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Insurance UK
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May 20, 2024
UK Leads Europe In Financial Services Investment, EY Says
The U.K. has solidified its position as Europe's top destination for foreign direct investment in financial services as it attracted 108 investment projects in 2023 compared to 76 a year earlier, the Big Four accounting firm EY said Monday.
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May 20, 2024
Step Up Action On Financial Abuse, FCA Tells Firms
The Financial Conduct Authority has called on regulated firms to take further steps to stop financial abuse of individuals through manipulation of banking or insurance products as it looks through the lens of the Consumer Duty.
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May 20, 2024
Pension Funds Under-Investing In UK Assets, Minister Warns
Pension schemes are not investing enough in Britain, a Treasury minister has warned, adding that the government will consider what "further action" is necessary to stimulate the capital injection that lawmakers want for the economy.
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May 17, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.
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May 17, 2024
Pensioners Lose £80M In Credit Over Submission Errors
The Department for Work and Pensions has said that retirees lost out on £80 million ($102 million) in payments to help top up their weekly income to a minimum level because they submitted inaccurate information about themselves in the last financial year.
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May 17, 2024
Insurers Seek Exclusion From EU Late Payment Rules
European insurers have called for their exclusion from the Late Payment Regulation proposed by the European Commission that would fix a single shorter payment period, warning that it ignores how insurance works.
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May 17, 2024
FCA Sets Out Consumer Duty Priorities For Closed Products
The Financial Conduct Authority has sent "Dear CEO" letters to multiple financial service firms, setting out its priorities for the July deadline to apply the Consumer Duty guidelines to closed-off products such as old savings accounts or insurance policies.
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May 17, 2024
ABN Amro To Sell Stake In Life Insurance JV Neuflize Vie
BN Amro Bank NV said Friday that its Neuflize OBC French private bank branch has entered "exclusive negotiations" to sell the unit to the insurance subsidiary of BNP Paribas SA to form a strategic partnership in life insurance in France.
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May 17, 2024
Asset Manager Alpha Growth To Buy Insurance Manager
British wealth manager Alpha Growth PLC said Friday that it will buy Guernsey-based insurance management company Jeometri for £450,000 ($569,000) to help it grow its insurance offering across the U.K.
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May 17, 2024
FCA To Weigh 'Sensitive, Emotive Issue' Of Probes Policy
The Financial Conduct Authority has said it "will take time" to consider widespread concerns over its proposals to identify companies or individuals under investigation after lawyers said the move could damage careers.
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May 16, 2024
Pension Scheme Profit Warnings Ease In First Quarter
The number of profit warnings issued by U.K.-listed companies with defined benefit pension schemes fell to 18 in the first quarter of this year, compared to 22 in the last three months of 2023, according to research published on Thursday by EY-Parthenon.
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May 16, 2024
Insurance Brokers Call For 'Breath' Amid Rising Regulation
Increasingly demanding regulation from the Financial Conduct Authority is hampering insurance brokers and unnecessarily overlaps with preexisting practices the industry already follows, a trade body for the sector has said.
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May 16, 2024
MPs Call For Redress Program For State Pension Errors
Lawmakers have urged the government to draw up plans by this summer for a redress scheme for retirement-age women who were short-changed on their state pensions.
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May 16, 2024
Average Pension Pot Value Plummets 66% Since 2012
The average value of a defined contribution retirement savings pot has plunged by 66% in just over a decade, official figures revealed Thursday, as experts warned there was a risk of employers becoming stingier with pension benefits.
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May 16, 2024
Nationwide Cited For Compliance Breaches In PPI Market
The competition watchdog said on Thursday it has written to Nationwide Building Society, telling the lender that it had breached the rules by giving clients incorrect information about insurance covering mortgage repayments.
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May 15, 2024
Baker McKenzie Guides £28M Pension Deal For Pharma Co.
Canada Life has insured the retirement savings plans of more than 300 members of the U.K. subsidiary of Dutch pharmaceutical company Norgine Ltd. in a full buy-in transaction of £28 million ($35 million), with the deal guided by Baker McKenzie.
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May 15, 2024
FCA Charges 3 For Alleged £8M Pension Fraud
The Financial Conduct Authority said Wednesday it has charged three consultants over an alleged fraudulent investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.
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May 15, 2024
EU Insurers Press Commission On Priorities For Capital Rules
European insurers have warned the executive arm of the bloc that implementation of agreed changes to the Solvency II rules must accord with its goals on climate change and increasing competitiveness.
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May 15, 2024
Lloyd's Further Tightens 'Cyberwar' Insurance Cover
Lloyd's of London has tightened rules on members of the specialist insurance market over cover for state-backed cyberattacks.
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May 15, 2024
Experts See Risks In FCA's Soft-Touch Response To AI
The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.
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May 14, 2024
UK Gov't Rules Out NDA Ban In Harassment Cases
HM Treasury said Tuesday that the U.K. government will not commit to a legislative ban on nondisclosure agreements in harassment cases, rejecting a call from MPs to bring an end to the "abusive use" of NDAs to silence victims.
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May 14, 2024
Insurance Broker Jensten Launches Major Restructuring
British insurance brokerage Jensten said Tuesday that it is conducting a strategic restructuring by separating its underwriting business from its wholesale brokering division after recently raising nearly £170 million ($214 million) from its investors.
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May 14, 2024
EU Watchdog Sets Anti-Greenwashing Guidelines For Funds
The European Union's markets regulator on Tuesday published its final guidelines for firms using ESG terms in fund names, requiring 80% of the fund's investments to match the claimed criteria to combat greenwashing risk.
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May 14, 2024
Gov't To Add Legal Powers, Staff To Stop Benefits Fraud
The Department for Work and Pensions said Tuesday it will support new legislation to expand its powers to make arrests and conduct searches in its crackdown on benefits fraud.
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May 14, 2024
UK Pension Scheme Funding Edges Up £2.8B
The overall funding level of U.K. pension schemes edged up £2.8 billion ($3.5 billion) last month, according to official figures Tuesday, but experts warned that there was potential "volatility" on the horizon amid uncertainty over whether interest rates will change this year.
Expert Analysis
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Simple Secrets For Writing A Killer Brief
These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.
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What 2019 Has In Store For UK Data Protection
Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.
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Opinion
Brexit International Arbitration Clause Is Misunderstood
Much of the criticism aimed at the international arbitration clause in the recent Brexit withdrawal agreement unfairly identifies a perceived lack of transparency and appears to be based on a lack of understanding about the process, says Margarita Michael of O'Melveny & Myers LLP.
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The Lawyer's Daily
How To Requalify As A Lawyer In Canada
Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.
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Legal Technology Is Likely To Flourish In The UK
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
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Opinion
Legal Operations Teams Are Gaining Popularity In EU
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
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Why Proper Document Redaction May Be An Ethical Duty
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
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Why The Flood Of GDPR Litigation Has Been Delayed
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.
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Opinion
Law Schools Should Be More Like Medical Centers
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
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Opinion
Courts Are Getting It Right On Litigation Funding Discovery
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
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Worldwide Freezing Orders Can Backfire Without Proper Care
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
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UK Litigation And Guidance Highlight Cybersecurity Risk
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
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2 BVI Cases Explore Scope Of Proper Purpose Test
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
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Last-Minute Brexit Preparations For EU Financial Firms
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
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What To Expect From Serious Fraud Office In 2019
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.