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Insurance UK
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June 05, 2025
UK Pension Assets Hit £3.2T Amid Shift To Private Markets
The total value of U.K. pensions grew by 11% in 2024 to £3.2 trillion ($4.3 trillion), the Pensions Policy Institute has said, noting a movement to private market investment in a "period of transition" in Britain.
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June 05, 2025
UK Insurers Abusing Dishonesty Defense, Legal Body Warns
Insurers are using allegations of fraud in a "scattergun" approach in defending against personal injury claims, a legal trade body warned Thursday.
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June 05, 2025
Gov't Unveils Landmark Pension Reforms To Boost Savings
The government has unveiled a raft of pension reforms that it said will dramatically boost the savings of millions of British workers.
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June 05, 2025
Ombudsman Eyes Interest Rate Cut On Compensation Awards
The financial disputes body has proposed lowering the interest rate it applies to compensation awarded to people who have lost money as it pushes to modernize redress in the U.K.
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June 05, 2025
UK Ransomware Ban Could Boost Cost Of Cyber-Insurance
The cost of buying cyber-insurance for the public sector and critical infrastructure could rise significantly because of a proposed ban on paying ransomware demands, experts warn, as the U.K. government looks at ways to disrupt the income of online criminals.
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June 04, 2025
DWF Argues Privacy Claim A Litigation Ploy At Trial
DWF Law LLP argued at trial Wednesday that a claim by three people that the law firm unlawfully shared their health data was only brought to "secure an advantage" for their lawyers in separate proceedings against insurers.
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June 04, 2025
Most UK Pension Plans Mulling Surplus Use, LCP Says
Most defined benefit pension plans are either actively considering or already planning to use their retirement plan surplus amid government rule changes, according to consultancy Lane Clark & Peacock.
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June 04, 2025
Sustained Investment Needed For Flood Resilience, ABI Warns
The Labour government must commit to "substantial and sustained investment" to improve flood resilience across the U.K., the Association of British Insurers has said.
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June 04, 2025
Lloyd's Broker Faces 2027 Trial Over $3M Bribery Scheme
A Lloyd's of London broker is scheduled to stand trial in 2027 over allegations it failed to prevent its associates in the U.S. from bribing an Ecuadorian official in exchange for lucrative reinsurance contracts worth $38 million.
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June 04, 2025
Pensions Watchdog Floats 'Endgame' Guidance For Providers
The U.K.'s retirement savings watchdog has laid out new guidance for pension plans approaching their endgame after the government floated new laws last week that would allow surplus extraction.
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June 04, 2025
Police Crack Down On UK Insurance 'Ghost-Broking' Fraud
The financial crime police unit has said it has carried out a national campaign to target the rise of "ghost-broking" fraud, which is on the rise fueled by social media.
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June 03, 2025
Kennedys' Revenues Top £400M In New Record For Firm
Kennedys said Wednesday that it has posted revenues of more than £400 million ($540.8 million), a figure that smashed the previous year's total as the firm recorded growth for the 11th consecutive year.
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June 03, 2025
Insurer Seeks £34M From Cigna For Missold PPI Complaints
PA (GI) Ltd. said it is entitled to recover from Cigna more than £34 million ($46 million) it has spent dealing with missold payment protection insurance claims, arguing at trial on Tuesday that it dealt with those complaints in the "fairest" and "most cost-effective" way.
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June 03, 2025
New FCA Enforcement Guide Revises Rules On Case Publicity
The Financial Conduct Authority on Tuesday released its revised enforcement guide, setting out additional circumstances when it may publicize investigations.
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June 03, 2025
FRC Simplifies Reporting Rules For UK Asset Managers
The accounting regulator published its updated 2026 UK Stewardship Code on Tuesday, pruning back the reporting burden by between 20% and 30% for many large asset managers and investment groups.
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June 03, 2025
Aviva Warns Over Fire Risk Amid Rising UK Temperatures
Insurance giant Aviva warned British homeowners on Tuesday to be vigilant about the risk of fire to their homes and gardens as the country looks likely to experience the warmest spring for a century.
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June 03, 2025
UK Retirement Costs Drop As Energy Prices Ease
The estimated cost for a minimum standard of living in retirement has fallen for both one- and two-person households, a trade body for the sector said Tuesday, driven largely by a "substantial reduction" in U.K. energy costs.
