Insurance UK

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Draft UK Crypto-Regulations Facing Teething Troubles

The government's new crypto-assets regime will be unenforceable across borders and could deter fledgling companies from working in the country, meaning that the financial watchdog will face early challenges to its attempts to protect British consumers in a volatile global marketplace.

FCA Set To Get Enforcement Boost From New Fraud Offense

The new "failure to prevent" fraud offense that comes into force in September will indirectly boost the Financial Conduct Authority's opportunities for enforcement against corporate senior managers, countering its recent retreat from plans to "name and shame" companies it is investigating, lawyers say.

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Tariff Wars Cloud UK Plan To Harness Pensions For Growth

The U.K. government has laid out plans for Britain's £3 trillion ($4 trillion) pensions sector to unleash more retirement assets into the real economy to boost growth and jobs — but a series of market shocks from proposed global trade tariffs have overshadowed reform plans.

Doubts Grow Over Impact Of UK Capital Market Deregulation

Government efforts to revitalize the country's sluggish economy by stripping away regulatory burdens on financial markets have raised concerns among lawyers that consumers might be exposed to more risk, amid doubts that the steps can stimulate broader U.K. economic output.

May 23, 2025
Pension Admin Staff Threaten Strike Over Capita Takeover

A union for public sector workers said Friday that it is balloting members for strike action after it claimed it was locked out of negotiations ahead of a takeover of the administration of civil service pensions by professional services company Capita.
May 23, 2025
Compensation Program Shaves £38M Off Finance Firms' Levy

The Financial Services Compensation Scheme has shaved £38 million ($51.3 million) off its levy on regulated firms, because it expects a fall in claims during the 2025/26 financial year.
May 23, 2025
Blackstone Backs Davies With £275M For Global Expansion

U.K. insurance professional services group Davies said Blackstone's credit and coverage business has injected £275 million ($371.5 million) into the company to fund its ongoing global acquisition spree.
May 22, 2025
'Marked Increase' In Brits Turning To Private Health Insurance

The private health insurance market in Britain is growing as a result of the COVID-19-induced surge in waiting lists for U.K. hospitals, financial consultant Broadstone said Thursday.
May 22, 2025
68% Of Pension Transferers Happy With Choice, Data Shows

Only 68% of savers who have transferred money from a defined benefit to a defined contribution scheme in the last four years are happy with their choice, analysis published Thursday shows.
May 22, 2025
HSF Guides Royal London's Up-To-£500M Asset Manager Buy

Royal London said Thursday that it has agreed to buy infrastructure asset manager Dalmore Capital as the mutual insurance and investment firm seeks to broaden its business.
May 22, 2025
US Tariffs Drive Demand For Political Risk Insurance

The uncertainty around U.S. trade tariffs has increased demand among businesses for political risk insurance cover, a broker said Thursday.
May 22, 2025
M&S Says Hack Attack Disruption To Last Till July, Cost £300M

Retail giant Marks & Spencer has said it expects the cyberattack hit it took in April to cost it around £300 million ($402 million), with disruption likely to continue to online retail until July.
May 22, 2025
UK Pensions Watchdog To Quiz Funds On Gov't Asset Plan

The retirement savings watchdog has said that it will quiz pension funds over which assets are likely to be attractive, as part of a government strategy to encourage more investment in the national economy.
May 22, 2025
Marsh Settles $143M Claim Over Losses In Greensill Collapse

Marsh has reached settlement in a claim of almost $143 million with investment firm White Oak, which had alleged that the insurance broker misled it when selling cover for investments in Greensill Capital, a financing firm that collapsed in 2021.
May 22, 2025
FCA Plans Overhaul To Ease Complaints Reporting Process

The Financial Conduct Authority proposed on Thursday to introduce a simpler process for companies to report complaints that will improve its ability to detect harm for consumers.
May 21, 2025
Herbert Smith-Led Third Point's Deal To List Reinsurer On LSE

Third Point Investors, backed by billionaire Daniel Loeb, said Wednesday it has agreed to merge with Malibu Life Reinsurance SPC and provide investors with a $75 million cash option to exit to become "a fully capitalized, London-listed, reinsurance company."
May 21, 2025
UK Finance Sector Calls For Reforms To Boost Growth

Financial trade bodies have called for new regulatory reforms to enable private banks and wealth managers to support U.K. growth.
May 21, 2025
UK Gov't Plans To Unlock £160B Pension Surpluses

The government said Wednesday that forthcoming legislation will include a program to allow companies to tap into an estimated £160 billion ($215 billion) in surpluses in retirement savings plans.
May 21, 2025
UK Biz Optimism Plunged After Trump's Tariffs, Allianz Says

More than a third of U.K. businesses expect a decline in turnover in 2025 as a result of swingeing trade tariffs imposed by President Donald Trump in April, insurance giant Allianz has said.
May 21, 2025
A&L Goodbody-Led US Broker Buys Underwriter In Ireland

The Chicago-based broker Ryan Specialty has acquired 360° Underwriting, a managing general underwriter with offices in Dublin and Galway, Ireland, as Ryan moves to enter the Irish market.
May 21, 2025
Pensions Sector Could Fund Net-Zero Transition, Insurer Says

The pensions sector could fund up to half of the costs associated with the U.K.'s transition to net-zero carbon emissions by 2050, an insurer said.
May 21, 2025
Engineer Can't Persuade Top Court To Block Repairs Case

Britain's highest court rejected on Wednesday an attempt by an engineering company to escape a claim from a housing developer fighting to claw back the cost of fixing tower block design defects discovered in the wake of the Grenfell blaze.
May 21, 2025
Insurer Hit With £250K Claim Over 'Altered' Life Policy

