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Insurance UK
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September 26, 2024
'Positive' Pension Investing Said To Drive Saver Engagement
Greater investment by pension schemes in assets like affordable housing or clean energy infrastructure would boost saver engagement and overall contributions, Legal & General has said.
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September 26, 2024
Eversheds-Led Insurer Strikes 3rd Reinsurance Deal In UK
Global life insurance group Resolution Life said Thursday that it has completed its third reinsurance transaction in the U.K. in a deal guided by Eversheds Sutherland, bringing the total liabilities that it manages in the country to $3.5 billion.
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September 26, 2024
Brits Raid Pension Pots Amid Cost-Of-Living Surge
The Financial Conduct Authority on Thursday reported a 20.6% rise in total pension scheme withdrawals by U.K. savers to £52.1 billion ($69.6 billion) in the financial year ended in March, compared to £43.2 billion the previous year.
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September 26, 2024
FCA Chair Never Considered Resignation Over Whistleblowers
The chair of the Financial Conduct Authority said Thursday that it did not cross his mind to resign over allegations of having mishandled whistleblowing reports.
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September 26, 2024
FCA Plans New Measures On Non-Financial Misconduct
The Financial Conduct Authority said Thursday that it will set out new policies on non-financial misconduct such as sexual harassment before the end of 2024, as an executive at the watchdog warned that "cultural issues" remain a problem at companies.
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September 26, 2024
EU Mulls Greater Protection For Pensions From Market Risk
Retirement savings plans across Europe should improve their management of liquidity risk and governance procedures to protect themselves against market volatility, the bloc's insurance and pensions watchdog said on Thursday.
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September 26, 2024
BoE Plans To Fast-Track Insurance Special Purpose Vehicles
The Bank of England on Thursday revealed plans to speed up the approval process for insurance special purpose vehicles used by insurers to manage risk, aimed at boosting the competitiveness of London's insurance market.
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September 25, 2024
More Oversight On Professional Pension Trustees Expected
Half of the pension schemes in the U.K. are now under professional or sole trustee management for the first time, Lane Clark & Peacock has said, suggesting that growing numbers will lead to greater oversight from the retirement savings watchdog.
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September 25, 2024
Smaller UK Pension Deals Behind Record Numbers In 2024
Smaller pension deals worth less than £100 million ($133.7 million) drove the "staggering" number of retirement savings de-risking transactions penned in the first half of the year, Lane Clark & Peacock LLP said Wednesday.
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September 25, 2024
Gov't Warned Over Risk Of 'Too Big To Fail' Pension Funds
A government push toward the consolidation of retirement savings plans could create new megafunds that are anticompetitive and become "too big to fail," experts warned on Wednesday.
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September 25, 2024
Fraudulent UK Insurance Claims Topped £1B In 2023
The trade body for British insurers reported Wednesday that fraudulent insurance claims in the U.K. exceeded £1.1 billion ($1.4 billion) in 2023, reflecting a 4% rise compared to the previous year.
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September 25, 2024
Insurers Forecast To Take €2.1B Hit From European Floods
Flooding that hit central and Eastern Europe this September could cost insurers up to €2.1 billion ($2.4 billion), according to recent estimates by a subsidiary of one of the world's largest insurance brokers.
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September 25, 2024
Property Investment Trust Buys £78M UK Logistics Portfolio
Real estate investment trust LondonMetric Property PLC said on Wednesday that it has bought six warehouses for £78 million ($104 million) from a pension fund listed on the London Stock Exchange.
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September 24, 2024
UK Gov't Brings Forward New Laws To Fight Welfare Fraud
The British government said Tuesday it is getting ready to introduce a new bill in this parliamentary session to tackle social security fraud that could save taxpayers £1.6 billion ($2.1 billion) over the next five years.
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September 24, 2024
PRA Sets Date For Final Package Of Solvency II Rules
The Bank of England said it would publish the final set of rules for its solvency reform of the insurance sector by mid-November.
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September 24, 2024
Most UK Financial Firms Are Risk-Averse About New Tech
Financial services companies in the U.K. have delayed the adoption of new technology, such as artificial intelligence and machine learning, because they have concerns over risks, a survey by a professional services provider suggested on Tuesday.
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September 24, 2024
Pension Trustees Urged To Look At Insurers' Carbon Targets
Trustees of retirement savings plans should look at how well insurers perform against their interim carbon-reduction targets when they choose a partner for a bulk annuities transaction, a consultancy has said.
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September 24, 2024
Nasdaq, Deutsche Boerse Targeted In EU Antitrust Raids
Nasdaq and Deutsche Boerse said Tuesday that they are among the financial services firms being investigated by the European Commission over alleged violations of EU competition laws in derivatives trading.
