Thousands of small businesses across the U.K. could see their financial futures turn on a High Court test case brought by the Financial Conduct Authority later this month, an action that could set new precedents for insurance law and the speed of the legal process.
The Prudential Regulation Authority has acknowledged that finance companies are facing problems with monitoring risks attached to climate change, but said it expects them to implement green policies by the end of 2021.
The bill for Britain's divorce from the European Union has increased by more than €2 billion ($2.2 billion) "overnight", a university think tank has warned, as pensions liabilities increased by 21% in 2019.
It could take years for the full picture to emerge of the losses suffered by reinsurers as a result of the COVID-19 outbreak, broker Willis Re said, stating that the damage reported so far falls well short of industry estimates.
National financial services watchdogs should exchange information on penalizing banks and their compliance with rules on financial crime, according to recommendations by the Basel Committee on Banking Supervision.
New entrants to the insurance sector often face fewer regulatory requirements than traditional players, a trade body for insurers warned in response to a European Commission consultation over the growing role of big technology companies in financial services.
The last week has seen a competition suit against Royal Mail, a Saint-Gobain unit lodge a patent claim against 3M and a Russian bank file another suit against Mozambique and one of the state-owned entities embroiled in a $2 billion bribery scandal. Here, Law360 looks at those and other new claims in the U.K.
A trade body for risk managers has welcomed proposals by Lloyd's of London for the creation of a reinsurer for future catastrophes beyond the current pandemic.
Safeway told an English appeals court Thursday the European Court of Justice's ruling that it couldn't retrospectively bump the retirement age of some female employees up to 65 didn't apply to a slim four-month period before changes were made to the workers' pension plan.
Insurer Legal & General said Thursday it has completed a £13 million ($16.2 million) transfer of pension liabilities with an agricultural association, as industry analysts believe that 2020 could be the second biggest year on record for bulk annuities deals.
Insurers will deduct any money a company receives from the government in the form of grants when calculating claims payouts under business interruption policies, a lobby group said, an admission that has angered groups representing policyholders.
Britain is to reopen its temporary market access regime for European Union financial companies in September, the Financial Conduct Authority has confirmed.
An Arkansas federal judge on Wednesday sent a dispute between Certain Underwriters at Lloyd's London and a delivery company over coverage of a wrongful death suit to arbitration, saying that Lloyd's status as a foreign company overrules Arkansas law barring arbitration in insurance policies.
Senior managers at G4S PLC "turned a blind eye" to the security and outsourcing giant's long-running practice of overcharging the British government for electronic tagging of offenders, institutional investors have alleged in a lawsuit claiming the group inflated its share price.
The European Commission opened a public consultation on Wednesday over the rules on the capital that insurers must hold as it considers whether they are still "fit for purpose" after the COVID-19 pandemic hit the sector.
Lloyd's of London floated three possible solutions on Wednesday for dealing with business losses caused by the COVID-19 pandemic and "systemic" losses in the future, two of which would require partnerships between insurers and the government.
The European Union's top Brexit negotiator has accused the U.K of holding up a decision on the City of London's ability to do business in European Union markets next year after officials missed a deadline to complete assessments of each other's regulatory regimes.
The Pension SuperFund, one of the first in a new generation of companies that consolidate schemes, said it has made its first steps on the road to gaining full regulatory approval with registration as an occupational plan by HM Revenue & Customs.
A judge ruled in favor of the Financial Conduct Authority on Tuesday, finding that two companies and three of their directors violated financial market rules by giving unauthorized and misleading advice to more than 2,000 consumers about their retirement investments.
The Financial Conduct Authority said Tuesday that it will give regulated financial businesses more than three extra months to assess the competence of their "certified persons," in a step to provide relief to banks and insurers struggling with the economic fallout of COVID-19.
Willis Towers Watson said Tuesday that it has inked a deal to transfer approximately £1 billion ($1.2 billion) of pension risks to Munich Re, as the insurance brokerage seeks to protect itself against the cost of members living longer than expected.
European financial watchdogs have warned the European Commission to weigh the need to protect consumers against the benefits of "big data," artificial intelligence and technological innovation as it moves toward a digitized financial future.
Gefion Insurance said it will enter into liquidation after the Danish Financial Supervisory Authority withdrew the company's insurance license because it failed to raise sufficient capital.
The U.K. Supreme Court is set to hear an expedited appeal late next month against an English appellate court's ruling that reversed a decision allowing insurer Chubb to continue a $400 million suit in Moscow over a power plant fire.
Life insurers could see falling sales from the bulk purchase annuities market as newly sanctioned defined benefit "superfunds" become increasingly common, Fitch Ratings warned Monday.
The Pensions Regulator said in a strategy paper published Monday that its focus for the year would be on protecting long-term savers, while also being mindful of the solvency of employers during the COVID-19 pandemic.
UPDATED July 6, 2020, 12:13 PM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
With the Financial Conduct Authority's deadline for consumers to file claims for compensation for missold payment protection insurance fast approaching, the watchdog is set to put a cap on the long-running scandal. Here, Law360 looks back at how the regulatory response unfolded.
The recent explosion in technological innovations designed to streamline the insurance business has raised a host of questions for carriers, including whether they can use artificial intelligence and blockchain in their underwriting and claims handling processes. Here, Law360 looks at three emerging types of insurance technology and the regulatory questions they raise.
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.
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.
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.
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.
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.
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.
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.