Insurance UK

One-pound and two-pound coins on a wooden table interspersed with a tape showing consecutive years.

Gov't Misses Chance To Go Big With New Pensions Body

The government launched a once-in-a-generation review of retirement savings on Monday, but experts warned that the new Pension Commission is a missed opportunity to take a no-holds-barred approach to tackle the savings crisis.

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Senior Managers Regime Revamp Risks Letting In Bad Apples

The City watchdog's planned overhaul of its senior managers regime risks allowing people with records of misconduct to slip into financial firms because of the relaxation of rules on references and criminal checks, according to lawyers.

Gov't Reforms Needed To Unlock FCA's Targeted Support Plan

The financial watchdog's planned "targeted support" program for consumers requires government legislation or guidance to remove legal obstacles to direct marketing — and regulatory experts expect the first step to come at the Mansion House address by Chancellor Rachel Reeves late on Tuesday.

Staley Tribunal Decision Could Fuel Challenges To FCA Fines

A landmark tribunal ruling that upheld the Financial Conduct Authority's ban of ex-Barclays CEO James "Jes" Staley from banking — but slashed his fine — could ultimately lead other executives with back-loaded pay packages to fight the watchdog's decisions, lawyers say.

August 04, 2025
Half Of Britons Clueless On Pension Investment Performance

More than half of U.K. pension savers do not know how their retirement pots are performing, Hargreaves Lansdown said Monday.
August 04, 2025
Pensions Dashboards Could Ease UK Inheritance Tax 'Chaos'

The government could use new online retirement savings portals to ease the expected chaos around introducing inheritance tax on pension wealth, a professional services company said Monday.
August 04, 2025
UK Insurance Tech Biz Weighs Takeover Bids As Profits Surge

British insurance technology company Cuvva confirmed Monday it has appointed advisers after receiving approaches regarding a potential takeover.
August 04, 2025
Atrium Enters Weather Insurance With Brown & Brown Hire

Atrium Underwriting Group Ltd. said Monday it has joined the weather and climate insurance market with the launch of a specialist underwriting team headed by a new hire in the U.S.
August 04, 2025
QBE Expands EU Operations With Netherlands Marine Cover

International insurer QBE has said it will now offer marine insurance in the Netherlands, marking further expansion by the company across the European Union.
August 04, 2025
Insurers Warn Homeowners On Cover As Storm Floris Hits UK

U.K. insurers have urged homeowners to secure their roofing and review their coverage as an "unseasonably disruptive storm" hit northern Britain on Monday.
August 01, 2025
Taxation With Representation: Skadden, Wachtell, Latham

In this week's Taxation With Representation, Union Pacific Corp. and Norfolk Southern Corp. announce megamerger plans, Palo Alto Networks acquires identity security company CyberArk, Brookfield buys British life insurer Just Group, and Duke Energy sells its Piedmont Natural Gas Tennessee local distribution business to Spire Inc.
August 01, 2025
Pension Watchdog Warns Trustees On 'Systemic' Climate Risk

Britain's retirement saving's watchdog has urged pension scheme trustees to treat climate change as a core financial risk, as the regulator looks to set up an industry working group to work on a practical approach to environment-related matters.
August 01, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen several telco giants hit with a trademark claim, a collapsed hotel company sue a property investor in an ongoing dispute over a decades-old hotel sale, and two litigation funders square off against each other.
August 01, 2025
Allianz, BlackRock Close €3.5B Buy Of Insurer Viridium

A consortium that includes German insurer Allianz and BlackRock Inc. said Friday that it has completed the acquisition of European life insurance consolidator Viridium Group from private equity firm Cinven Group Ltd. for €3.5 billion ($4 billion).
August 01, 2025
Ogilvy & Wachtel-Led Investors Oppose Hedge Fund Merger

A group of investors in Third Point told fellow shareholders in the hedge fund on Friday that the proposed merger with Malibu Life Reinsurance will establish "a dangerous precedent for the U.K. stock market" of not safeguarding interests of the minority.
August 01, 2025
AXA To Buy 51% Stake In Italian Insurer Prima For €500M

