The U.K.'s insurance sector is facing potentially cataclysmic changes in coming years from a ban on the so-called loyalty penalty in which customers who don't switch frequently see their rates jump over time, a move that could save billions for vulnerable, long-term customers.
The Financial Conduct Authority has received 47 whistleblower reports on COVID-19-related misconduct in the financial services industry, which could see businesses face enforcement action for potential health and safety law breaches, according to law firm GQ Littler.
Britain's pensions lifeboat fund said Wednesday it will start the assessment process required to protect the savings of Arcadia Group employees after the retail giant collapsed into administration this week.
The Competition and Markets Authority said on Wednesday that it is "looking at ways" to strengthen its powers to allow it to take tougher action against companies in finance and telecommunications that penalize long-serving customers.
An appeals court has sent Prudential's proposed transfer of £11.2 billion ($15 billion) in annuity policies to Rothesay Life back for another look, ruling on Wednesday that the trial judge who blocked the plan should not have considered the strength of the businesses' parent companies.
Insurance premiums on coal interests have rocketed by up to 40% as insurers retreat from the industry under pressure to help fight climate change, a report published on Wednesday has found.
Almost one in two pension savers in Britain plan to focus their investments on climate-friendly businesses and portfolios as the pressure to tackle the climate crisis mounts, new research published Wednesday suggests.
Venezuelan authorities acted lawfully when they seized an oil tanker in a fraud investigation, a group of maritime insurers have said, arguing that as a result they do not have to pay up $77 million to the vessel's owner under a war risk policy.
A group representing British insurers sought on Tuesday to clarify the rules governing refunds on travel insurance policies amid allegations that travel insurance customers are being treated poorly.
The British government should impose sanctions on U.K. financial institutions operating in Hong Kong, a group of MPs said on Tuesday, after they criticized the country's "insignificant response" to China hitting the autonomous region with new security laws this year.
The European Union's pensions regulator cannot justify adding more rules for handling risk in the reinsurance sector, insurers warned on Tuesday.
Lawmakers have called on the pensions regulator to protect £385 million ($513 million) in retirement savings owed to members of the beleaguered Arcadia Group Ltd. as the retail giant goes into administration in the wake of the COVID-19 pandemic.
European finance ministers have agreed to push ahead with a plan to bolster the euro bloc's bailout fund and create a new backstop credit line in a move to provide a better safety nets for banks.
A Missouri federal judge rejected Lloyd's of London's bid to dismiss a sales company's claim that the carrier "vexatiously refused" to cover the company's $5.5 million cyberattack losses, holding Monday that the carrier's argument contradicts Missouri public policy.
A pension plan for the auto industry is seeking court permission to bring a professional negligence claim against Linklaters LLP and Squire Patton Boggs LLP after they allegedly gave poor advice about equal payouts to members of the multi-employer scheme.
Individual investors should be on guard against copycat investment schemes that have fleeced Britons out of nearly £10 million ($13.4 million) since the first COVID-19 lockdown ended in July, according to an industry body.
Dutch insurer Aegon NV has inked a deal to sell its insurance, pension and asset management business in Hungary, Poland, Romania and Turkey to an Austrian insurance provider for €830 million ($994 million).
The European Commission should not politicize U.K. access to the bloc's financial services, Britain's city minister said on Monday, as he pointed out that the two sides share similar rules and called on Europe to provide clarity to the sector.
Up to one in three British pension schemes are set to be backed by insurance companies within the next few years, up from fewer than one in 10 just five years ago, according to a study by a consultancy.
The government said on Monday that it is giving the insurance sector extra time to respond to its review of European Union rules that set out how much capital insurers must keep on their books to protect them against financial stress.
This past week in London has seen a state-owned energy company in Norway being sued, major telecom providers targeted by academic publishers and Italian cable manufacturer Prysmian instigate an intellectual property dispute.
Aviva Life & Pensions UK Ltd. said on Friday that it has insured £875 million ($1.1 billion) of liabilities for its parent company's staff retirement savings plan.
Britain's top court has dismissed an appeal by U.S. oil-services company Halliburton over Chubb's choice of arbitrator for a dispute over the Deepwater Horizon disaster, in a highly anticipated ruling on Friday that has also clarified the legal test for apparent bias in arbitration.
Most insurance companies do not believe the U.K. government should try to prevent every business in the country from failing during the COVID-19 pandemic by being the insurer of last resort, an industry survey suggests.
Changing jobs is always a risk. But leaving an established BigLaw firm to set up one of the first litigation-only law firms in London at the height of the last financial crisis goes beyond the standard career shifts.
A group of 12 insurance underwriters including Axis, Munich Re and Tokio Marine have told a London court that a finance company was fully aware that a fleet of ships was likely to be scrapped as they hit back in a $23.7 million claim.
More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
UPDATED November 23, 2020, 12:51 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.
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.
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.
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.
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.
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.
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.
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.