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Insurance UK
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July 16, 2024
Gov't Launches Review Of Personal Injury Compensation Rate
The Labour government has announced a review of the personal injury discount rate in a move that could have a knock-on effect for insurance premiums for motorists.
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July 16, 2024
Donre Advisory Enters Liquidation After FCA Scrutiny
The Financial Conduct Authority said Tuesday that Donre Advisory Ltd. has entered liquidation two months after it stopped the inadequately resourced investment adviser from conducting business.
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July 16, 2024
Travel Insurance Complaints At Highest Level Since Pandemic
Complaints about travel insurance reached their highest level since the COVID-19 pandemic last financial year, the Financial Ombudsman Service said Tuesday, with the period seeing a 19% year-on-year surge in the number of grievances raised.
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July 16, 2024
Trade Body Calls For Pensions Bill In King's Speech
A trade association for the largest retirement savings providers in Britain urged the new government on Tuesday to announce a pensions bill during the state opening of Parliament.
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July 23, 2024
Disputes Boutique Hires Fladgate Insolvency Pro As Partner
Alius Law has hired an insolvency and restructuring partner from Fladgate LLP as it looks to build up its financial services practice in London — and the disputes boutique wants to tempt more senior litigators to leave behind the "constraints" of larger firms.
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July 16, 2024
Consumer Complaints Soar About Insurers Delaying Payouts
The Financial Ombudsman Service reported on Tuesday an 18% increase in complaints from consumers about insurance companies for the financial year that ended in March, amid concerns about delays in payouts and claims being declined.
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July 15, 2024
UK Watchdogs Look At Digital Wallet Risks, Benefits
Two U.K. regulators on Monday said they are looking into the benefits and risks of digital wallets like Apple Pay, Google Pay and PayPal for people and businesses, after noticing "a seismic shift" in payment methods in the country.
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July 15, 2024
Insurers Investing In AI Due To New Accounting Standard
Insurance firms are increasing investments in artificial intelligence and other technologies after implementing a new accounting standard for data reporting, according to a survey by Big Four firm PwC published Monday.
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July 15, 2024
Compensation For Poor Pension Advice Dives To Record Low
Compensation for retirement savers who received poor pension advice to transfer out of their defined benefit plans has hit a record low, a consultancy said Monday.
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July 15, 2024
Labour Gov't Urged To Consult On Green Finance Rules
A trade body for financial institutions has urged the Labour government to consult before imposing extra rules on firms' plans to transition to the green economy to avoid liability risks.
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July 15, 2024
Retail Complaints To EU Cross-Border Investment Firms Soar
The number of complaints from retail clients against investment firms operating across borders within the European Union and its economic area soared to 7,507 in 2023, a 31% increase from the 5,733 complaints recorded the previous year, according to a report on Monday by the bloc's markets watchdog.
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July 15, 2024
BoE's Regulator Prepares Insurers For 2025 Stress Tests
The Bank of England's regulatory arm said Monday that 80% of the country's regulated insurance sector will be covered by the first financial stress test in 2025 after reforms to solvency capital rules were introduced.
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July 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.
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July 12, 2024
NFU Mutual Sued For £10.5M Over COVID Business Losses
A group of hospitality and farming businesses have sued the National Farmers Union Mutual Insurance Society Ltd. for around £10.5 million ($13.6 million) to cover losses the companies allegedly suffered from closures during the COVID-19 pandemic.
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July 12, 2024
Asset Manager Impax Completes Financial Adviser Buyout
Impax said on Friday that it has now completed the purchase of the assets of fixed-income manager Absalon Corp. Credit, as the private equity firm which focuses on renewable energy looks to expand its business beyond the U.S.
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July 12, 2024
Fix AML Defenses Or Face Fines, German Banking Group Told
Germany's financial watchdog warned the Solaris SE digital banking group on Friday that it faces regulatory penalties if it does not shore up its defenses against money laundering.
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July 12, 2024
Gov't Urged To Set Up Comp Program For Pension Failings
Women who lost out after the government failed to tell them that their retirement age had changed have called for the "swift implementation" of a compensation program by the new pensions minister.
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July 11, 2024
Labour Urged To Represent All Generations In Policy Planning
The new Labour government must ensure that its policy agenda reflects the needs of all generations, pensions provider Aegon said on Thursday, saying its research suggests that under-50s are more positive about their long-term financial planning than those who are older.
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July 11, 2024
New Pensions Minister Warned Against 'Hasty Decisions'
The new pensions minister, Emma Reynolds, should not rush into major policy changes after she inherited a bulging in-tray from her predecessor, a trade body said on Thursday.
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July 11, 2024
Gowling Builds £35M Pension Deal For Civil Engineers
A trade body for engineers has handed £35 million ($45 million) of its pensions liabilities to insurer Aviva PLC, advisers have said, in a buy-in transaction designed to cut risk that was guided by Gowling WLG.
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July 11, 2024
ABI, Insurtech Trade Group Agree To Cooperate On Innovation
The Association of British Insurers has said it has signed a memorandum of understanding with a trade group for insurance technology companies to support and promote innovation on artificial intelligence, open finance, data ethics and operational resilience.
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July 11, 2024
FCA Overhauls Share Listing Rules To Boost LSE
The Financial Conduct Authority unveiled a "significant" revamp of its share listings regime on Thursday, a move to help the London Stock Exchange provide corporate financing and stay competitive with other global financial centers.
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July 10, 2024
BoE Sets Out Life Insurance Stress Test Plan
The Bank of England's regulatory arm on Wednesday said its planned stress test next year of life insurers in the bulk purchase annuity market will capture "both current and emerging" risks in the growing and active sector.
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July 10, 2024
FCA Beats Applicant's Claim Over Noise Aversion Condition
The Financial Conduct Authority did not fail to accommodate a job applicant with a sound sensitivity condition, an employment tribunal has ruled after finding the agency did everything it could to mitigate her condition.
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July 10, 2024
Kirkland Guides Canada Pension Plan on €550M Tech Stake
Canada Pension Plan Investment Board said Wednesday that it has invested €550 million ($595 million) for a stake in European technology company Team Blue in a deal steered by Linklaters, Macfarlanes and Kirkland & Ellis.
Expert Analysis
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Remote Working Tips For Lawyer Trainees And Their Firms
The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.
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What Growing Focus On ESG Means For Insurers
As the world pays steadily more attention to environmental, social and governance issues, insurers and reinsurers will need to integrate ESG risks into their underwriting and compliance efforts, but doing so will help attract consumers and achieve positive investment returns, say attorneys at Debevoise.
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Finance Firms May See Increased FCA Enforcement This Year
Financial firms will likely see increased investigation and enforcement actions from the U.K. Financial Conduct Authority following Brexit and the COVID-19 pandemic, including in the areas of financial crime, customer protection, operational resilience and conduct, says Tracey Dovaston at Boies Schiller.
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UK Supreme Court Ruling Clarifies Arbitrator Bias Standard
The U.K. Supreme Court's judgment in Halliburton v. Chubb, likely the court's most important decision in the area of international arbitration in the past decade, articulates important guidelines for how English courts will police issues of arbitrator disclosure and bias, even as it fuels concerns among insurance policyholders, say Allan Moore and Ramon Luque at Covington.
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Evaluating Ethical And Legal Risk In Ransomware Payments
Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.
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How Climate, Finance And Trade Will Intersect In 2021
In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.
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Perspectives
Finding A Path Forward To Regulate The Legal Industry
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
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Whether And How To Compel Remote Arbitration
Excerpt from Practical Guidance
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
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Creditors Welcome UK Supreme Court's Reflective Loss Decision
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.