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Insurance UK
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March 07, 2025
FCA Awaits Gov't Answer To City Consumer Duty Pushback
The Financial Conduct Authority is waiting for the government to clarify how much consumers can be exposed to risk in favor of more growth-focused regulation as the watchdog faces push back from the sector against its flagship consumer protection program.
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March 06, 2025
FCA Finds Most Firms Fail To Service Vulnerable Customers
The Financial Conduct Authority said Friday it has found that most firms are failing to ensure they're adequately serving vulnerable customers, according to a long-awaited review.
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March 06, 2025
Insurer Wins Landmark Appeal In Scotbeef Moldy Meat Case
A London appeals court has ruled that a British insurer does not have to pay out over 100 tons of spoiled beef, finding in the first judgment of its kind that the company storing the meat breached its insurance policy terms.
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March 06, 2025
MPs Quiz Gov't Over Women Pension Redress Refusal
The government has been urged to show what options it considered before rejecting a £10.5 billion ($13.5 billion) compensation package for women who were underpaid state pension.
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March 06, 2025
First 3 Firms Connect To UK Gov't Pension 'Dashboard'
Three pension businesses have successfully plugged into the government's planned new online retirement savings portal, in a major milestone for the troubled project.
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March 06, 2025
Blake Morgan Denies Botching Pensions Advice To Trust
Blake Morgan LLP has denied giving an archaeological trust negligent advice on the closure of its pensions plan, telling a London court that it was on the trust to make sure it validly shut the scheme.
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March 06, 2025
Slaughter & May-Led L&G Seals £505M Inchcape Pension Deal
Insurer Legal & General has said it has covered £505 million ($650 million) of liabilities for the Inchcape Motors Pension Scheme, the U.K. retirement fund for the global automobile distributor, to secure the benefits of its members.
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March 05, 2025
BoE Proposes Easier Capital Rules For Smaller Banks
The Bank of England's regulatory arm proposed Wednesday to allow financial firms to hold significantly more retail deposits before certain capital requirements kick in, helping smaller firms to grow with a potentially lower financial safety net.
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March 05, 2025
Quilter PLC Sets Aside £76M For Redress Amid FCA Review
Wealth manager Quilter PLC said Wednesday that it has set aside £76 million ($98 million) to compensate clients who did not get appropriate financial advice as it finalizes an independent review for the Financial Conduct Authority.
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March 05, 2025
FCA Says Private Markets Must Identify Conflicts Better
The Financial Conduct Authority said Wednesday that private asset markets like venture capital need to identify conflicts of interest better in asset valuations, in a multifirm review covering £3 trillion ($3.86 trillion) of global private assets under management.
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March 05, 2025
Boss Defends Pensions Service Despite Portal's Failings
The head of the Money and Pensions Service insisted on Wednesday that the body was the most suited to develop online retirement portals, despite a scathing official report revealing poor governance and inexperience at the organization.
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March 05, 2025
Lloyd's Warns Of $2.4T Financial Risk From Solar Storms
A solar storm that disrupts critical digital infrastructure across the world could cost the global economy $2.4 trillion over five years if the extreme space event was large enough and directed toward the Earth, Lloyd's of London has said.
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March 05, 2025
Berkeley, Contractor Settle £15M Grenfell-Style Cladding Claim
Berkeley Homes and one of the developer's contractors have reached a settlement over a £15.6 million ($20 million) claim brought by a property owner that alleged the two companies installed flammable Grenfell-style cladding and insulation on a student accommodation block in London.
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March 05, 2025
Intermediary SRG Buys Modified Car Insurance Broker
U.K. insurance intermediary Specialist Risk Group has bought Brentacre, a broker that insures modified and performance vehicles, saying the purchase aligns with its strategy of partnering with niche businesses.
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March 04, 2025
Cinema Chain Says Landlord Overcharged For Premiums
Cinema companies who leased part of the landmark Trocadero building in London's well-known Piccadilly Circus accused their landlord of breaching the rental agreement by overcharging them for insurance premiums at the start of a London trial Tuesday.
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March 04, 2025
Pension Schemes Post Record-Breaking Consolidation
Britain's retirement savings watchdog said Tuesday the number of defined contribution pension schemes decreased 15% in 2024 to 920 — dropping to fewer than 1,000 plans for the first time.
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March 04, 2025
Insurers To Benefit From Italy's Mandatory Catastrophe Cover
European insurers can expect a boost to revenue after Italy introduced a new requirement for businesses to buy natural catastrophe cover from the end of March, a ratings agency has said.
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March 04, 2025
UK Financial Ombudsman Reports Jump In Complaints
Complaints to the Financial Ombudsman Service spiked almost 42% in the third quarter of 2024 compared to the same period the previous year, with grievances about bank cards, insurance and automobile hires the most common, a survey published Tuesday said.
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March 04, 2025
Pension Surpluses Rise To £180B As Gov't Weighs New Rules
The U.K.'s defined benefit pension sector is now £180 billion ($229 billion) in the black, a professional services firm said, as the government weighs plans to allow businesses to tap into funding surpluses.
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March 04, 2025
New Pension Standards Need Improvement, Trade Body Says
The Financial Reporting Council's proposed changes to the actuarial rules used in the retirement savings sector are welcome but introduce additional requirements that should be avoided, a pensions trade body said Tuesday.
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March 04, 2025
Beazley Launches $500M Buyback Amid 'Record' Profits
Beazley PLC said Tuesday it will kick-start a share buyback scheme worth up to $500 million, as the insurer disclosed record profits in 2024 despite taking a hit from natural disasters.
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March 03, 2025
UK Pensions Watchdog Calls For Improved Scheme Data
The Pensions Regulator said Monday it has launched a strategy to help the retirement savings industry digitalize more data to help inform savers and product designers.
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March 03, 2025
Brookfield Launches In UK To Tap Pension Buyout Demand
North American investment giant Brookfield Corp. said Monday it is poised to enter the U.K. pension transfer market, amid an increasing number of retirement savings plans offloading their liabilities to insurers.
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March 03, 2025
Gov't Softens Hard Deadline For State Pension Top-Ups
The U.K. government has softened its deadline for Britons to plug holes in their state pension, amid a surge in last-minute inquiries.
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March 03, 2025
AXA Launches €1.2B Share Buyback After Profit Gain
AXA SA on Monday kick-started a program to repurchase up to €1.2 billion ($1.25 billion) worth of its own shares, after the French insurance giant unveiled a "very strong performance" for its 2024 financial year.
Expert Analysis
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
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How Proposed EU Class Action Directive Could Affect Insurers
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.
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UK Group Data Breach Claims Pose Big Financial Risks
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
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.
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
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.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
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.
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What To Expect During The Brexit Transition Period
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.
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Opinion
Legal Prediction Is Demanding But Not Impossible
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.
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Surefire Marketing Methods To Build Your Legal Practice
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.
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Mandatory Mediation May Lie Ahead For England And Wales
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.