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Insurance UK
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December 20, 2024
Financial Adviser Colbourne In Default After FCA Restrictions
The Financial Conduct Authority has said that Colbourne & Co., an independent financial adviser that it has prevented from doing regulated business, is in default and that clients can claim compensation.
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December 19, 2024
Arsenal, Liverpool Settle With Insurers In COVID-19 Dispute
Two Premier League clubs have hammered out a settlement with their insurers over a multimillion-pound lawsuit on COVID-19 business interruption claims.
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December 19, 2024
Lloyd's Syndicate Says £1M Property Claim Exaggerated
A Lloyd's syndicate has denied owing £1 million ($1.25 million) to cover costs of subsidence damage to a property in southern England, arguing the owner fraudulently exaggerated the claim and submitted false documents.
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December 19, 2024
Sacker, Kramer Levin Lead £340M British Airways Pension Deal
The pension scheme for British Airways staff said on Thursday it has completed a £340 million ($425 million) reinsurance deal, transferring the risk of its members living longer than expected.
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December 19, 2024
PRA Pushes Back 'Solvent Exit' Rules For Insurers
The Bank of England has pushed back a new regime designed to minimize the economic fallout of the collapse of a major insurer.
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December 19, 2024
FCA Proposes To Simplify Investment Product Information
The financial regulator of the U.K. said Thursday that it has proposed changes to rules to simplify the information provided to investors to "boost confidence and drive investment" in the country.
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December 19, 2024
UK Private Stock Market May Fail To Attract Investors, Firms
A world-first regulated market that the U.K. government has proposed for private companies to trade shares might fail to offer enough of an incentive to attract firms and investors.
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December 18, 2024
Insurers Say Arbitration Is Proper In $7M Ida Damage Suit
A group of international and domestic insurers asked a Louisiana federal judge to keep in place an order to arbitrate a $7 million Hurricane Ida damage claim, disputing a property owner's argument that state law has a say in the matter.
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December 18, 2024
DWF Dublin Adds Insurance Pro From DAC Beachcroft
DWF LLP has hired an insurance specialist to head the firm's practice in Dublin and become managing partner of the firm's Irish offering, as it moves to strengthen its presence in the area with "a light hand on the rudder."
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December 18, 2024
Gov't Urged To Pause State Pension Reform Before Review
The government must pause any further policy decisions on the state pension until it carries out its review into retirement savings adequacy, experts told lawmakers Wednesday.
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December 18, 2024
Pension Bodies Call For Regulation After Court Ruling
The government should issue regulation to clarify the scope of a landmark Court of Appeal ruling that could potentially cost pension providers billions of pounds in redress, a coalition of trade bodies has said.
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December 18, 2024
FCA's 2024 Consumer Focus Still Has Firms Guessing
The Financial Conduct Authority shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.
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December 18, 2024
UK Must Address Regulatory Bias Toward Risk, ABI Says
Regulation in the U.K. has become heavily weighted toward risk rather than growth and its "structural bias," which creates layers of rules in the financial services sector, must be tackled, the Association of British Insurers said Wednesday.
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December 18, 2024
Kennedys Elects Financial Lines Pro As New Senior Partner
Kennedys named on Wednesday a financial lines expert as its new senior partner to replace Nick Thomas, who is stepping down from the role after 27 years.
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December 17, 2024
Gov't Ignores Calls For Redress Over State Pension Failings
The Labour government said on Tuesday it will not compensate women affected by historical failures to inform them that their retirement age had changed, in a move campaigners called an "unprecedented political choice" set to have long-term repercussions.
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December 17, 2024
MPs Quiz Gov't Over Pension Credit Delays
Lawmakers are asking the government what it is doing to tackle a deluge of pension credit claims, amid fears that those below the poverty line might not receive a winter fuel allowance this season.
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December 17, 2024
Broker Banned For 'Lack Of Integrity' Over Indemnity Risk
The director of a mortgage broker who demonstrated a "lack of integrity" has been banned and must pay a £10,000 ($12,700) fine after a London appeals court ruled Tuesday that he recklessly risked his company operating without professional indemnity insurance.
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December 17, 2024
Barclays Loses Challenge To Major UK Motor Finance Ruling
Barclays lost its challenge to a decision that found it had treated a customer unfairly by paying commission to a car finance broker as a London court ruled on Tuesday that the relationship was unfair and not adequately disclosed.
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December 17, 2024
Allianz Pulls $1.6B Bid For Singapore's Income Insurance
Germany's Allianz SE has withdrawn its all-cash offer to buy a majority stake in Singapore-based Income Insurance Ltd. for 2.2 billion Singapore dollars ($1.64 billion), citing opposition from the Singaporean government.
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December 17, 2024
FCA Proposes Rules For New Private Company Stock Market
The Financial Conduct Authority set out proposals on Tuesday for a regulatory regime for the world's first regulated stock market, which is designed to allow investors to trade shares in private companies and is intended to make the U.K. more competitive.
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December 17, 2024
FCA Bans Director, Adviser Over 'Flawed' Pensions Advice
The City watchdog has banned a company director and pensions adviser from the financial services sector for giving "fundamentally flawed" guidance that jeopardized consumer retirement savings.
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December 16, 2024
Travelers Settles Warehouse Fire Row With Building Co.
Travelers Insurance Co. Ltd. has settled a U.K.-based building operator's legal claim over alleged losses from fires that destroyed its warehouse in Scotland.
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December 16, 2024
Gov't Drops Promise Of 2nd Pensions Review By End Of 2024
Millions of Britons could face retirement without sufficient savings, experts said Monday, after the government appeared to delay its long-awaited review into pension adequacy.
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December 16, 2024
Sky Can Claim More In Insurance Spat Over Faulty Roof
Sky has secured a new victory in its multimillion-pound dispute with insurers over water damage to the roof of its headquarters, after an appeals court said Monday that the media giant can claim for damages incurred after its policy lapsed.
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December 16, 2024
Squire Patton Guides £102M Pension Deal For Chemicals Co.
A British chemicals manufacturer has offloaded £102 million ($129 million) of its pension liabilities with insurer Royal London, advisers said Monday, in a transaction steered by Squire Patton Boggs.
Expert Analysis
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3 Insurance Issues Raised By The Notre Dame Cathedral Fire
The devastating Notre Dame Cathedral fire provides a rare opportunity to consider the many unique factors that owners and insurers must consider when insuring national treasures, say attorneys at Zelle.
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Where The Post-Libor Litigation Tsunami Will Hit
The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.
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Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant
The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.
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UK Antitrust Watchdog Proposals Would Bolster Enforcement
The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.
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Guest Feature
Preet Bharara On The Human Factor In The Justice System
A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.
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Considering A More Cost-Effective Future For The SFO
In light of multiple recent examples of U.K. Serious Fraud Office investigations yielding far less than the agency may have hoped for, a new approach to prosecuting individuals and corporations may be a smart investment, says Azizur Rahman of Rahman Ravelli.
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Lessons From Carphone Warehouse's Partial FCA Settlement
In the first case decided under the U.K. Financial Conduct Authority's new partial settlement process, Carphone Warehouse demonstrates not only the possible value of cooperating with authorities but also the cost of failing to right previous wrongs, says Syedur Rahman of Rahman Ravelli Solicitors.
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Collective Redress In The EU: Past, Present And Future
Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.
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Lenders Score Major High Court Victory In Foreclosure Case
The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.
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3 Brexit Scenarios And Their Implications For US-UK Trade
Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.
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Frustrating Events: Are Your Contracts Brexit-Proof?
In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.
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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.