AXA SA said Friday that it will take a majority holding in Italy's Prima for €500 million ($570 million), with the option to buy out the remainder of the insurance technology company.
July 31, 2025
Yahoo Says Chubb Unit Must Cover Potential EU Privacy Fines

Yahoo says a Chubb subsidiary is obligated to cover regulatory fines that might be leveled against one of the tech company's subsidiaries for violating the European Union's data privacy law, but the insurer has refused to honor the policy, according to a lawsuit filed this week in Delaware.
July 31, 2025
Lloyd's, Loan Provider Settle $3M Pitcher Coverage Feud

Lloyd's of London underwriters and loan service provider RockFence Baseball LLC have settled their dispute over coverage for the $3.16 million loan of a former Minnesota Twins pitcher, after a California federal judge ordered the parties into arbitration in January 2024.
July 31, 2025
Pensions Ombudsman Says Caseload Is Outpacing Funding

The Pensions Ombudsman said that its funding has failed to keep pace with the rising caseload of complaints, forcing it to look at artificial intelligence to help reduce waiting times.
July 31, 2025
Tax Breaks On Pension Contributions Rise to £52.1B

The total cost of pensions tax breaks has risen by £2.4 billion ($3.2 billion), government figures revealed Thursday, amid speculation about a raid by HM Treasury in the next Budget.
July 31, 2025
Squire Patton-Led JTC To Buy Swiss Bank Unit For £20M

JTC PLC said Thursday it plans to acquire a finance services company that caters to ultra-rich clients from Swiss private bank Union Bancaire Privée SA for £20 million ($26.5 million), as the Jersey-based fund administrator seeks to increase its global presence.
July 31, 2025
A&O Shearman Guides Brookfield On £2.4B Just Group Buy

Investment giant Brookfield said Thursday that it plans to buy Just Group, a British life insurer, for £2.4 billion ($3.2 billion) in a deal steered by A&O Shearman and Slaughter and May.
July 30, 2025
Insurers Lose Bid To Avoid $37M Ship Detention Payout

A group of insurers on Wednesday lost their bid to escape paying out $37 million to the owners of a cargo ship detained by the Indonesian navy, with a London appeals court ruling that the detention was not excluded from cover.
July 30, 2025
Sainsbury's Bank Partners With Allianz For Insurance Policies

Insurance giant Allianz UK said Wednesday that it has penned a deal to offer replacement home and motor insurance policies to Sainsbury's Bank customers as their current cover expires.
July 30, 2025
UK Gov't Forced To Repay £48.7M In Pension Overtaxation

The government has had to hand back £48.7 million ($64.7 million) in the past three months to Britons who paid too much tax when tapping into their pension savings, figures revealed Wednesday, as experts say a fix for the long-running tax provision so far has shown little effect.
July 30, 2025
Property Insurance Payouts Rise To £1.6B In 3 Months

A trade body for British insurers has said the sector paid out £1.6 billion ($2.1 billion) in property claims between April and June, driven largely by adverse weather conditions in the U.K.
July 30, 2025
Insurance Broker Aon Warns Of Looming Market Shift

Aon said Wednesday that looming threats to the global economy from further geopolitical instability and major cyberattacks could soon mean a major shift in the underwriting market.
July 30, 2025
Allianz Settles £9M Structural Dispute With Housing Trust

Insurance giant Allianz and a London-based social housing provider have agreed to a settlement in a £9 million ($12 million) row over the cost of fixing a range of structural defects in a property in London.
July 30, 2025
Looser SMCR May Leave Banks More Open To Fraud Charges

The Financial Conduct Authority's proposed partial relaxation of the approval process under its senior managers regime as the U.K. pushes for deregulation could leave companies more exposed to fraud prosecution as the failure to prevent fraud offense goes live in September.

