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Insurance UK
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March 20, 2024
AI Misuse Will Drive Cyber Insurance Demand, Actuary Says
The use of artificial intelligence by criminals and other evolving threats will boost demand for cyber-insurance for at least the next decade, according to analysis published Wednesday by actuarial consultancy OAC.
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March 20, 2024
EU Insurers Warn Regulators Of Gaps In Greenwashing Rules
European insurers have urged the bloc's insurance and pensions watchdog to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.
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March 20, 2024
Slaughter And May Cuts Partner Promotions By Half In 2024
Slaughter and May said on Wednesday that it is adding to its bench of up-and-coming leaders by promoting five lawyers to its partnership — only half the number it elevated in 2023.
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March 20, 2024
UK Insurers See Boom In Income Protection Policies
The number of people who took out personal insurance cover to shield their finances hit a record high in 2023, as more sought protection from a potentially serious accident or illness that would prevent them from working, British insurers said Wednesday.
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March 20, 2024
FCA Warns Pension Advisers Over Treatment Of Customers
The Financial Conduct Authority urged pension advisers on Wednesday to look at how well they are considering the needs of their clients after a sweeping review of the sector found significant shortfalls at some companies.
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March 19, 2024
Financial Adviser 'Siphoned' Fees In Legal Fund Fraud Case
A former financial adviser allegedly siphoned £5.8 million ($7.4 million) from an investment fund via secret commission payments as part of a legal financing fraud, prosecutors told a London jury at the start of his criminal trial Tuesday.
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March 19, 2024
Pension Watchdog Finds Trustee Boards Lack Diversity
Pension boards across the U.K. lack diversity, according to research published Tuesday by Britain's retirement savings watchdog, which showed the characteristics of a "typical trustee" being unrepresentative of the overall U.K. population.
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March 19, 2024
Insurance Tech Biz Can't Get Policy Tracker Patent In UK
An insurance tech firm can't get a patent over its automated policy tracker software in the U.K. because computer programs and business methods are not patentable, intellectual property officials said Tuesday.
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March 19, 2024
Charities Recovering From Pension Deficits
Thirteen U.K. charities are no longer plugging a black hole in their pension schemes, a consultancy said Tuesday, amid a wider improvement in funding for retirement savings plans.
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March 19, 2024
Workers Have 'Misplaced' £50B In UK Pension Pots
The growing number of young workers changing jobs and moving to different pensions providers has left more than £50 billion ($64 billion) in U.K. pension pots "at risk of being misplaced" in abandoned or lost accounts, according to analysis published on Tuesday.
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March 19, 2024
AI Tool Automates Climate-Related Financial Risk Analysis
The Bank for International Settlements said Tuesday that it has developed an artificial intelligence tool that analyzes climate-related risks in the financial system by streamlining large sets of data — and could pave the way for future research applications.
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March 19, 2024
FCA Sets Out Priorities For New Financial Year
The Financial Conduct Authority detailed on Tuesday its new priorities for the next financial year, setting out plans to protect consumers and boost competitiveness in Britain and to make better use of data.
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March 26, 2024
DLA Piper Hires M&A Pro Carl Hotton From Freshfields
DLA Piper has hired mergers and acquisitions professional Carl Hotton as an insurance partner from Freshfields Bruckhaus Deringer LLP.
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March 18, 2024
Life Insurer DeadHappy Unable To Accept New Customers
Life insurer DeadHappy said Monday it could not accept new customers, a year after the regulated broker faced restrictions for a controversial advertising campaign featuring a convicted serial killer.
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March 18, 2024
Aviva Completes £937M Exit From Singapore Insurer
Aviva PLC said Monday that it has sold its entire stake in Singapore Life Holdings Pte Ltd., or Singlife, for £937 million ($1.2 billion), giving Sumitomo Life Insurance Co. complete control of the company.
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March 18, 2024
Direct Line Unit Denies Liability For Plastic In Branston Pickle
A subsidiary of Direct Line Group PLC has denied owing a processed vegetable product supplier £487,000 ($617,000) for losses caused by plastic found in ingredients set to be used for Branston Pickle chutney, because the insurer has already paid out under its policy.
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March 18, 2024
WTW To Launch 'Game-Changing' Climate Finance Solution
Insurance broker WTW said Monday it is working to launch an insurance facility that it hopes will remove risks associated with loans to private companies, a move to protect them from threats linked to climate change.
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March 18, 2024
UK Pension Insurers Sign Up To Net-Zero Targets
The bulk annuities insurance sector in Britain has universally adopted net-zero targets for carbon emissions, but analysts warn that there is still more to do in terms of climate stewardship.
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March 18, 2024
Watchdogs Join Forces To Ramp Up Fight On Debt Collection
The Financial Conduct Authority said on Monday it is launching a joint effort with three other watchdogs to further scrutinize debt collection practices, ensuring that companies fairly treat consumers who are feeling the pinch from the cost-of-living crisis.
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March 15, 2024
Solicitor Struck Off For Running Firm Without Insurance
A solicitor has been struck off after a London legal professional tribunal ruled that he had failed to have professional indemnity insurance, then gave regulators misleading information when they investigated, according to a judgment published Friday.
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March 15, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Howard Kennedy face legal action by a London hotel chain, former racing boss Bernie Ecclestone and Formula One hit with a breach of contract claim by a Brazilian racecar driver, and a libel row between broadcaster Jeremy Vine and ex-footballer Joey Barton. Here, Law360 looks at these and other new claims in the U.K.
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March 15, 2024
FCA To Review How Firms Treat Vulnerable Customers
Britain's finance watchdog said on Friday that it will examine whether U.K. firms are treating vulnerable and elderly customers fairly.
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March 15, 2024
Debenhams Pension Deal Eases Superfund Fears, LCP Says
The step by Clara-Pensions to take on all 10,400 members of the retirement savings plan of collapsed retailer Debenhams in the U.K.'s second-ever superfund deal will ease concerns around transactions in the nascent market, a consultancy has said.
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March 15, 2024
Insurer Calls For Clarity Over National Insurance Funding
The U.K. government must provide clarity over the impact of payroll tax cuts on future funding for state pensions, insurance giant Aegon UK said Friday.
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March 15, 2024
Pension Watchdog Says Poor-Value Plan Initiative Is Working
The U.K.'s retirement savings watchdog said that its fight against poor-value pension schemes is working and that plans are choosing to wind up following government regulations introduced to drive improvements for members.
Expert Analysis
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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.
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Key Risks And Developments For UK Law Firm Culture In 2020
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.
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Cos. Can Start Preparing Now For Immigration Beyond Brexit
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.
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#MeToo Pressure On UK Businesses Is Set To Rise
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.
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Opinion
UK's Insurer Investigations May Not Help Policyholders
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.
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The Outlook For Autonomous Vehicles In The UK And US
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.
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Brexit's Impact On London As A Top Int'l Arbitration Seat
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.
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Post-Brexit UK Likely To Conform With EU On Human Rights
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.
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The Evolution Of GDPR Enforcement Across The EU
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.