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 14, 2025
Pension Bosses Warn Gov't Over Mansion House Mandate

The government is likely to fail in its bid to oblige pension funds to invest in the U.K. without ensuring that there is a sufficient pipeline of viable assets, a panel of experts warned MPs on Wednesday.
May 14, 2025
UK Watchdog Probes Aviva's £3.7B Deal For Direct Line

Britain's antitrust watchdog said Wednesday that it is investigating Aviva's proposed £3.7 billion ($4.9 billion) cash and stock acquisition of rival Direct Line Insurance Group PLC.
May 14, 2025
Pensions Watchdog Raises Alarm Over Lack Of Guidance

The Pensions Regulator urged savings plans on Wednesday to issue guidance — or what it called a sat-nav — for people approaching retirement, after a report found that most workers cash out as soon as they can.
May 14, 2025
Insurer Settles €17M Project Delay Dispute With Wind Farm

The U.K. branch of insurer Ergo Versicherung has agreed to a settlement in its €17.3 million ($19.5 million) dispute with an Irish energy company and its Dutch shareholder over the delayed construction of a wind farm.
May 13, 2025
FCA Proposes Paring Back Insurance Rules To Boost Growth

The Financial Conduct Authority proposed Wednesday to remove unnecessary requirements from its insurance rule book to reduce company costs and fuel U.K. growth.
May 13, 2025
Only Half Of Mid-Retirees Expect Pensions To Last, Aviva Says

Only half of pension savers aged 65 to 75 are confident they are on track to make their retirement savings last for the rest of their life, insurance giant Aviva has said, calling for a tool that would help retirees in the middle of retirement gauge their financial prospects.
May 13, 2025
FCA Reports Progress On Misconduct MoU With China

The City watchdog has said it is working on a memorandum of understanding with the National Financial Regulatory Administration in China to help detect misconduct early.
May 13, 2025
EU Insurtech Sells Italian Arm To Private Equity Firm

Wefox Insurance AG said Tuesday it has sold its Italian business to private equity giant JC Flowers & Co., as it wraps up a restructuring of the wider business.
May 13, 2025
Pension Providers Agree To Invest £25B In UK Projects

The government said Tuesday that it has struck a deal with the pensions industry that could result in £25 billion ($33 billion) of investment in U.K. infrastructure and clean energy projects.
May 13, 2025
Peugeot Invests $125M In Insurance Broker BroadStreet

The company that represents the interests of French industrial dynasty Peugeot said Tuesday that it plans to plow $125 million into U.S. insurance brokerage BroadStreet as it moves to diversify its investments away from the automobile sector.
May 13, 2025
Starboard Hotels, Liberty Mutual Settle COVID Cover Action

The owners of 21 hotels across England have agreed to settle their attempt to claw back £21 million ($28 million) from Liberty Mutual Insurance Europe SE to cover losses they allegedly suffered during the COVID-19 pandemic.
May 12, 2025
WTW Launches Insurance Solution For FinTech Companies

Global insurance broker Willis on Monday launched an insurance product it said would meet the needs of financial technology companies as they look to grow.
May 12, 2025
Most Fail To Verify Fraud Requests, Finance Trade Body Finds

Only one in 10 people who takes steps to protect themselves from financial fraud checks the logic of requests for action, according to research published Monday by Take Five, an anti-fraud campaign led by UK Finance.
May 12, 2025
LCP Forecasts Pensions Bill 'Crammed' With Policy Changes

The U.K. government is likely to use forthcoming pensions legislation to include a number of reforms that have been planned for years, a consultancy said Monday.
May 12, 2025
Mayer Brown, Gowling Guide £120M Charity Pension Deal

Pensions insurer Rothesay said Monday that it has secured retirement savings plan liabilities worth £120 million ($160 million) for a scheme sponsored by charity and exam board AQA Education, in a deal guided by Mayer Brown LLP and Gowling WLG.
May 12, 2025
Japan's Dai-Ichi Increases Stake In UK Asset Manager To 15%

Japanese life insurer Dai-ichi Life said Monday that it will increase its stake in Capula, a British hedge fund, to 15% as it seeks to grow its asset management business and diversify risk.
May 09, 2025
Lloyd's Body Calls For Reduced Reporting Under New CEO

The Lloyd's Market Association has urged the new chief executive and chair of Lloyd's of London to streamline regulatory obligations with other watchdogs in the City, among other commitments the trade body said would help take the specialist insurance market "up a gear."
May 09, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen a subsidiary of State Street Corp. sue British sports betting giant Entain, Manolete Partners and HSBC tackle action just weeks after signing a £17 million revolving credit facility agreement, and a commercial fraud claim launched by EFG Bank against Mirabaud & CIE.
May 09, 2025
AIG Wins COVID-19 Loss Payout Row With Cornish Hotels

A judge ruled on Friday that AIG does not have to pay the two owners of bars and hotels in Cornwall for losses suffered during the COVID-19 pandemic because the policy did not specifically cover the coronavirus disease.
May 09, 2025
EU Fund Managers Call To Simplify EU Sustainability Package

Europe's fund managers on Friday backed the European Union's bid to streamline the bloc's sustainability regulations, but warned "excessive" reductions in reporting requirements could limit investors' access to crucial environmental, social, and governance data.
May 09, 2025
Gov't Announces Overhaul Of £25B Welsh Pension Fund

The U.K. government said Friday that the £25 billion ($33.2 billion) public sector Wales Pension Partnership fund will be overhauled to invest more in local communities, as part of a wider effort to tap the retirement savings industry for growth in Britain.
May 08, 2025
Broker Denies Negligence In £2M Fire Coverage Claim

An insurance broker argues that it does not owe a property developer £2 million ($2.7 million) for allegedly mishandling its policy because the developer failed to disclose that a building had suffered break-ins and vandalism, which ultimately caused the property's insurer to refuse a payout after a fire.
May 08, 2025
2nd Circ. Revives Arbitration In Hurricane Damage Suit

The Second Circuit on Thursday revived a bid by surplus insurers seeking to arbitrate claims over hurricane-related property damage in Louisiana, in a ruling that overturns its own precedent on the interpretation of a treaty governing international arbitration.
May 08, 2025
FCA Names Payments And Digital Finance Head Amid Merger

The Financial Conduct Authority said Thursday that it has appointed a single executive to the positions of permanent executive director for payments and digital finance and managing director of the Payment Systems Regulator, months after the government disclosed plans to merge the two authorities.
May 08, 2025
Aon Sued For $1.3M By Ex-Exec Over 'Unpaid' Bonus, Stock

Aon's former insurance consulting chief has sued for more than $1.3 million worth of bonus and stock options, accusing the company of failing to live up to the original deal he negotiated when he joined from Willis Towers Watson.

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

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.
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.
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.