Insurance UK

  • June 10, 2024

    European Financial Body Calls On UK To Clarify AML Reforms

    A European body representing financial market participants has called on HM Treasury to provide more clarity in the Money Laundering Regulations through planned amendments, including by specifying the exact point when a firm must check a potential customer's background.

  • June 10, 2024

    Lib Dems Vow To Raise Capital Gains Tax For UK's Wealthiest

    The U.K.'s third-largest political party vowed on Monday to raise taxes on the country's wealthiest individuals if it wins the next election, in a bid to raise £5 billion ($6.4 billion) for the National Health Service.

  • June 10, 2024

    DWF Guides Brown & Brown Buy Of NI Broker Rollins

    Insurance giant Brown & Brown Europe Ltd. said Monday it has bought Oscar Rollins & Co. Ltd., a broker based in Northern Ireland, in a deal steered by its in-house legal team and DWF Law.

  • June 10, 2024

    10% Of Early Pension Dippers Regret Withdrawals

    Approximately one in 10 retirees aged 55 and older who withdrew money from their pension before retirement said they regretted doing so, a retirement savings company said on Monday.

  • June 10, 2024

    What Tax Experts Hope To See In Labour's Manifesto

    Labour's policy manifesto, expected to be unveiled on Thursday, will be studied by tax lawyers for more detail on the fiscal planning being carried out by the clear favorite to win the general election, including a final word on lifetime pension savings.

  • June 07, 2024

    Former Allianz Unit Exec Admits Role In $6B Fund Fraud

    A former portfolio manager at Allianz SE's U.S. unit told a Manhattan federal judge Friday that he lied to investors about the risks of the German finance giant's now-defunct Structured Alpha Funds, admitting to his role in a $6 billion fraud.

  • June 07, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen British broadcaster GB News hit with a libel claim by climate activist Dale Vince, MGM take aim at an immersive events company over intellectual property rights to the James Bond franchise, and law firms Stephenson Harwood and Bowen-Morris & Partners tackle a contracts claim by investment adviser Yieldstreet. Here, Law360 looks at these and other new claims in the U.K.

  • June 07, 2024

    Trio Make First Appearance In FCA's £8M Pension Fraud Case

    Three consultants made their first court appearance on fraud charges in London on Friday to face allegations by the Financial Conduct Authority over an investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.

  • June 07, 2024

    Financial Adviser Gets 8 Years For Legal Funding Fraud

    A London judge sentenced a former financial adviser to eight years in prison on Friday after he was convicted of siphoning £5.8 million ($7.4 million) in secret commission payments from an investment fund in a legal financing fraud.

  • June 07, 2024

    'Squeezed Middle' Pension Schemes Urged To Be Flexible

    Defined benefit pension schemes with assets between £10 million ($12.7 million) and £250 million are the new "squeezed middle" in the retirement savings market, Hymans Robertson has said, encouraging those plans to remain flexible amid the challenges they face.

  • June 07, 2024

    30% Of UK Workers Unsure How To Access Pensions

    An estimated 30% of British workers are unsure about their retirement options and worry about how to access their savings, according to a study published by TPT Retirement Solutions Ltd.

  • June 07, 2024

    Swiss Finance Watchdog Issues New Cyber Warnings

    Switzerland's financial markets regulator issued new guidance for all regulated firms on Friday, telling them how to manage cyber risks after finding that many are failing to take the right steps to prevent attacks, including those against the service providers they use.

  • June 06, 2024

    La. Commercial Property Co. Settles Storm Insurance Dispute

    A Louisiana federal judge has dismissed a commercial property owner's coverage fight over windstorm damage after the company settled in arbitration with a group of 10 insurers.

  • June 06, 2024

    Broker Jailed For £46K Bouncy Castle Insurance Fraud

    A former insurance broker has been jailed for two years after pocketing more than £46,000 ($58,900) by editing another company's contract documents to increase the cost of the insurance premiums paid by his clients, City of London Police said Thursday.

  • June 06, 2024

    5 Questions For Linklaters Partner Guillaume Couneson

    Since European Union law negotiators gave final approval in May to the first worldwide rules on artificial intelligence, the pressure on global banks and insurers to prepare to comply has started. Here, Guillaume Couneson, a partner at Linklaters, tells Law360 that regulators are likely to focus initially on low-hanging fruit breaches.

  • June 06, 2024

    Pension Funding Levels 'Stable' Ahead Of Looming Election

    The political party that wins the July 4 general election will is likely to operate within an environment of stable funding for retirement savings plans, a consultancy said Thursday, as it highlighted the "relatively" consistent levels of funding in the past year.

  • June 06, 2024

    Stranded Plane Claims Belong In Ukraine, UK Judge Says

    A London judge ruled Thursday that a legal battle between insurers and aircraft lessors over planes that have been stranded in Ukraine after Russia's 2022 invasion should be heard in Ukraine rather than England.

  • June 06, 2024

    Lloyd's To Open Miami Office For Latin American Market

    Lloyd's of London said Thursday that it will open a new office in Miami in September to strengthen its business in Latin America and the Caribbean, which accounted for 4.6% of its 2023 gross written premium of $2.7 billion.

