Insurance UK

  • May 07, 2024

    Ombudsman Wants Pressure On Gov't On Female Pensions

    The public sector ombudsman said Tuesday that it took the unusual step of issuing its report on systemic failures on women's state pension to Parliament because it was concerned that more retirees would die before the government acted on compensation.

  • May 07, 2024

    Pension Schemes Weigh Halting Employer Contributions

    Sustained improvements in funding levels for private sector pensions in the U.K. means that many defined benefit schemes are considering stopping contributions from sponsors to avoid overfunding, PwC has said.

  • May 07, 2024

    EU Watchdog Mulls Opening Funds To Riskier Investments

    The European Union's markets watchdog called Tuesday for market views on whether to expand the range of assets in which the most widely used type of investment fund can legally invest, to include crypto-assets as well as risky shares and bonds.

  • May 07, 2024

    FCA Bans Investment Firm's Ex-CEO For Misleading Clients

    The Financial Conduct Authority has fined the former chief executive of a London-based investment firm for misleading clients about cash held by the group and handed him a ban, according to a statement published Tuesday.

  • May 07, 2024

    PwC, EY Hit With Fines Over LC&F Audit Failures

    The Financial Reporting Council said Tuesday that it has handed out fines totaling approximately £10 million ($12.5 million) to PwC, EY and a third accounting firm for failures during audits they carried out on London Capital & Finance before the investment company's high-profile collapse.

  • May 03, 2024

    SRA Warns Law Firms On Improper Practices In Mass Claims

    The Solicitors Regulation Authority voiced concerns on Friday about law firms and legal professionals that handle mass claims involving financial services or products, saying that some are running up costs before they have even been instructed to act.

  • May 03, 2024

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

    The past week in London has seen rapper Ivorian Doll hit with a copyright claim, private members club Aspinalls file a claim against a Saudi sheikh, and Motorola Solutions file a claim against the British government on the heels of its dispute over losing a £400 million ($502 million) government contract. Here, Law360 looks at these and other new claims in the U.K.

  • May 03, 2024

    EU Regulators To Report AML Suspects To Central Database

    The European Union's banking watchdog has said that national regulators can start reporting information on named individuals to the bloc's centralized anti-money laundering database from May, in a step further strengthening the fight against financial crime.

  • May 03, 2024

    Pensions Watchdog Targets More Scheme Consolidation

    The Pensions Regulator detailed on Friday 22 "priority outcomes" that will drive its work for the next three years, with policies reflecting its vision of "fewer, larger schemes" in the market, which a trade body described as ambitious.

  • May 03, 2024

    Hiscox To Begin Second Tranche Of $150M Share Buyback

    Hiscox Ltd. said on Friday that it has launched the second portion of a $150 million share buyback program as it aims to return excess cash to its investors after the global insurer reported record profits for 2023.

  • May 03, 2024

    Reed Smith Steers £136M Pension Deal For Savings Plan

    Insurer Just Group has taken on £136.3 million ($171.2 million) in liabilities from a retirement savings plan, advisers said, in a transaction steered by Reed Smith LLP. 

  • May 03, 2024

    Motor Insurance Complaints Surge 18% In A Year

    Complaints to Britain's finance watchdog about car and motorcycle insurance jumped by 18.2% during the second half of 2023 compared with the same period a year earlier, a consultancy group said on Friday.

  • May 03, 2024

    Financial Adviser Convicted In Axiom Legal Fund Fraud Case

    A former financial adviser was convicted on Friday of siphoning £5.8 million ($7.3 million) from an investment fund using secret commission payments as part of a legal financing fraud.

  • May 02, 2024

    Insurers Don't Have To Cover Deal Soured Over Bribery Woes

    A London appeals court on Thursday rejected a holding company's bid to overturn a ruling that found its insurers were not liable for losses it suffered when its acquisition of a construction contractor went south after bribery and corruption allegations.

  • May 02, 2024

    Financial Watchdog Boss Summoned Over Plan To ID Targets

    The head of the Financial Conduct Authority has been summoned to explain to lawmakers why he has not responded to their request to pause the watchdog's controversial plan to name the firms it probes amid mounting criticism that doing so could harm those later found innocent.

