Insurance UK

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    City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.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

  • March 06, 2024

    UK Cuts Tax, Reforms Non-Dom Rules In Pre-Election Budget

    The U.K. government unveiled another cut in payroll taxes and changes to rules on non-domicile status on Wednesday as it presented its election-year spring Budget.

  • March 06, 2024

    Gov't Cools Its Tone On Pension 'Pot For Life' Plans

    A U.K. government update on Wednesday on policy plans for pension pots for life for retirement savers appeared to signal a more cautious tone after pushback from the sector, financial experts have said.

  • March 06, 2024

    Lloyd's Says Women Hold 35% Of Top Insurance Market Jobs

    Lloyd's of London has said the proportion of women in leadership roles at the specialist insurance marketplace has now increased by three percentage points to 35%, fulfilling the short-term target it set in 2020.

  • March 06, 2024

    Ex-Managing Partner OKs £33K Costs In Failed Bias Claim

    A former managing partner of a law firm has agreed to pay £32,500 ($41,400) costs to his former company after a tribunal blocked his discrimination claims and ruled that he hid information while off work with cancer to boost his income.

  • March 06, 2024

    Pensions Watchdog Outlines New Funding Strategy Reporting

    The pensions watchdog has laid out new requirements for trustees when they report on their funding plans, as analysts warned of the growing regulatory burden on the sector.

  • March 05, 2024

    Hiscox Rolls Out 1st Tranche Of $150M Buyback Program

    Insurer Hiscox Ltd. on Tuesday started the first part of its share repurchase scheme worth up to a total $150 million, as it posted a record pretax profit.

  • March 05, 2024

    Spending Watchdog Warns BoE As Compliance Breaches Rise

    The U.K. public spending watchdog has urged the Bank of England to examine its controls after it found a significant increase in breaches of staff policies at the central bank.

  • March 05, 2024

    More Insurers Sued For $44M Over Plane Stranded In Russia

    An Irish aircraft operating company has added 24 reinsurers to its lawsuit that aims to claw back $44 million to cover the loss of a plane leased to a Russian airline and held there after the country's invasion of Ukraine.

Expert Analysis

  • Pandemic Rent Ruling Is A Blow To Commercial Tenants

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    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.

  • Building Inspector Insurance And Its New Relaxed Rules

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    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.

  • New Corporate Insolvency Data Reveals Unexpected Results

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    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.

  • How The Latest Trends In Litigation Funding Are Developing

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    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.

  • Pros And Cons Of Regulating Finance Sector's Third Parties

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    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.

  • UK Online Safety Bill Delayed, But Firms Should Still Prepare

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    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.

  • A Look At The Solvency II Insurance Sector Proposed Reforms

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    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.

  • 4 Ways M&A Deals Are Changing

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    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.

  • The Digital Markets Act: Key Implementation Issues To Watch

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    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.

  • New FCA Listing Rules May Start Regulatory Shift On Diversity

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    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.

  • Examining UK Commission's Corporate Crime Reform Ideas

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    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

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