Insurance UK

  • August 14, 2024

    Aegon Launches Digital Pension Comparison Service

    Financial firm Aegon UK PLC launched a digital pension transfer comparison service on Wednesday with The Pension Lab to enable savers to compare the costs of different plans.

  • August 14, 2024

    Pension Funding Surplus Rises To £475B Despite Rate Cut

    The funding surplus of British retirement savings plans rose to £475.5 billion ($611 billion) at the end of July, according to official figures released on Wednesday, even as experts warned of the need to hedge against fresh interest rate cuts.

  • August 14, 2024

    FCA Fines, Bans Consultant For Leaving Clients Uninsured

    The financial regulator said Wednesday that it has banned an insurance consultant from working in financial services and hit him with a fine of just over £5,000 ($6,430) fine for using funds from clients to pay his business and personal debts.

  • August 14, 2024

    British Steel Pension Adviser Declared In Default

    A financial adviser connected to the British Steel pension scandal has been declared in default by the U.K.'s lifeboat scheme.

  • August 13, 2024

    Travelers Defends DWFM Beckman Over Investment Advice

    The insurer of now-defunct DWFM Beckman LLP has hit back against claims that the firm negligently advised a real estate investor on an almost £20 million ($25.5 million) deal, denying that the firm advised her on the investment at all.

  • August 13, 2024

    UK Charity Sector Pension Funding Reaches £50B

    The charity sector's pension schemes have seen funding reach £50 billion ($63.9 billion) in 2022, potentially leading to more pension buy-outs, according to a report published Tuesday by pensions consultancy Hymans Robertson LLP.

  • August 13, 2024

    Oil Co. Denies Breaching Terms Of Shell Asphalt Deal

    A Greek oil business has hit back against a $3.7 million claim by Shell over a soured asphalt cargo sale, arguing it did not breach the terms of the deal by delivering a different product than specified.

  • August 13, 2024

    UK Riots Likely To Cost Insurers Less Than £250M

    The insurance sector will probably suffer total losses of less than £250 million ($320 million) from anti-immigration riots that swept the U.K. last week, experts said Tuesday.

  • August 13, 2024

    UK Regulators Mull Digital Reporting Future Outside EU

    Britain's accounting watchdog on Tuesday proposed a number of potential reforms for the future of digital reporting in the U.K., amid recent legislative changes after the country's departure from the European Union.

  • August 13, 2024

    Stranding Of Planes Was A Commercial Decision, Insurer Says

    Fidelis Underwriting Ltd. has said it is not liable for almost $45 million being claimed by an Irish aircraft operating company to cover the loss of planes stranded in Russia because it was a commercial decision by the operator to retain the aircraft.

  • August 13, 2024

    UK Wage Data Likely To Fuel Next State Pension Increase

    The state pension might rise next year in line with earnings growth rather than inflation, experts said Tuesday, after official figures revealed a 4.5% increase in the U.K. average salary.

  • August 13, 2024

    Linklaters-Led Fund Buys Blackstone JV Homes For £405M

    Britain's biggest private pension fund said on Tuesday that it has acquired 3,000 shared-ownership homes from a joint venture that is majority-owned by Blackstone Inc. for £405 million ($518 million).

  • August 12, 2024

    FRC Sees Too Many Cos. Using 'Boilerplate' Wates Filings

    The Financial Reporting Council said Monday that 30% of large private firms favor the Wates corporate governance principles for filing company reports, but many companies still need to improve their disclosures.

  • August 12, 2024

    EU Watchdog Warned Of Crypto Risk For Retail Funds

    Fund managers warned the European Union markets regulator Monday that there is no consensus on how to value crypto-assets, in a consultation on whether such products should be accessible to retail funds.

  • August 12, 2024

    Pay Riot Damage Claims Quickly, Gov't Urges UK Insurers

    The insurance sector should quickly pay compensation to small companies affected by the anti-immigrant riots that have swept the country this month, the business secretary said on Monday.

  • August 12, 2024

    UK Pensions Body Calls For Reform For Investment Plan

    The government should consider introducing planning reform and tax incentives to encourage pensions providers to invest more in U.K. assets, a trade body said on Monday, as the new administration considers how to tap into the sector to fuel a national economic recovery.

  • August 12, 2024

    LCP Launches Tool To Check Gov't Pension Payment Errors

    Consultancy Lane Clark & Peacock LLP has launched an online tool designed to help retirement savers check what state pension they can get amid "worrying evidence" that some widows and widowers are not receiving their full entitlement.

  • August 09, 2024

    Insurers Call For Planning Reform As Claims Surge To £1.4B

    A trade body for insurers on Friday called on the government to bolster the U.K.'s defenses against extreme weather, as the value of property claims paid out by the sector rose to £1.4 billion ($1.8 billion) in the past quarter.

  • August 09, 2024

    Pension Protection Fund Marks Progress On Climate Goals

    The U.K. Pension Protection Fund has said it is making good progress on its climate ambitions but needs to "keep pushing" for better quality climate data across its portfolio.

  • August 09, 2024

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

    This past week in London has seen China Evergrande Group file a commercial fraud claim against its founder's ex-wife, legal action by Manolete Partners against the directors of an insolvent construction company, VietJet tackle a claim by French banking group Natixis and more developments in the "Dieselgate" scandal. Here, Law360 looks at these and other new claims in the U.K.

  • August 09, 2024

    Plane Stuck In Russia 'Not Lost,' Reinsurers Argue

    A batch of reinsurers has denied they must pay out in a row over $44 million to cover the alleged loss of a plane leased to a Russian airline, arguing the plane is not lost and would not be covered by the policy.

  • August 09, 2024

    UK Tightens Disclosure Rules For Greensill-Type Finance

    The U.K.'s accounting watchdog on Friday set out amendments to reporting exemptions from international accounting standards available to subsidiaries of groups, including around disclosure of supplier finance arrangements, as used by collapsed Greensill Capital.

  • August 09, 2024

    The Top Commercial Dispute Trials & Rulings Of 2024 So Far

    So far in 2024 disputes lawyers have been treated to the first trial in the U.K. of an opt-out collective action, the Pope's chief of staff giving evidence, and Mozambique being awarded more than $825 million for the tuna bond scandal.

  • August 09, 2024

    FCA Warned Over Risks From Value-For-Money Pension Rules

    The Financial Conoduct Authority's new "traffic light" system for assessing the value-for-money offered by a pension scheme could create unintended consequences, experts warned Friday.

  • August 09, 2024

    Hargreaves Lansdown Agrees To £5.4B CVC Takeover Offer

    Hargreaves Lansdown PLC said Friday that its board has agreed to a £5.4 billion ($6.9 billion) take-private offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.

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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