Insurance UK

  • March 13, 2024

    Bond Market Seeks Mix Of FCA Proposals On Trade Reporting

    U.K. and European trade bodies jointly laid out their preferences on Wednesday for a U.K. regulatory framework for publishing bond trading data based on elements of two potential models proposed by the Financial Conduct Authority.

  • March 13, 2024

    Insurer Direct Line Snubs £3.2B Improved Ageas Bid

    British insurer Direct Line on Wednesday said it had rejected an improved £3.2 billion ($4.1 billion) offer from Belgian rival Ageas because it still "significantly undervalues" the group.

  • March 12, 2024

    Civil Servants Appeal For 2nd Shot At Age Bias Challenge

    Twenty civil servants argued Tuesday that they were not given a fair shot at their claim that a redundancy compensation scheme was unjustifiably biased against older staff.

  • March 12, 2024

    Staffer Who Sent Sex Doll To Boss Unfairly Axed By Tech Biz

    A tech company unfairly fired an employee who sent their manager a sex doll, an employment tribunal ruled, although it also rejected the staffer's bid for £16 million ($20.6 million) in damages and their request to be reinstated.

  • March 12, 2024

    £100B Of UK Pension Surplus Could Be Returned To Sponsors

    An estimated £100 billion ($128 billion) could boost British businesses and workers over the next decade if retirement savings plans continue to run on after the point at which they're fully funded, a consultancy said Tuesday.

  • March 12, 2024

    UK Pension Deals Hit Record-Breaking £50B In 2023

    The total value of pension transfer deals in the U.K. hit a record-breaking £50 billion ($64 billion) in 2023, Hymans Robertson said Tuesday, with the number of transactions also eclipsing previous highs.

  • March 12, 2024

    Gov't To Give Banks More Time To Investigate Payment Fraud

    HM Treasury on Tuesday published draft legislation giving banks more time to investigate suspected fraud on payments, giving them a better chance of stopping thieves.

  • March 12, 2024

    AI Attacks Pose Critical Threat To Businesses, Lloyd's Says

    Artificial intelligence will empower cybercriminals and potentially increase the frequency and sophistication of digital attacks, Lloyd's of London warned in a report published Tuesday.

  • March 12, 2024

    FCA's New Greenwashing Rules Lack Clarity, City Firms Warn

    City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.

  • March 11, 2024

    Insurers Sued For €403M Over Nord Stream Pipeline Damage

    The operator of two Baltic Sea gas pipelines hit by explosions has sued its insurers for more than €403 million ($440 million) to cover damage intended to "sabotage a politically significant pipeline" supplying natural gas from Russia to Western Europe.

  • March 11, 2024

    New Treasury Review Of AML Rules To Cast Wide Net

    The U.K. Treasury said Monday that a new review on the effectiveness of anti-money laundering regulations will have a broad scope, encompassing more than 100,000 businesses, including law firms.

  • March 11, 2024

    MPs To Hear From Administrators In Norton Pension Scandal

    A parliamentary committee said Monday that it will weigh whether victims of pension fraud can receive compensation faster as the first part of its probe into the retirement savings scandal at Norton Motorcycle Co.  

  • March 11, 2024

    Global Standards-Setter Sets Deposit Insurance Review

    The International Association of Deposit Insurers said Monday that it will focus its 2024 efforts on updating the rules for deposit insurance, including studying how it works, collecting more data on it and helping members improve their systems.

  • March 11, 2024

    FCA Fines British Steel Pensions Firm, Bans Advisers

    The finance watchdog said Monday that it has hit a financial advice company with a fine and banned two former employees after discovering failures by the business when it put through £90 million ($115 million) of retirement savings transfers for members of the British Steel Pension Scheme.

  • March 08, 2024

    FCA To Boost Fight Against Nonfinancial Misconduct

    The Financial Conduct Authority said Friday it would ramp up its fight against bullying and sexual harassment in the financial services sector in light of a damning parliamentary report condemning efforts to tackle sexism in the financial services sector.

  • March 08, 2024

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

    This past week in London has seen Barclays initiate legal proceedings against top Russian private bank JSC Alfa-Bank; Lex Greensill, founder of the collapsed Greensill Capital, suing the U.K.'s Department for Business and Trade; Wikipedia's parent company hit with a libel claim; and a sports journalism teacher filing a data protection claim against Manchester United FC. Here, Law360 looks at these and other new claims in the U.K.