Two clients of Countrywide Assured have sued the insurer for £250,000 ($335,200) after the company allegedly changed their joint life policy "without their knowledge," which left one of them short after he suffered a "serious heart attack" and could not claim cover.
May 20, 2025
Liquidators Of 'Ponzi-Type Scheme' Co. Sue Insurer For £3M

The liquidators of a business behind a "Ponzi-type scheme" are suing the insurer of a now-defunct company involved in the scheme's funding for more than £3 million ($4 million), pointing to its alleged failure to ensure the investment plan was legitimate.
May 20, 2025
Businesses Argue For £80M In COVID Payouts From Insurers

Hospitality businesses forced to close during the COVID-19 crisis said their insurers owe them £80 million ($107 million), arguing at the first day of trial on Tuesday that they should be compensated for every time they were materially affected by pandemic measures.
May 20, 2025
EU Urged To Close €28B Farm-Disaster Insurance Gap

The European Union should boost the use of reinsurance and catastrophe bonds to provide prearranged, rapid-response funding to farms that suffer damage when disasters driven by climate change strike, according to a report issued Tuesday.
May 20, 2025
Pensions Watchdog Launches Initiative To Boost Innovation

The Pensions Regulator has established a new service to support the development of industry ideas on products and services after the government ordered it to come up with ways to boost economic growth.
May 20, 2025
5 Firms Hold Half Of £40B UK Pension Surplus

Just five companies among the top 100 businesses in Britain account for half of the combined £40 billion ($53.5 billion) surplus in the country's pension plans, a consultancy said Tuesday.
May 19, 2025
L&G Buys 75% Of US Property Investor Proprium Capital

Legal & General said Monday that it has acquired a 75% stake in Proprium Capital Partners, a real estate private equity firm, to accelerate its growth and expand its geographic footprint in the European and Asian property sector.

Editor's Picks

Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums

Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
FCA Begins Crackdown On Poor-Value Insurance Products

The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
Post-Election UK Pension Changes Could Be In The Fine Print

Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.

Expert Analysis

Regulatory Shift Signals Greater Scrutiny After Data Breaches

Recent Information Commissioner's Office fines for personal data breaches and a Home Office consultation signal a shift in the U.K. regulatory landscape, and with an increase in mass actions and resulting exposure, organizations should prepare for potential third-party claims from those incurring consequential losses, say lawyers at Atheria.
What To Note As HM Treasury, FCA Plan New Crypto Regs

Taken together, HM Treasury’s recently proposed crypto-asset regulations and the Financial Conduct Authority’s new discussion paper on regulating crypto-asset activities provide key insights into the government's planned regime, which represents significant changes that will affect all firms providing related services, says Mark Chalmers at Davis Polk.
FCA Update Eases Private Stock Market Disclosure Rules

The Financial Conduct Authority’s recently updated proposals for the Private Intermittent Securities and Capital Exchange System would result in less onerous disclosure obligations for businesses, reflecting ongoing efforts to balance an attractive trading venue for private companies while maintaining sufficient investor protections, say lawyers at Debevoise.
Why Cos. Should Investigate Unethical Supply Chain Conduct

The U.K. government’s recent updated guidance for businesses on reporting slavery and human trafficking in supply chains underscores the urgent need for companies to adopt transparent and measurable due diligence practices, reinforcing the broader need for proactive internal investigations into unethical or criminal conduct, say lawyers at Seladore and Matrix Chambers.
How UK Proposals Would Simplify Fund Manager Regime

The ongoing HM Treasury consultation and Financial Conduct Authority call for input on the future regulation of alternative investment fund managers indicate that deliberate steps are being taken to make the AIF regime more suitable for the U.K. market, with the aim of encouraging growth and competitiveness, says Leonard Ng at Sidley.
FCA's Regulatory Plans Signal Cause For Cautious Optimism

The Financial Conduct Authority’s latest strategy document plans for less intrusive supervision, a more open and collaborative approach, and a focus on assertive action where needed, outlining a vision of deepened trust and rebalanced risk that will be welcomed by all those it regulates, says Imogen Makin at WilmerHale.
What Latest FCA Portfolio Letter Means For Payments Firms

Charlotte Hill at Charles Russell discusses the Financial Conduct Authority’s recent portfolio letter to CEOs of payments firms, outlining the regulator’s expectations, and the steps that these companies may now need to take to ensure compliance and operational effectiveness.
What's Next After FCA Drops Troubled 'Name And Shame' Plan

A closer look at the Financial Conduct Authority's recent decision to toss its widely unpopular proposal changing the test for announcing enforcement investigations may reveal how we got here, why the regulator changed course, and where it’s headed next, say lawyers at Hogan Lovells.
New UK Order Offers Welcome Clarity To Crypto Staking Rules

The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.
How EU's Anticoercion Tool May Counter New US Tariffs

The never-before-used anticoercion instrument could allow the European Union to respond to the imposition of U.S. tariffs, potentially effective March 12, and gives EU companies a voice in the process as it provides for consultation with economic operators at different steps throughout the procedure, say lawyers at Crowell & Moring.
What To Know About Compliance As EU AI Act Takes Effect

Raj Shah at Mishcon de Reya explains how recently effective provisions of the European Union Artificial Intelligence Act, which concern prohibited AI practices and AI literacy, will affect both providers and users of AI systems, and suggests steps that companies can take now to plug any compliance gaps.
Rethinking 'No Comment' For Clients Facing Public Crises

“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
Market Infrastructure Regs Aim To Reinvigorate EU Trading

The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
Important Changes To Note In Accountant Ethics Code Update

The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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.