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Insurance UK
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May 08, 2024
Insurer Claims 400 Pension Deals Penned In 12 Years
Insurer Just Group said Wednesday it has completed 400 pension transfer deals since it launched in 2012, adding that the year ahead is poised to break more records in the retirement savings de-risking market.
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May 08, 2024
'Inertia' Fears Over FCA's Pension Anti-Scam Safeguards
The anti-scam safeguards proposed by the Financial Conduct Authority on new pension online portals could inadvertently hinder workers from taking action to improve their retirement savings, an insurer warned Wednesday.
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May 08, 2024
Investment Cos. Ask Gov't To Settle Disclosure Uncertainties
A trade body has asked the U.K. Treasury to decide now whether to remove investment companies from its planned post-Brexit regime covering disclosures firms must make before selling certain products to investors to resolve a current misleading cost figure.
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May 08, 2024
South Africa Immune To Sunken WWII Silver Salvage Claim
Britain's highest court ruled Wednesday that South Africa has sovereign immunity against a salvage repayment claim from a company that recovered around $43 million worth of silver bullion from a cargo ship sunk during the Second World War.
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May 07, 2024
Banks, Regulators Holding Back SMEs, Lawmakers Say
A parliamentary committee urged the financial watchdogs on Wednesday to review their approach to helping small and midsized businesses gain access to money, arguing that banks are making it "needlessly tougher" to take out loans and unfairly closing accounts of legitimate companies.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
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How Proposed EU Class Action Directive Could Affect Insurers
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.
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UK Group Data Breach Claims Pose Big Financial Risks
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.