Insurance UK

  • November 26, 2021

    Academic Union Warns Of More Strikes Over Pensions, Pay

    A union for academics and lecturers has warned of potential disruption at up to 100 universities in the next year if disputes over pensions and pay conditions are not settled.

  • November 26, 2021

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Carillion, the collapsed construction firm, sue its auditors KPMG, Nissan take action against its former global general counsel over confidential information and the founder of a British couture fashion brand targeted by a major investor. 

  • November 26, 2021

    Construction Co. Hits Back At Developer In London Hotel Suit

    A construction company has hit back against a property developer in a £2.2 million ($2.9 million) counterclaim over a deal to refurbish a central London hotel that went south, saying the developer owes it damages for money it lost when the contract was ended early.

  • November 26, 2021

    FCA Centralizes Decisions To Act Faster For Consumers

    The City watchdog said on Friday that it has handed powers to its senior managers to allow them to make more regulatory decisions to ensure that it can act faster to protect consumers, firms and the markets from harm.

  • November 26, 2021

    Gov't Pension Statement Reform Raises Mail Fraud Concerns

    The government's plan to introduce new rules that will require millions of pension statements to be sent out in the mail at the same time every year could put Britons at risk of being targeted by scammers, a savings provider has warned.

  • November 26, 2021

    UK Looks To Align Derivatives Rules With Global Standards

    Britain's finance watchdogs have proposed changes to the way in which traders report derivatives transactions to trade repositories as the country seeks to align itself with international standards after leaving the European Union's regulatory hold.

  • November 25, 2021

    FCA Plans 'Default' Fund To Simplify Non-Workplace Pensions

    The finance watchdog proposed new rules on Thursday that would give Britons with pensions outside the workplace a default investment plan for their retirement savings as it seeks to ensure that consumers who do not have access to financial advice are getting the most out of their investments.

  • November 25, 2021

    EU Unveils New Plans To Boost Capital Markets Union

    The European Commission adopted a package of measures on Thursday to improve the way in which companies raise capital and help consumers to manage their investments, including a near real-time trading tape for securities across all venues in the bloc.

  • November 25, 2021

    Contributions To Idle Funds Up 250% As Draft Law Progresses

    A program that pools inactive financial assets has brought in 250% more than originally predicted since its launch a decade ago, the government has said, as draft legislation to extend the program to the insurance and other sectors moves through Parliament.

  • November 25, 2021

    Brits Rethinking Retirement Plans Due To COVID, Aviva Finds

    More than half of U.K. adults surveyed by insurance giant Aviva have said that their plans to retire have changed because their priorities have changed during the COVID-19 pandemic.

  • November 25, 2021

    Pensions Watchdog Warns Employers Over Enrollment Duties

    Britain's retirement savings watchdog has urged businesses to ensure they are fulfilling their pension duties, warning that it will hand out fines for breaches in automatic enrollment.

  • November 24, 2021

    FCA Urged To Take A Tougher Line On Demutualization

    Financial watchdogs should take a more "robust" stance over the possibility of harm to customers as a result of demutualization, an industry expert told senior MPs on Wednesday, after the Financial Conduct Authority cleared a controversial proposed takeover of Liverpool Victoria.

  • November 24, 2021

    'Authorized' Scam Complaints Jump 30%, Ombudsman Says

    The financial ombudsman reported on Wednesday that complaints about "authorized" scams surged 30% in the second quarter of this financial year to more than 2,240 cases compared with 1,725 in the same period in 2020.

  • November 24, 2021

    Prudential Secures Approval For £11.2B Annuity Transfer Plan

    A judge has approved the transfer of an £11.2 billion ($15 billion) portfolio of annuities from Prudential to Rothesay Life in a case sent back from the Court of Appeal, saying on Wednesday it is "most improbable" that the deal will weaken the security of benefits for the policyholders.

  • November 24, 2021

    UK Insurer Avoids Payout To Workers Forced Into Slavery

    A judge said on Wednesday that two Hungarian men trafficked into the U.K. to work in slave-like conditions at a mattress manufacturer cannot seek compensation from the defunct company's insurer because of the owner's crimes.

  • November 24, 2021

    Pharma Biz Hits Back At Contractors In Contamination Row

    A pharmaceutical company has hit back at a construction company and a contractor that it is suing for negligence, arguing that a contractual exemption they are claiming does not apply.

  • November 24, 2021

    Superfunds Are 'Plan B' For Pension Schemes, Lawyers Say

    Leading U.K. law firms believe that defined benefit pension schemes with weak sponsors should seriously consider moving to so-called superfunds rather than turning to the national compensation program or buy-outs, Willis Towers Watson said on Wednesday.

