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Insurance UK
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April 17, 2024
UK Savers Report £2B Lost From Pensions Since 2019
The compensation program for financial services said Wednesday that thousands of U.K. savers have reported losing almost £2 billion from pension schemes that went bankrupt since 2019.
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April 17, 2024
Standards Setter Proposes Steps To Boost Non-Bank Liquidity
A global standards setter proposed on Wednesday new measures to enable non-bank financial firms such as hedge funds or insurers to better support their derivatives or securities positions in stressed markets.
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April 17, 2024
Construction Co. Settles £5M Bathroom Fault Insurance Claim
A major construction company has settled its £5.1 million ($6.3 million) claim against four insurers that allegedly failed to cover the costs of repair damage caused by faulty bathroom floor designs.
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April 17, 2024
Regulator Urged To Act Over Insurance Financing Deals
The financial watchdog should step in to prevent insurers from charging "eye-watering" borrowing fees for customers that pay for their premiums monthly, a consumer group reported Wednesday.
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April 16, 2024
Cigna Denies Insurer's Claim For PPI Complaints Indemnity
Cigna hit back at insurer PA (GI) Ltd.'s claim to recover its costs of dealing with missold payment protection insurance for healthcare cover, saying that it is not entitled to any compensation.
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April 16, 2024
Pensions Industry Backlash Grows Over New Reporting Rules
The U.K.'s pension watchdog is facing mounting pressure from retirement industry trade bodies to back down from its new reporting obligations for schemes.
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April 16, 2024
UK Pension Transfer Numbers Continue To Decline
The number of savers transferring from defined benefit to defined contribution pension schemes dropped by 32% in the financial year that ended in March 2023, according to figures published Tuesday by the Financial Conduct Authority.
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April 16, 2024
Bakery Chases Insurers In Multimillion Fire Damage Claim
A bakery has sued six insurers for at least £26 million ($33.4 million) over claims they wrongfully refused to cover damage and business interruption losses caused by a fire at one of its bakery sites.
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April 16, 2024
EU Watchdogs Ally With ECB To Help Firms' Data Reporting
European Union finance watchdogs said Tuesday they have set up an alliance with Europe's central bank to collaborate more efficiently on regulatory data transfers, reducing reporting costs for financial firms.
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April 16, 2024
Insurance Manager Harassed By Bosses Wins £56K
A tribunal has ordered a British insurance broker to pay a former manager more than £56,000 ($69,800) after ruling that the business pushed her out because bosses no longer valued her after she went off sick with anxiety and depression.
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April 16, 2024
UK Pension Withdrawals Hit Record High
The number of people making lump sum withdrawals from their U.K. pension savings reached a record high during the financial year that ended in March 2023, according to a new report by the country's financial watchdog published Tuesday.
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April 16, 2024
Global Body Mulls Better Bank Modeling For Climate Change
Banks may need to develop new models that integrate artificial intelligence to better assess the risks posed by climate change, a global standard setter said Tuesday.
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April 16, 2024
Lawyers Call For Rethink Of Personal Injury 'Discount Rate'
The government must radically rethink the way compensation for major personal injury claims is calculated or else risk continually under-compensating claimants, a legal industry trade body warned.
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April 15, 2024
Broker Hit With £15M Claim Over Mexican Reinsurance Policies
A Mexican reinsurance broker and one of its clients are suing a London-based broker for more than £14.8 million ($18.4 million), claiming that one of the U.K. company's agents faked documents for nonexistent reinsurance arrangements and pocketed the proceeds.
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April 15, 2024
Tyson Can't Have Reinsurance Row In UK, Appeal Court Rules
A London appeals court on Monday dismissed a bid by a Tyson Foods Inc. subsidiary to overturn a ruling that prevented the food giant from bringing proceedings in England in a jurisdictional row involving two reinsurance contracts over fire coverage.
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April 15, 2024
Skat Kicks Off £1.4B London Trial Against British Trader
A British trader was accused Monday of being the "mastermind" behind a fraudulent trading scheme that cost the Danish tax authority £1.4 billion ($1.7 billion) at the start of a year-long High Court trial.
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April 15, 2024
European Banks Tell FCA To Prioritize Bond Data Rule Reform
A body representing large European banks has "strongly recommended" that the Financial Conduct Authority make any reforms to underlying rules causing high costs of data in bond markets without delay.
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April 15, 2024
Home Insurers Paid Record £573M In Weather-Linked Claims
Devastating storms that swept through the U.K. in 2023 drove up weather-related insurance claims by more than a third, hitting a record of almost £573 million ($715 million), the trade body for the sector said on Monday.
