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Insurance UK
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July 21, 2025
Investors Poised To Buy Risky Funds Amid Gov't ISA Reforms
Most investors are ready to invest in hard-to-sell assets including private equity through long-term asset funds after the government said they will be included in tax-free individual savings accounts from 2026, a trade body said Monday.
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July 21, 2025
Audit Watchdog Publishes Revised Pension Standard Rules
Britain's accounting watchdog has published a finalized set of actuarial rules for the retirement savings sector in light of recently introduced changes to pension funding and plans to use surplus money tied up in savings schemes.
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July 21, 2025
Gov't Revives Pensions Commission To Tackle Savings Crisis
The government said on Monday that it will restore the Tony Blair-era Pensions Commission to probe why future retirees are likely to be poorer than today's pensioners, amid growing fears that millions of Britons will not have saved enough money for later life.
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July 18, 2025
Pensions Watchdog Hits Master Trust, Trustee With Fines
Britain's retirement savings watchdog said on Friday that it has fined pension master trust Now: Pensions Ltd. and its trustee £100,000 ($134,500) in total for failing to notify the regulator of communication system failures.
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July 18, 2025
FCA Shrugs Off Commissioner's Criticisms Of Ignoring Tip-Off
The City watchdog has hit back at criticisms by the Financial Regulators Complaints Commissioner concerning how it treats tipoffs about unregulated firms.
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July 18, 2025
Engineer Sues Broker For Negligence Over PI Policy Notice
A building services engineer has accused its broker of negligence for allegedly failing to notify one of its insurers about a row in which it was involved over a generator system that it said could leave it "liable for substantial sums."
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July 18, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the former owner of British oil refinery Prax Group sued following the collapse of his business empire, a unit of Shard Credit Partners target a married couple believed to have inflated the value of their companies before selling them, and Aerofoil Energy reignite patent action against AFE Group over the design of its F1-inspired cooling units.
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July 18, 2025
US Insurer Coverys Sells Italian Underwriter AEC
U.S. insurer Coverys said on Friday that it has agreed to sell its Italian underwriting business AEC to Edge Group, an insurance broking platform.
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July 18, 2025
Insurer Denies Changing Life Policy To Cut Illness Cover
Countrywide Assured has said two of its clients chose a policy without advice that did not provide cover for critical illness, arguing that it doesn't owe one of them £250,000 ($336,000) over claims that he was left short after a serious heart attack.
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July 17, 2025
UK Risk Report Flags Persistent Money Laundering Threat
Money laundering risk for British firms remains high as criminal cash is being generated at over £12 billion ($16.1 billion) a year, with financial and legal services deemed particularly vulnerable, according to the government's National Risk Assessment 2025 released Thursday.
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July 17, 2025
UK Landlords Face Group Claim Over 'Hidden' Insurance Fees
A campaign group for apartment owners said Thursday that it has sent letters to some of the U.K.'s largest landowners warning them of possible litigation over allegedly secret commissions from insurance premiums.
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July 17, 2025
UK Audit Watchdog Plans Scaled Rules For Small Businesses
Britain's audit watchdog on Thursday proposed amended guidance for companies auditing smaller businesses amid concerns that industry standards do not reflect the needs of firms with less complex requirements.
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July 17, 2025
Lords Vote To Create Duty To Probe Whistleblowers' Concerns
Employers would be obliged to investigate concerns raised by whistleblowers under an amendment to the Employment Rights Bill put forward by the House of Lords.
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July 17, 2025
Pensions Experts Call For 'Urgent' Adequacy Review
The government must urgently press ahead with its review into the adequacy of pensions savings in Britian amid growing concern about the state of retirement prospects in the U.K., a research body has warned.
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July 17, 2025
Insurers Put £10.9B Into 'Productive Assets' Last Year
Insurers have invested £10.9 billion ($14.6 billion) in U.K. growth assets since the government loosened capital adequacy rules for the sector, a trade body has said.
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July 17, 2025
Gov't Set To Publish Reports On UK Pensions Saving Levels
The government will release detailed reports on Monday that experts believe could be a springboard for its long-awaited review of the state of the country's pensions adequacy.
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July 16, 2025
Trade Body Says UK Gov't 'Missed Opportunity' On Pensions
The government has missed an opportunity to launch a long-awaited overhaul of the U.K.'s pension savings system, a trade body said, as the country edges closer to a retirement savings crisis.
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July 16, 2025
Watchdog Warns Of Continued Quality Gap Among Auditors
Britain's accounting watchdog has said that audit quality continues to improve in the U.K., although it raised concerns about the widening quality gap between the biggest companies and their rivals.
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July 16, 2025
UK Gov't 'Confident' Mandated Pension Investment Unneeded
Chancellor Rachel Reeves has said she is confident that the government will not need to mandate pension funds to invest in U.K. assets, amid fears that new legislation would require retirement savings plans to do so.
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July 16, 2025
Senior Managers Regime Revamp Risks Letting In Bad Apples
The City watchdog's planned overhaul of its senior managers regime risks allowing people with records of misconduct to slip into financial firms because of the relaxation of rules on references and criminal checks, according to lawyers.
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July 16, 2025
Aon To Open UK Captive Insurance Unit Amid Regulatory Shift
Professional services giant Aon PLC said it is launching a U.K. business to manage captive insurance companies on behalf of British corporates after the government said it was forging ahead with new regulation to support the sector.
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July 15, 2025
Insurers Keen On UK Captive Regime But Fear 'Gold-Plating'
The government has proposed new rules that it hopes will transform the U.K. into a global hub for captive insurance — but experts say that with formal regulation still to come they fear that "the devil will be in the detail."
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July 15, 2025
UK's Large Employers Pledge To Prioritize Pension Outcomes
More than 20 of Britain's largest employers, including Goldman Sachs and Tesco, have committed to prioritizing retirement outcomes for their workers when they choose pension providers rather than focusing on reducing costs, the City of London Corp. has said.
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July 15, 2025
Broker Beats Ex-Employee's Claim She Was Forced To Quit
An employment tribunal has ruled that an insurance broker didn't force an executive assistant to resign by adding more responsibilities to her role after a part-time colleague left.
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July 15, 2025
CMS, Burges Salmon, Sackers Aid £800M Honda Pension Deal
Legal & General has completed an approximately £800 million ($1.07 billion) buy-in transaction to acquire the pensions of more than 4,700 members of the Honda Group UK Pension Scheme in a deal guided by CMS, Burges Salmon LLP and Sackers.
Expert Analysis
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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.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.