancy has said.
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September 09, 2025
Lloyd's Greenlights New Syndicate For Reinsurer Ariel Re
Lloyd's of London has given the nod for reinsurer Ariel Re to establish a second syndicate, the company said Tuesday, with plans to start writing business from the end of the year.
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September 08, 2025
FCA Unit Tells Legal, Accountancy Bodies To Improve SARs
The anti-money laundering unit of the Financial Conduct Authority told legal and accountancy supervisory bodies on Monday that suspicious activity reports they submit could be improved by setting out an action plan.
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September 08, 2025
Insurers Say EU Solvency Reforms Will Not Boost Competition
The European Commission's draft technical amendments to the prudential regime for insurance and reinsurance companies across the bloc will not make the region more competitive, a trade body has said.
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September 08, 2025
UK Pension Surplus Grows To £223B As New Regs Loom
Pension plans now have £223 billion ($302 billion) in funding above what they need to pay benefits to members, a consultancy said Monday, as lawmakers weigh reforms that will allow businesses to tap into surpluses.
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September 08, 2025
Gov't Consults On Merging Payments Watchdog With FCA
The government released detailed plans on Monday for folding the Payment Systems Regulator into the Financial Conduct Authority, a move that would simplify the rules for payment systems and companies.
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September 08, 2025
AI Crucial To Navigate Shift In Insurance Risks, Swiss Re Says
Artificial intelligence will be a "game changer" for the reinsurance industry as it navigates an increasingly turbulent geopolitical landscape, Swiss Re said in a report Monday.
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September 08, 2025
Ship Insurers Urged To Press On Sexual Assault Safeguards
Marine insurers must play a role in eradicating sexual harassment of female seafarers, a trade body said Monday, warning that a quarter of women employed in the sector have experienced assault.
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September 05, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen professional boxing promoter Boxxer take action against the former head of boxing at Matchroom Sport, Aegis Motor Insurance and Chubb European Group clash over a reinsurance claim, and a transgender pool player sue the English Blackball Pool Federation over its decision to ban her competing in women's teams and tournaments.
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September 05, 2025
Consultant Solicitor To Face Tribunal Over Misconduct Claims
A consultant lawyer has been referred to a disciplinary tribunal after he allegedly attempted to mislead third parties about a client's immigration status, the Solicitors Regulation Authority has said.
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September 05, 2025
Ex-Insurance CEO To Pay £5M For Pocketing Business Loan
A London court on Friday found the former chief executive of a defunct Liechtenstein insurer liable to pay back £4.96 million ($6.7 million) after pocketing a loan from the company for no legitimate business purpose.
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September 05, 2025
Retirement Confidence Rises, But Isn't Shared Equally
More workers in the U.K. are confident of retiring comfortably than before, with men and young employees showing strong optimism compared with women and other age groups, according to research by pensions provider Aegon.
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September 05, 2025
AXA Settles Shipping Repair Co.'s £950K Fire Damage Claim
A ship repair and maintenance company has settled its £950,000 ($1.3 million) claim against insurer AXA's U.K. business, according to a newly public order by a London judge.
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September 05, 2025
EU Watchdog Urged To Clarify Derivatives Clearing Rules
Representatives of the fund management and derivatives industries have urged European regulators and lawmakers to clarify technical planned rules for companies that clear derivatives under a regime known as European Market Infrastructure Regulation 3.
Expert Analysis
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases
The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
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Unpacking The Building Safety Act's Industry Overhaul
Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.
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A Rare Look At Judicial Interpretation Of LEG Exclusions
A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
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Decoding UK Case Law On Anti-Suit Injunctions
The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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Employers Can 'Waive' Goodbye To Unknown Future Claims
The Scottish Court of Session's recent decision in Bathgate v. Technip Singapore, holding that unknown future claims in a qualifying settlement agreement can be waived, offers employers the possibility of achieving a clean break when terminating employees and provides practitioners with much-needed guidance on how future cases might be dealt with in court, says Natasha Nichols at Farrer & Co.
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Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.
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Misleading Airline Ads Offer Lessons To Avoid Greenwashing
Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.
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CMA Guidance Can Help Businesses Act On Climate Change
Guidance recently published by the Competition and Markets Authority, which explains how competition law applies to sustainability and climate change agreements, provides clarity for businesses seeking to collaborate and emphasizes the regulator’s open-door policy, says Andrew Maxwell at Freeths.
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An Overview Of UK Short Selling Regulation Reforms
The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.