  • March 08, 2024

    Slaughter And May Guides PE Firm's £432M Wealth Firm Buy

    Pollen Street Capital said Friday that its subsidiary has agreed to fully buy out Mattioli Woods, a wealth management company, for approximately £432 million ($556 million), as the U.K. private equity investor looks to capture a slice of the lucrative sector.

  • March 08, 2024

    Gov't Sets Out 'Social Factors' Guide For Pension Investment

    The pensions watchdog has urged retirement fund managers to weigh social factors, such as labor rights and the safety of workers, as part of their investment considerations.

  • March 08, 2024

    'Aggressive' Cold-Calling Firm Shut For Targeting Pensioners

    A company that used "aggressive techniques" when selling unnecessary home service and maintenance plans to vulnerable pensioners has been wound up for targeting and misleading elderly customers.

  • March 08, 2024

    Insurer Beazley Begins $325M Share Buyback As Profit Soars

    Beazley began a share buyback on Friday worth up to $325 million in a move to lower its outstanding share capital and reward investors, as its pre-tax profits more than doubled to $1.25 billion.

  • March 07, 2024

    Efforts To Tackle Sexism In City Moving At 'Snail's Pace'

    A group of senior MPs called on Friday for an end to the "era of impunity" in the country's financial sector, saying that efforts to tackle sexism in the City are moving at a "snail's pace" and ignoring the benefits of diversity.

  • March 07, 2024

    Ex-Slater And Gordon Lawyer To Face Tribunal Over PI Claim

    A former personal injury lawyer at Slater and Gordon must face a disciplinary tribunal after he allegedly misled a client about the status of her personal injury claim for more than 15 years, the Solicitors Regulation Authority has said.

  • March 07, 2024

    Irish Central Bank Plans Modernized Consumer Protection

    The Central Bank of Ireland opened a consultation on Thursday on plans to modernize the Consumer Protection Code and clarify the obligations financial companies face for managing such risks as climate change.

  • March 07, 2024

    UK Working On Fix For Privacy Rules Clash On Pensions

    The government is working on a solution to the problem of pension providers being held back from communicating with members because of privacy regulations, a minister has said.

  • March 07, 2024

    Aviva Kicks Off £300M Buyback After 'Strong Performance'

    Aviva PLC said Thursday that it will reward investors with a share buyback worth up to £300 million ($383 million), as it reported a rise in its premiums and operating profit.

Expert Analysis

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

  • FCA Pension Scheme Case Highlights Issues Ripe For Reform

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    The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.

  • What An Organization Can Do To Protect Its Supply Chains

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    In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

  • How Counsel Can Effectively Lead Data Breach Investigations

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    More businesses are expecting in-house counsel to lead cybersecurity incident responses, so lawyers should work on asking external responders the right questions, managing ransom negotiations to gain time and information, and communicating with regulators to avert or limit penalties, say Oliver Price and Kevin Hughes at FTI Consulting.

  • What EU Oil Spill Insurance Ruling Means For UK Arbitration

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    A recent European Court of Justice opinion in an insurance dispute related to the 2002 sinking of oil tanker MV Prestige provides clarity on the priority of cross-border judgments and arbitral awards, and indicates that EU member state civil judgments will be given precedence over U.K. arbitral awards — with exceptions, says David Vaughan at Collyer Bristow.

  • UK Claim Limitation Ruling Is A Tentative Win For Insurers

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    A U.K. county court's recent decision in Rashid v. Direct Savings reduces the limitation period for third parties to make direct claims against insurers, potentially providing insurers with a defense that was not previously apparent, if the decision is upheld on appeal, says Robert Morris at RPC.

  • Why Risk-Based Employee Conduct Policies Are Advisable

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    In establishing employee conduct policies, companies should consider the extent to which they are exposed to certain types of risk, such as bribery and corruption, as establishing clear written standards offers a step toward avoiding criminal liability, says Steve Melrose at Bellevue Law.

  • A Trusted Cybersecurity Framework Is Imperative For Lawyers

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    The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.

  • The New EU Data Act Proposal Raises Several Questions

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    In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.

  • Preparing For FCA's New Appointed Representative Rules

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    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.

  • Opinion

    A Better Gov't Response To Pensions Misselling Is Needed

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    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.

  • A Review Of The New UK Financial Services And Markets Bill

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    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.

  • How Greenwashing Litigation Is Affecting Financial Services

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    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.

  • FCA Consumer Duty Shows Shift In Retail Financial Services

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    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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