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Insurance UK
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
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October 25, 2024
Home Office Launches New Crackdown On Insurance Fraud
A string of leading insurance organizations have agreed to clamp down on criminal attempts to manipulate the U.K. insurance market with fake claims, among a range of other pledges included in a government charter designed to tackle fraud in Britain.
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October 25, 2024
Fraud Lawyers Take On Bullying Cases As Complaints Surge
White-collar criminal lawyers are picking up more and more work investigating allegations of non-financial misconduct inside the world's biggest companies, amid a sharp rise in incidents reported by the City watchdog ahead of an impending crackdown.
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October 25, 2024
FCA Sets Consumer Duty As Top Priority For CEOs In 2025
The Financial Conduct Authority told CEOs of retail banks and other lenders in letters published Friday it will give a top priority to the Consumer Duty regime in 2025, focusing in addition on fair claims about sustainable products and managing financial crime risk.
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October 25, 2024
Consultancy Calls For More Ambitious Gov't Climate Action
Action to tackle the climate crisis needs to match the scale of risk, consultancy Lane Clark & Peacock LLP has said, arguing that the gap between policy ambition and implementation needs to be closed.
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October 25, 2024
Chubb Not On Hook For News Staffer's Discrimination Claim
Chubb is not liable for a discrimination claim by a former news company staffer because her employer's insurance policy ruled out liability for wrongful employment practices, a tribunal has ruled.
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October 25, 2024
About 9M UK Adults Lost A Pension Pot, Consultancy Says
Almost 9 million U.K. savers are convinced that they have lost or probably lost a pension pot, a study by an economic consultancy has found.
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October 25, 2024
Pensions Watchdog Wants Tougher Action Against Scammers
The Pensions Regulator has urged retirement savings plans to take action to protect savers from scams as part of Scams Awareness Week, with a video campaign featuring a victim.
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October 24, 2024
FCA Finds Reports Of Bullying, Harassment Up Over 3 Years
The Financial Conduct Authority on Friday said it has recorded a steady rise in nonfinancial misconduct reports over the past three years, including bullying, harassment and discrimination across banks, asset managers and insurers.
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October 24, 2024
UK Corporate Register Warns Of AI Threat To Enforcement
Britain's corporate register said Thursday in its first-ever strategic intelligence assessment that it will use identity verification to help clamp down on the abuse of company formations by criminals and money launderers, but that artificial intelligence poses a threat to enforcement.
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October 24, 2024
Lloyd's Affiliate Broker Sued For $33M Over Yacht Fire Damage
A Dubai-based insurance broker has sued a Lloyd's of London-accredited broker for more than $33.3 million over claims the latter failed to place adequate reinsurance cover that left the Dubai broker exposed after a fire broke out a Qatari shipyard, damaging three yachts.
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October 24, 2024
Russian Airline Kept Jets To Avoid Unrest, Lessor Exec Says
A Siberian regional airline had to retain leased aircraft after the Russian invasion of Ukraine to avoid "social unrest," an executive for one of the aircraft lessors suing their insurers told a London trial Thursday.
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October 24, 2024
Brits Missing Over £31B In Unclaimed Pension Pots, ABI Says
The Association of British Insurers urged Britons on Thursday to trace their pension funds ahead of this Sunday's National Pension Tracing Day as almost 3.3 million pension pots totaling £31.1 billion are still unclaimed, inactive or considered lost.
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October 24, 2024
Clifford Chance Guides PensionBee On £20M Fundraise
PensionBee Group PLC said Thursday it has raised £20 million ($24 million) by issuing shares to investors, advised by Clifford Chance LLP, as the online retirement savings platform looks to give its new American business venture a cash injection.
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October 24, 2024
FCA 'Finfluencers' Crackdown May Prove More Bark Than Bite
The Financial Conduct Authority's criminal prosecutions of finfluencers who might be illegally promoting unauthorized investments is likely to have only limited deterrence if overseas firms can simply ignore British rules with online offerings, according to lawyers.
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October 23, 2024
Police Not Liable For Ice Road Deaths, Top UK Court Rules
The U.K.'s highest court ruled Wednesday that English police had not negligently caused the deaths of two men who died in a road collision due to black ice, ruling that the police officers did not have a duty of care to prevent harm to drivers.
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October 23, 2024
Gov't To Prioritize Own Dashboard Before Commercial Models
The U.K. government has said it will prioritize the launch of its own pensions dashboards service ahead of other commercial models involved in the program intended to connect savers with lost retirement pots.
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October 23, 2024
Aviva Deal 'Rescues' Pension Plan From Lifeboat Scheme
Pensions consultant BESTrustees said it has managed to secure the benefits for 59 members of a client that went under liquidation almost a decade ago in a £6 million ($7.7 million) deal with insurance heavyweight Aviva.
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October 23, 2024
Firms Say FCA Could Better Encourage Innovation
The Financial Conduct Authority could do more to facilitate growth and innovation and to act proportionately when making requests on firms, according to industry feedback published by the regulator Wednesday.
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October 23, 2024
FCA Warns Investors In Novus Black Investment Fund
The financial watchdog said Wednesday it has written to investors into an alternative investment fund, warning them that it suspected the firm failed to tell them about "significant losses."
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October 23, 2024
Aegon Calls For 'Cool Heads' Ahead Of Autumn Budget
Dutch life insurance giant Aegon Ltd. called on Wednesday for "cool heads" in the lead-up to the autumn budget, urging caution from both the sector and savers against acting recklessly on rumors surrounding changes to pension rules.
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October 22, 2024
Allianz Settles £16M COVID Loss Row With Restaurant Group
A restaurant group and insurance giant Allianz have settled a £16.4 million ($21.3 million) dispute brought by the hospitality business over payouts for COVID-19-linked lockdown restrictions.
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October 22, 2024
Pensions Watchdog Urges Industry To Embrace New Tech
The Pensions Regulator published its digital, data and technology strategy for 2025 on Tuesday with the intent to modernize its operations and encourage similar changes within the pensions industry, including reducing administrative burdens for pension schemes and improving competition.
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October 22, 2024
FCA Restricts Financial Services Platform After Failings
London-based financial firm Business Agent Ltd. has been restricted from acting as an individual savings accounts manager due to major regulatory breaches, including the unauthorized handling of client funds, the Financial Conduct Authority said Tuesday.
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October 22, 2024
Budget Fears Spark Surge Of Savers Raiding Pensions
A third of financial advisers have seen an uptick in customers tapping into their pensions, an investment platform company said, amid speculation the government could reduce the amount that Britons can withdraw without being taxed.
Expert Analysis
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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Why Ukraine Aircraft Insurance Case Failed To Take Off In UK
In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.
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What New UK Labour Gov't Is Planning For Financial Services
Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
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Why Reperforming Loan Securitization In UK And EU May Rise
The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.
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Exploring The EU's Draft Standards On Crypto Authorization
The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
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How FCA Guidance Aligns With Global Cyberattack Measures
The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.
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EU Anti-Greenwashing Guide Analyzed For Fund Managers
Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.
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How Law Firms Can Handle Challenges Of Mass Claims
With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.
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FCA Doubles Down On New Priorities With Target ID Plan
Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
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Insurance Ruling Stresses High Hurdle To Fix Policy Wording
In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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The Art Of Corporate Apologies: Crafting An Effective Strategy
Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.