  • June 06, 2024

    ProMarine To Act As Underwriter For Allianz

    Allianz Commercial entered into a new partnership with ProMarine UW Ltd. Thursday, to provide comprehensive insurance for the smaller commercial marine industry of up to £10 million ($12.7 million) across the U.K., Ireland and Europe.

  • June 05, 2024

    Debevoise-Led Ambac Unveils 2 Deals Totaling $702M

    Debevoise & Plimpton LLP-led Ambac Financial Group on Wednesday announced two deals totaling $702 million, as the insurance holding company said it agreed to sell its financial guarantee business for $420 million in cash and separately announced that it will purchase a majority stake in Beat Capital Partners for roughly $282 million.

  • June 05, 2024

    Gov't UK ISA Savings Proposal Gets Cold Shoulder

    More financial firms on Wednesday warned that the U.K. government's plans to give consumers a new tax break for investing in U.K. companies was unworkable, adding it could conflict with the Financial Conduct Authority's consumer protection rules.

  • June 05, 2024

    Climate Risk Must Form Part Of Trustee Role

    A quarter of pension scheme trustees want a new interpretation of their fiduciary duties to allow them to consider climate risk because doing so will help tackle the dangers posed by a changing environment, Lane Clark & Peacock LLP said Wednesday.

  • June 05, 2024

    FCA Research Access Plan Is Flawed, EU Finance Body Says

    A group representing European financial firms said Wednesday that the Financial Conduct Authority's proposals to give asset managers more choice in how they obtain and pay for research are too inflexible, failing to make the U.K. more competitive.

  • June 05, 2024

    Labour's Pension Tax Plans Backed By Fiscal Research Body

    An influential economics think tank has backed plans by the Labour Party to reintroduce the lifetime allowance, arguing that there should be a cap on the tax-free accumulation of pensions wealth.

  • June 05, 2024

    EU Financial Watchdogs Team Up With Cybersecurity Agency

    The three financial regulators of the European Union signed an agreement with the EU cybersecurity agency on Wednesday to join forces to protect the pensions, markets and banking sectors in the bloc from cyberattacks and similar risks.

Expert Analysis

  • Key Takeaways From EU Proposal For Greenwashing Rules

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    If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.

  • UK Plan For AI Rules Raises Compliance Questions For Cos.

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    The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.

  • The FCA's Timely Plan To Reform Asset Management Regime

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    The discussion paper recently issued by the U.K. Financial Conduct Authority finally addresses how, in the future, asset management regulation will work in totality from an investor, manager and distributor perspective, and its review of the purpose and balance of the regime is welcomed, says Tim Dolan at Greenberg Traurig.

  • Questions Raised By UK Plan For ESG Ratings Providers

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    HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • Review Of Senior Managers Regime Provides Useful Insight

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    Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.

  • Highlights Of The UK's New Economic Crime Plan

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    With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.

  • How The LDI Crisis May Lead To Pensions' Negligence Claims

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    Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.

  • 5 Crypto Considerations For UK Policymakers

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    A recent consultation paper from the U.K.'s HM Treasury about digital asset regulation has been touted as a cause for celebration, and while the wheels have been put into motion, there is still a lot of work to do when it comes to correctly regulating the U.K.'s cryptocurrency industry, says Oliver Linch at Bittrex Global.

  • Crypto-Asset Consultation Sets Out Direction Of Travel For UK

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    HM Treasury's phased approach in its recently published consultation on extending the U.K.'s future financial services regulatory regime for crypto-assets, although in many ways differing from parallel developments in the EU, is likely to be conducive to thoughtful policymaking, say attorneys at Cleary.

  • EU Act Offers Financial Sector A Cybersecurity Framework

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    Although unlikely to be a complete solution to all risk management issues, the Digital Operation Resilience Act, effective from 2025, will increase regulatory pressure substantially in the EU financial sector and demand compliance with several new requirements, say attorneys at DLA Piper.

  • Warranty & Indemnity Insurance Considerations For M&A

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    With increased competition and greater capacity leading to lower premiums and deal costs, warranty and indemnity insurance is now available to the wider M&A market, and may help to limit risk and help parties focus on other key elements of the transaction, says Alice Wooler at Birketts.

  • 4 Exercises To Quickly Build Trust On Legal Teams

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    High-performance legal teams can intentionally build trust through a rigorous approach, including open-ended conversations and personality assessments, to help attorneys bond fast, even if they are new to the firm or group, says Ben Sachs at the University of Virginia School of Law.

  • Lessons To Be Learned From Twitter's Latest Hacking Scandal

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    Following the report of a recent data breach at Twitter, it is clearly vital for companies to adhere to best practices in data protection and IT security arrangements, including technical measures, and proper processes and procedures that mitigate risk and provide adequate training for staff, says Simon Ridding at Keller Postman.

  • Preparing For EU's Pay Gap Reporting Directive

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    An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.

  • Has The Liberalization Of Legal Services Achieved Its Aims?

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    Although there is still some way to go, alternative business structures are now an increasingly prominent feature of the legal services landscape, and clients can expect greater choice, improved quality and more manageable costs, as was intended by this shake-up of the profession's regulatory frameworks 15 years ago, says Dana Denis-Smith at Obelisk Support.

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