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Insurance UK
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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.
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March 03, 2025
Pension Insurer Utmost Appoints Schroders For £400M Book
Utmost Life and Pensions has appointed Schroders to act as asset manager for its retirement portfolio, after the insurer entered the bulk purchase annuity market last year.
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March 03, 2025
CMS Guides £2.8M Pension Deal For UK Careers Charity
The Careers Research and Advisory Centre Pension Scheme said Monday that it has secured a £2.8 million ($3.6 million) full buy-in with retirement financial services specialist Just Group PLC.
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February 28, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the billionaire Zakay brothers, founders of Topland Group, become embroiled in a legal dispute with each other, Unilever sue three major perfume companies over alleged illegal price-fixing, and the publisher of Vogue magazine file an intellectual property suit against Cornucopia Events. Here, Law360 looks at these and other new claims in the U.K.
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February 28, 2025
EU Asset Managers See Flaws In ESG Rules Revamping
A trade body has warned that European proposals to water down ESG reporting rules for companies will leave asset managers waiting too long for data, and that it is unclear how broadly they must apply climate change reduction plans.
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February 28, 2025
Pension Credit Demand Soars After Cuts To Winter Fuel Aid
Some 300,000 U.K. retirees have applied for pension credit so far in the financial year ending March 31, showing a sharp spike from the previous year after the Labour government said it would cut winter fuel payments for millions of pensioners.
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February 28, 2025
Gov't Urged To Overhaul Pension Transfer Rules
The U.K. government must urgently overhaul its traffic light system for pension transfers, a trade body said, warning that the rules as drafted are too vague and cause major delays.
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February 28, 2025
FCA Clears CVC's £5.4B Hargreaves Lansdown Takeover
CVC Capital Partners said Friday that the finance watchdog has given the green light to its £5.4 billion ($6.8 billion) takeover of wealth manager Hargreaves Lansdown, wrapping up all the regulatory conditions needed to close the deal.
Expert Analysis
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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.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.