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Featured
Snap July 4 Election Leaves Pension Reform In Disarray
The government's decision to call a snap general election for July 4 has left the U.K.'s pension sector in limbo, experts say, with uncertainty over whether the next administration will continue with an ambitious reform program.
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October 29, 2024
CMS Guides £1.1B Pension Deal For Deutsche Bank Unit
A subsidiary of Deutsche Bank AG has offloaded £1.1 billion ($1.4 billion) of its pension liabilities with Legal & General Assurance Society, the insurer said Tuesday, in a transaction led by CMS Cameron McKenna Nabarro Olswang LLP and DLA Piper.
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October 29, 2024
Goldman-Backed Clear Group Buys Lloyd's Broker
Insurance intermediary Clear Group said Tuesday it is entering the wholesale insurance market with the purchase of growing Lloyd's broker Lilley Plummer Risks.
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October 28, 2024
Labour Budget Expected To Target Taxes At Biz, Investors
The U.K. government is set to unveil its budget statement Wednesday after months of hinting at higher taxes, and experts say businesses and investors are bracing to bear the brunt of the possible tax changes, such as through increases to capital gains and payroll taxes.
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October 28, 2024
Pensions Provider PSG SIPP Falls Into Administration
A self-invested personal pension provider has entered into administration after facing financial difficulties that arose from its connection with an Australian financial adviser, the City watchdog said Monday.
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October 28, 2024
Gov't Urged To Clarify Implications Of Major Pensions Case
The U.K. government must clarify the scope of new requirements on retirement savings plans following a landmark Court of Appeal ruling in July, a trade body has warned, after members registered a surge in queries from pension holders.
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October 28, 2024
Allianz Beats Theater Biz Attempt To Revive COVID-19 Claim
Allianz has beaten a theater operator's attempt to revive a COVID-19 business interruption claim, as an appeals court ruled on Monday that the insurer's policy did not cover losses caused by government-mandated lockdowns.
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October 28, 2024
Linklaters Steers Former Aviva Unit's £1.3B Pension Deal
Insurance giant Aviva said Monday that it has completed a £1.3 billion ($1.7 billion) acquisition of a pension scheme of one of its former subsidiaries in a deal guided by Linklaters LLP, a move it said would secure benefits for approximately 19,000 members.
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October 25, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the Competition and Markets Authority take action against a mattress retailer after it was caught pressuring its customers with misleading discounts, Lenovo and Motorola target ZTE Corporation with a patents claim, Lloyds Bank hit by another claim relating to the collapse of Arena Television and U.K. tax authority HMRC sued by the director of an electronics company that evaded millions of pounds in VAT. Here, Law360 looks at these and other new claims in the U.K.
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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.
Editor's Picks
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Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums
Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
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FCA Begins Crackdown On Poor-Value Insurance Products
The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
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Post-Election UK Pension Changes Could Be In The Fine Print
Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.
Expert Analysis
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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Embedding Consumer Duty: 6 Areas Firms Should Prioritize
The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
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Insuring Lender's Baseball Bet Leads To Major League Dispute
In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.
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What Steps Businesses Can Take After CrowdStrike Failure
Following last month’s global Microsoft platform outage caused by CrowdStrike’s failed security software update, businesses can expect complex disputes over liability resulting from multilayered agreements and should look to their various insurance policies for cover despite losses not stemming from a cyberattack, says Daniel Healy at Brown Rudnick.
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What To Expect From Labour's Pension Schemes Bill
The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
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What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
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Insurance Rulings Show Court Hesitancy To Fix Policy Errors
Two recent Court of Appeal insurance decisions highlight that policyholders can only overcome policy drafting errors and claim coverage if there is a very obvious mistake, emphasizing courts' reluctance to rewrite contract terms that are capable of enforcement, says Aaron Le Marquer at Stewarts.
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EU Investment Fund Standards Offer Welcome Clarity
The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
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10 Ways To Manage AI Risks In Service Contracts
With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.
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Unpacking The New Concept Of 'Trading Misfeasance'
In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
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Key Takeaways From Proposed EU Anticorruption Directive
The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.