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June 02, 2025
FCA Pledges Action On Insurers Over Client Harm Complaints
The Financial Conduct Authority has said it will act where it finds general insurers harm consumers following a complaint by Which?, the advocacy group, which includes a petition signed by 170,000 consumers.
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June 09, 2025
Shoosmiths Hires Worldpay Deputy GC To Drive Fintech Push
Shoosmiths LLP said on Monday that it has hired a senior lawyer at payments giant Worldpay as it looks to continue expanding its presence in financial services and technology, two key sectors for the firm.
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June 02, 2025
AI Use Soars Among UK Cos. Despite Rising Cyber-Risks
More than 90% of U.K. businesses are either looking at or already using artificial intelligence tools, despite a vast number believing that cyberthreats are on the rise, according to research by insurer QBE released Monday.
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June 02, 2025
Gov't Told To Provide Timeline On Private Sector Dashboards
The U.K. government must publish a roadmap for the introduction of private sector pension "dashboards," a trade body said Monday, warning that officials will fail to hit targets for public engagement without making the service widely accessible.
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June 02, 2025
Squire Patton Boggs Guides Royal London £22M Pension Deal
Waste management company London Waste Ltd. has secured its pension scheme through a buy-in transaction worth £22 million ($30 million) with Royal London Group, securing the savings of approximately 200 members of the London Waste Ltd. Pension Scheme.
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June 02, 2025
FCA Pushes Mutual Fund Managers For Faster Settlements
The Financial Conduct Authority has said mutual fund managers should take steps now to speed up fund settlements under the Consumer Duty, in alignment with a planned faster settlement cycle for trades in shares and bonds.
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June 02, 2025
New Lloyd's CEO Pledges Openness To Boost Global Market
The newly appointed chief executive of Lloyd's of London said Monday that openness during his tenure will ensure that the specialist insurance marketplace is "the pre-eminent market for risk" in the world.
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May 30, 2025
UK Audit Regulator Finalizes Project To Unlock Financial Data
Britain's accounting regulator said on Friday that it has now completed an 18-month project designed to make structured financial data more accessible in the U.K.
Expert Analysis
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What 2025 Holds For UK, EU Restructuring And Insolvency
European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
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How GCs Can Protect Cos. From Geopolitical Headwinds
Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
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Navigating PRA's Data Request For Crypto-Asset Exposure
The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
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Key Points From FCA Financial Crime Guide Updates
The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.
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Why Nonfinancial Misconduct Should Be On Firms' Radar
Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.
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Insider Info Compliance Highlights From New FCA Guidance
The Financial Conduct Authority's recent guidance to companies on identifying inside information clarifies the regulator's expectation of case-by-case assessment, helpfully highlighting that abuse of U.K.-regulated markets can arise earlier than some might think, say lawyers at Sullivan & Cromwell.
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Interpreting Newly Released Consumer Fraud Complaints Data
The Financial Ombudsman Service’s latest complaint data focuses on scams and customer service, and demonstrates that as fraud is becoming rapidly more complex, financial regulators need to acknowledge that technology is here to stay and work together with firms to protect consumers, say lawyers at RPC.
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Anticipating The UK's Top M&A Trends In 2025
Conversations with market participants are focusing on five key questions about 2025's transactional markets, ranging from issues of artificial intelligence, to the boom in takeovers and increased regulatory scrutiny, says Layla D’Monte at King & Spalding.
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Hawaii Climate Insurance Case Is Good News For Energy Cos.
The Hawaii Supreme Court's recent ruling in a dispute between an oil company and its insurers, holding that reckless conduct in the context of activities that can cause climate harms is covered by liability policies, will likely be viewed by energy companies as a positive development, say attorneys at Fenchurch Law.
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The EU AI Act's Impact On Global Financial Regulation
The European Union’s new Artificial Intelligence Act, representing lawmakers’ first comprehensive attempt to regulate AI and giving special attention to the financial services sector, hopes to influence global legal and regulatory frameworks to maintain access to the EU market, say lawyers at Goodwin.
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FCA Survey Results Reveal Rise In Nonfinancial Misconduct
After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.