  • May 02, 2024

    PPF Says Norton's Pensions Top-Up Payments Starting Soon

    The pensions compensation program has confirmed that former employees of Norton Motorcycles will get top-up payments soon, after they were left financially disadvantaged when an executive siphoned off funds from a staff retirement savings plan.

  • May 02, 2024

    Hiscox, Lancashire Predict Loss From Baltimore Bridge

    British-listed insurers Hiscox and Lancashire Holdings confirmed Thursday they will likely face a financial hit from the collapse of the Francis Scott Key Bridge in Baltimore.

  • May 02, 2024

    Engineering Co. Fights For $10M Insurance Payout On Appeal

    A French engineering company relaunched its fight on Thursday for a $10.4 million insurance payout to cover damage caused when a ship crashed into an oil platform, arguing on appeal that a lower court misinterpreted the wording of its policy.

  • May 01, 2024

    FCA Opposes Paying Ex-Julius Baer Manager's Legal Costs

    The U.K.'s Financial Conduct Authority urged a London appellate court Wednesday to overturn a tribunal's decision to make it pay part of a former Julius Baer employee's legal costs, saying the tribunal unfairly ruled that the FCA had unreasonably not called witnesses who were overseas.

  • May 01, 2024

    Trade Body Amends Insurer Comms Guide After FCA Rules

    The Lloyd's Market Association said Wednesday it has amended its guidance for how its trade body members should communicate insurance concepts to consumers to reflect recent regulatory changes, including advice around the Financial Conduct Authority's new consumer duty regime.

  • May 01, 2024

    Industry Dissatisfaction Grows Over Pension Policy Reform

    Two-thirds of pension professionals have been unhappy with the direction of retirement savings policy in the past six months, finance experts said Wednesday, adding that an "influx of policies" is overwhelming industry resources.

  • May 01, 2024

    Pension Scam Group's Future Hit By Lack Of Volunteers

    A voluntary body that works against pensions scams said on Wednesday that it is considering winding up its operations and is concerned that a fall in volunteer numbers might jeopardize its effectiveness.

  • May 01, 2024

    FCA's Investigation Regime May Tarnish Unnamed Individuals

    Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.

  • May 01, 2024

    Pension Body Warns On Gov't Equity Investment Plan

    U.K. government plans to impose public disclosures on pension funds would increase the burden on the industry and harm savers by encouraging investment in low-return businesses, according to an industry paper published Wednesday.

  • April 30, 2024

    FCA Flexibility On Pension Dashboard Wins Industry Applause

    The Association of British Insurers said on Tuesday that Financial Conduct Authority rules that modify how firms can connect their data to the pension dashboard service were a "welcome step," and will improve connection to the long-awaited retirement savings program.

Expert Analysis

  • PPI Ruling Spells Trouble For Financial Services Firms

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    The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.

  • DC Ruling Provides Support For Builders Risk Claim Recovery

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    To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.

  • Navigating The Novel Challenges Facing The Legal Profession

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    The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.

  • New Fixed Costs Rules May Have Unforeseen Consequences

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    The recent changes to fixed recoverable costs, which were intended to reduce costs and increase certainty, have profound implications for civil claims, but may unintentionally prompt more litigation and reduce access to justice as lawyers leave the market, says Paul Squires at Sedgwick Legal.

  • Sustainable Finance Consultations May Signal Key Changes

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    The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

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    In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.

  • What The Auto-Enrollment Law Means For UK Workforce

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    In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.

  • Firms Should Prepare For New DEI Reporting Requirements

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    While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.

  • Shifting From Technical To Clear Insurance Contract Wordings

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    Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.

  • Recent Trends In European ESG-Related Shareholder Activism

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    New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.

  • How Insurance Policies Can Cover Generative AI Risks

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    As concerns rise about the new risks that businesses face as a result of generative artificial intelligence tools, such as AI-facilitated hacking and intellectual property infringement, policyholders should look to existing insurance policies to cover losses or damages, says Josianne El Antoury at Covington.

  • Breaking Down The UK's Draft Updates To Prospectus Regime

    While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.

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