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April 15, 2024
BNP Paribas Buys 9% Stake In Insurer Ageas For €730M
French banking giant BNP Paribas said Monday that its insurance subsidiary has agreed to acquire a 9% stake in Belgian multinational insurer Ageas for approximately €730 million ($777 million) from Chinese conglomerate Fosun Group.
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April 15, 2024
WTW Plans £450M Private Equity Long-Term Asset Fund
Insurance firm WTW said on Monday it plans to launch a new long-term asset fund with £450 million ($560 million) to focus on private equity investments.
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April 15, 2024
Pension Protection Fund Has 'Crucial' Future Role, LCP Says
The Pension Protection Fund could play a crucial role in the "endgame" for defined benefit pension schemes as a state-backed consolidator of smaller retirement plans, a consultancy has said.
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April 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen footwear brand Dr. Martens hit online retailer Temu with a passing off claim, Welsh soccer club Swansea sue its former head coach Russell Martin, Russian diamond tycoon Dmitry Tsvetkov file a claim against his former business Equix Group Ltd., and U.S. bank Omega Financial Corporation hit African oil and gas company Tende Energy with a claim. Here, Law360 looks at these and other new claims in the U.K.
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April 12, 2024
Denmark's £1.4B Tax Fraud Trial Heads For 'Uncharted Waters'
Denmark will open its £1.4 billion ($1.7 billion) dividend fraud case in London on Monday, beginning a yearlong trial that will have wide implications for other disputes arising out of the cum-ex trading scandal that has swept Europe.
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April 12, 2024
Insurers, FCA To Face Grilling Over Rising Car Premiums
British insurers and regulators are due to be quizzed by senior MPs on April 17 on the reasons behind spiraling increases in motor insurance premiums.
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April 12, 2024
Pension Body Warns Of 'Burdensome' New Reporting Rules
A U.K. pension industry body has called for new reporting regulations on the sector to be toned down, warning that the additional red tape could deter smaller schemes from taking steps to improve their investment strategies.
Expert Analysis
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Preparing For FCA's New Appointed Representative Rules
The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.
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Opinion
A Better Gov't Response To Pensions Misselling Is Needed
To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.
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A Review Of The New UK Financial Services And Markets Bill
In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.
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How Greenwashing Litigation Is Affecting Financial Services
A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.
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FCA Consumer Duty Shows Shift In Retail Financial Services
The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.
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Pandemic Rent Ruling Is A Blow To Commercial Tenants
The recent U.K. Court of Appeal decision in London Trocadero v. Picturehouse demonstrates that even exceptional COVID-19-related circumstances will not induce courts to interfere with a previously considered allocation of risk between parties or imply terms in a contract, says Gurpreet Sanghera at Simkins.
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Building Inspector Insurance And Its New Relaxed Rules
The U.K. government recently opened up the market for approved building inspector insurance in the aftermath of the 2017 Grenfell Tower tragedy, but it does not appear to have considered the impact this may have on homeowners and developers, say Alan Stone and Jonathan Carrington at RPC.
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New Corporate Insolvency Data Reveals Unexpected Results
For a variety of reasons there has been a slower than anticipated increase in U.K. corporate insolvency figures in recent months, although there may be a time lag between economic difficulties and sentiment among investors, lenders and business owners, and it is likely that numbers will rise in the autumn, says Jeremy Whiteson at Fladgate.
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How The Latest Trends In Litigation Funding Are Developing
With investors looking for alternative assets that can achieve returns and claimants likely to be cash poor in the current economic downturn, the signs are that the litigation funding market is not only here to stay, but is set to expand, says Simon Thomas at Baker & Partners.
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Pros And Cons Of Regulating Finance Sector's Third Parties
Recent proposals by the U.K. Treasury could lead to regulation of those designated as critical third parties in finance, and legislation will be needed to ensure technology suppliers are not deterred from participating in the financial services markets, say attorneys at Addleshaw Goddard.
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UK Online Safety Bill Delayed, But Firms Should Still Prepare
Despite delays and content providers' concerns regarding the impact on their profitability, it appears certain that the Online Safety Bill will be enacted in one form or another, mirroring proposals in the EU and U.S., so tech firms must prepare for a new regulatory framework that will require them to tackle illegal and harmful content on their services, say attorneys at Dechert.
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A Look At The Solvency II Insurance Sector Proposed Reforms
It is hoped that the proposed reforms of Solvency II will not only ensure policyholder protection and a successful insurance industry, but that released capital will be invested in long-term infrastructure and green projects, yet there are questions and even concerns surrounding potential changes and what their impact might be, says Dónal Clark at Kennedys.
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4 Ways M&A Deals Are Changing
There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.
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The Digital Markets Act: Key Implementation Issues To Watch
The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.
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New FCA Listing Rules May Start Regulatory Shift On Diversity
Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.