  • November 24, 2021

    Solicitors' Watchdog Weighs Replacement For Insurance Fund

    The legal services' regulator is consulting on the future of an insurance fund for historical negligence claims, as it warned that the cost of providing such a service is likely to outweigh the benefits to clients.

  • November 24, 2021

    'Capacity Crunch' Fears Over UK Pension Scam Rules

    Pensions transfers could face major delays in the coming months because retirement savers face a bottleneck in gaining access to an official financial guidance service, a consultancy has warned. 

  • November 23, 2021

    Signature Litigation Hires Finance Partner From Dechert

    Signature Litigation LLP said on Tuesday that it has recruited Simon Fawell from Dechert as a structured finance and financial services disputes partner for its London office.

  • November 23, 2021

    Insurer Urges Gov't To Overhaul Rules On Flood Development

    The government should restrict the development of new homes in areas likely to be hit by flooding, a report commissioned by an insurer has said, as it warned that 5,000 new homes will be built in high-risk areas this year.

  • November 23, 2021

    EU Insurers Exempted From Controversial Reporting Rule

    European insurers have given their support to a decision by the bloc's lawmakers to grant an exemption for the insurance sector from a controversial rule in a package of sweeping reforms to the global financial reporting regime that became law in the bloc on Tuesday.

  • November 23, 2021

    ECB Updates E-Payments Oversight, Sets Deadline For Firms

    The eurozone's central bank has approved a new oversight framework for electronic payments, which it says is designed to make the system "safer and more efficient." now and in the future.

  • November 23, 2021

    Companies Unable To Get Pandemic Coverage, Broker Warns

    Half of U.K. small-to-midsized enterprises have seen an increase in pandemic exclusions to their policies, broker Marsh has said, as insurers seek to limit their exposure after paying out more than £1 billion ($1.33 billion) over the past year.

  • November 22, 2021

    UK Competition Watchdog Clears $4B Gallagher-Willis Deal

    The U.K.'s antitrust watchdog on Monday gave the green light for the proposed $4 billion acquisition of the reinsurance broking division of Willis Towers Watson by rival Arthur J. Gallagher.

Expert Analysis

  • UK's Vicarious Liability Juggernaut Shows Signs Of Slowing

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    In the last five years, U.K. court decisions have generally broadened the scope of vicarious liability, holding organizations responsible for individuals' crimes, but more recent decisions suggest that courts are finally taking steps to limit such liability, say Stephanie Wilson and Philip Tracey at Plexus Legal.

  • What 9th Circ. Arbitration Case May Mean For Insurance

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    If the plaintiffs in CLMS Management Services v. Amwins Brokerage of Georgia appeal the Ninth Circuit's recent decision that state law does not bar the enforcement of arbitration clauses in insurance contracts, the case may have a significant effect on the different dispute resolution options for insurers and policyholders, say attorneys at Sheppard Mullin.

  • UK Focus On Int'l Data Transfers Shows Appetite For Reform

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    Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.

  • Policyholder Outlook Following UK Biz Interruption Test Case

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    In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.

  • What The Future Holds For UK Auditing Reform

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    The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.

  • How UK Data Breach Ruling May Rein In Insurance Claims

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    The recent U.K. High Court ruling in Warren v. DSG Retail, which held that claimants can only pursue personal data claims provided for in data protection legislation, narrows the basis upon which claims can be made following a data breach, and could make lower-cost recovery of after-the-event insurance premiums a thing of the past, say attorneys at Jenner & Block.

  • 2nd Circ. Arbitral Award Ruling Signals Restrictive Approach

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    The Second Circuit's recent ruling in Gater Assets v. Moldovagaz, reversing a default judgment arbitration award on jurisdictional grounds, fortifies U.S. court protections for foreign states and state-owned entities, and forecasts the court's conservative approach to when nonparties can be bound by arbitration agreements, say attorneys at Cleary.

  • Lloyds EU Operations Highlight Challenges For UK Insurers

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    Potential problems facing Lloyd's Europe could be shared by other U.K. insurers operating in the European Union's more stringent post-Brexit regulatory landscape, but individual countries' discrete provisions allowing for certain cross-border activities could enable a more nuanced approach, says Jeremy Irving at Browne Jacobson.

  • The Risky Reality Of GDPR Noncompliance

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    With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.

  • An Underused Group Litigation Tool Could Help UK Claimants

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    Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • 3 Risk Management Lessons From Pandemic Insurance Wars

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    As appellate decisions in COVID-19 business interruption insurance claims continue to clarify the state of the law, there are some things that policyholders' lawyers and risk managers can do in the meantime to help prepare for future unforeseen events affecting coverage, says Peter Halprin at Pasich.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • 2 UK Pension Cases Guide On 3rd-Party Due Diligence

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    The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.

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