Editor's Picks

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.
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.
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

Key Points From EU Proposals To Ease Securitization Rules

The European Commission’s recently proposed securitization framework amendments aim to relax existing rules, such as by reducing due diligence requirements and removing the need for investors to conduct certain prescribed compliance verifications by sponsors or original lenders, say lawyers at McDermott.
What To Expect As FCA Preps To Launch AI Testing Service

The Financial Conduct Authority’s forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool’s potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
EU Banking Watchdog Regulations Herald New AML Era

The European Banking Authority’s forthcoming anti-money laundering package will set a framework for compliance across the European Union by redefining the rules of engagement between financial institutions and supervisors, setting a new standard for transparency and accountability, say lawyers at A&O Shearman.
What To Expect As UK, US Gov'ts Develop Stablecoin Policies

While the U.K. and U.S. governments’ policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
What Insurers Can Do To Prepare For PRA 'Solvent Exit' Rules

With less than a year until the Prudential Regulation Authority's new solvent exit rules for insurers come into force, it is critical that firms prepare to meet the imminent deadline by outlining an execution plan and establishing clear governance arrangements, say lawyers at Holman Fenwick.
How Regulators Want Online Platforms To Fight Finance Fraud

Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
FCA Notes Industry Criticism But Keeps Transparency Focus

The Financial Conduct Authority’s recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
Court Backing Of FCA Pensions Ruling Sends Key Message

The Upper Tribunal’s recent upholding of the Financial Conduct Authority's decisions against CFP Management directors serves as a judicial endorsement of the regulator’s approach to defined benefit transfers, underscoring that where the advisory model is fundamentally flawed, the consequences for those in control can be severe, say lawyers at RPC.
Pension Schemes Bill's Most Notable, Controversial Measures

The long-awaited Pension Schemes Bill recently introduced to Parliament creates a framework for harnessing money saved in U.K. workplace pension funds to grow the country’s economy, but provisions relating to local government pension scheme investment, and scale and asset allocation, are controversial, says Claire Dimmock at Squire Patton.
Decoding Arbitral Disputes: Prestige's Jurisprudential Legacy

The U.K. Supreme Court's recent denial of appeal ended Spain's decades-long quest to enforce an €855 million arbitral judgment against a London insurer, throwing into stark relief the increasingly complex relationship between arbitral sovereignty, foreign state immunity and the shifting terrain of post-Brexit private international law, says Josep Galvez at 4-5 Gray's Inn.
UK Securities Tax Reform Will Be Welcomed By Investors

The proposed reforms resulting from HM Revenue & Customs' recent consultation on modernizing stamp taxes on shares, suggesting a single digital tax on securities to replace stamp duty and stamp duty reserve tax, are expected to reduce complexity for investors transacting in U.K. securities, say lawyers at Ropes & Gray.
A Shifting Landscape Of Greater Scrutiny After Data Breaches

Recent Information Commissioner's Office fines for personal data breaches and a Home Office consultation signal a shift in the U.K. regulatory landscape, and with an increase in mass actions and resulting exposure, organizations should prepare for potential third-party claims from those incurring consequential losses, say lawyers at Atheria.
What To Note As HM Treasury, FCA Plan New Crypto Regs

Taken together, HM Treasury’s recently proposed crypto-asset regulations and the Financial Conduct Authority’s new discussion paper on regulating crypto-asset activities provide key insights into the government's planned regime, which represents significant changes that will affect all firms providing related services, says Mark Chalmers at Davis Polk.
FCA Update Eases Private Stock Market Disclosure Rules

The Financial Conduct Authority’s recently updated proposals for the Private Intermittent Securities and Capital Exchange System would result in less onerous disclosure obligations for businesses, reflecting ongoing efforts to balance an attractive trading venue for private companies while maintaining sufficient investor protections, say lawyers at Debevoise.
Why Cos. Should Investigate Unethical Supply Chain Conduct

The U.K. government’s recent updated guidance for businesses on reporting slavery and human trafficking in supply chains underscores the urgent need for companies to adopt transparent and measurable due diligence practices, reinforcing the broader need for proactive internal investigations into unethical or criminal conduct, say lawyers at Seladore and Matrix Chambers.