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September 24, 2024
Half Of Local Gov't Pension Plans Have No Net-Zero Target
Half of the local government pension schemes in Britain have yet to set a net-zero emissions target, according to a report published Tuesday, which reveals that just 49% of local authority retirement funds have committed to a strategy.
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September 23, 2024
FCA Chair Cleared Over Whistleblower Complaints Handling
Britain's finance watchdog said Monday that its chair had been cleared of wrongdoing over his handling of two whistleblower complaints but that it will strengthen protection for people who sound the alarm after it reviewed its internal policy.
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September 23, 2024
FCA Faults City Bodies' AML Policing As Inconsistent
The Financial Conduct Authority on Monday raised concerns over the inconsistent enforcement of anti-money laundering regulations by City professional bodies, particularly in the legal and accountancy sectors.
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September 23, 2024
UK Insurers' Tax Contribution Hits Record High £18.5B
Members of the Association of British Insurers contributed a record £18.5 billion ($24.6 billion) in tax to the U.K. economy last financial year, the trade body said Monday.
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September 23, 2024
Pension Experts Urge Tax Breaks For UK Investment Plan
The government could best encourage investment in the economy from pension schemes by adopting tax incentives, a trade body said.
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September 23, 2024
UK Watchdog Thins Out Pension Plan Reporting Rules
The Pensions Regulator said Monday it has scaled back the amount of data that retirement schemes are expected to submit under new funding regulations, which went live this weekend.
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September 23, 2024
Finance Sector Seeks Regulatory Clarity As Challenges Loom
The financial services sector is pushing for clearer regulations on artificial intelligence and environmental, social and governance criteria, according to research by global law firm DLA Piper.
Expert Analysis
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FCA Consumer Duty Shows Shift In Retail Financial Services
The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.
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Pandemic Rent Ruling Is A Blow To Commercial Tenants
The recent U.K. Court of Appeal decision in London Trocadero v. Picturehouse demonstrates that even exceptional COVID-19-related circumstances will not induce courts to interfere with a previously considered allocation of risk between parties or imply terms in a contract, says Gurpreet Sanghera at Simkins.
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Building Inspector Insurance And Its New Relaxed Rules
The U.K. government recently opened up the market for approved building inspector insurance in the aftermath of the 2017 Grenfell Tower tragedy, but it does not appear to have considered the impact this may have on homeowners and developers, say Alan Stone and Jonathan Carrington at RPC.
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New Corporate Insolvency Data Reveals Unexpected Results
For a variety of reasons there has been a slower than anticipated increase in U.K. corporate insolvency figures in recent months, although there may be a time lag between economic difficulties and sentiment among investors, lenders and business owners, and it is likely that numbers will rise in the autumn, says Jeremy Whiteson at Fladgate.
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How The Latest Trends In Litigation Funding Are Developing
With investors looking for alternative assets that can achieve returns and claimants likely to be cash poor in the current economic downturn, the signs are that the litigation funding market is not only here to stay, but is set to expand, says Simon Thomas at Baker & Partners.
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Pros And Cons Of Regulating Finance Sector's Third Parties
Recent proposals by the U.K. Treasury could lead to regulation of those designated as critical third parties in finance, and legislation will be needed to ensure technology suppliers are not deterred from participating in the financial services markets, say attorneys at Addleshaw Goddard.
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UK Online Safety Bill Delayed, But Firms Should Still Prepare
Despite delays and content providers' concerns regarding the impact on their profitability, it appears certain that the Online Safety Bill will be enacted in one form or another, mirroring proposals in the EU and U.S., so tech firms must prepare for a new regulatory framework that will require them to tackle illegal and harmful content on their services, say attorneys at Dechert.
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A Look At The Solvency II Insurance Sector Proposed Reforms
It is hoped that the proposed reforms of Solvency II will not only ensure policyholder protection and a successful insurance industry, but that released capital will be invested in long-term infrastructure and green projects, yet there are questions and even concerns surrounding potential changes and what their impact might be, says Dónal Clark at Kennedys.
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4 Ways M&A Deals Are Changing
There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.
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The Digital Markets Act: Key Implementation Issues To Watch
The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.
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New FCA Listing Rules May Start Regulatory Shift On Diversity
Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.
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Examining UK Commission's Corporate Crime Reform Ideas
The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.
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FCA Review Offers 'Challenger Banks' Advice On Crime Risks
Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.
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New Anti-Modern Slavery Bill Unlikely To Accomplish Goals
A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.
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Opinion
FCA Proposal Fails British Steel Pension Scandal Victims
The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.