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Insurance UK
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August 19, 2024
Gov't Targets Consolidation In First Phase Of Pension Review
The Labour government has said that the first phase of its retirement savings review will be centered on the consolidation of the defined contribution pension market.
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August 19, 2024
RPC Helps Japanese Fintech Debut In London After Purchase
Japanese crowdfunding platform MOH Nippon PLC was admitted to trading on the London Stock Exchange on Monday after being bought by a special purpose acquisition company for £34.5 million ($44.7 million).
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August 19, 2024
Pinsent Masons Steers Aviva's £34M Macmillan Pension Deal
Aviva PLC has covered £33.7 million ($43.7 million) of pension liabilities for Macmillan Cancer Support, which covers the retirement savings plans of all the retirees and deferred members of the British charity.
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August 16, 2024
Stay Lifted On $110M Coal Co. Suit As Arbitration Drags On
A Missouri federal judge has grudgingly lifted a pause on litigation between several insurance companies and a St. Louis coal producer after its mines sustained more than $115 million in fire damage, saying it can pursue claims against domestic insurers separately from insurers seeking arbitration.
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August 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.
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August 16, 2024
Pension Scheme Endgames Pushed Back Amid Falling Yields
The average timeline for U.K. pension schemes to reach a point where they can buy out their liabilities with an insurance company was extended last month, due to falling bond yields, experts said.
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August 16, 2024
PwC Fined £15M For Failing To Flag LC&F Fraud Suspicion
The Financial Conduct Authority said Friday it has fined PricewaterhouseCoopers LLP £15 million ($19.3 million) for failing to report to the regulator its belief that London Capital & Finance PLC might be involved in fraud.
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August 16, 2024
Revolut Valued At $45B After Secondary Equity Issue
U.K. fintech Revolut said Friday it has secured a $45 billion valuation in a share sale by its employees to new and existing investors, cementing its status as Europe's most valuable private technology company.
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August 16, 2024
Pensions Body Offers Guide For Uncertainty Of Funding Code
A trade body for the pensions sector has launched a guide on the implementation of a new funding code, amid disruption caused by the timing of the general election.
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August 16, 2024
FCA Apologizes For Treatment of 'Voluntary Requirement'
Britain's financial watchdog has apologized for an unnecessary extension of two years of publishing on its register a "voluntary requirement" for a company indicating failure to meet standards after the Complaints Commissioner upheld a claim.
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August 15, 2024
Union Group Calls For UK To Address Gender Pension Gap
The Trades Union Congress has said retired women receive £7,000 ($9,000) a year less from their pensions than retired men, a gender gap, it warns, that is closing far too slowly.
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August 15, 2024
Ashurst-Led HK Biz Buys Wind Farms From Aviva For £350M
A consortium led by CKI has agreed to buy 32 U.K. onshore wind farms from the asset management arm of insurance giant Aviva PLC for £350 million ($450 million), as the global infrastructure business eyes an expansion into Europe of its sustainability portfolio.
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August 15, 2024
Gov't Urged To Unlock £16B LGPS Pensions For Investment
The U.K. government could immediately unlock around £16 billion ($20.5 billion) of investment in U.K. infrastructure just by lifting thresholds on the asset class constraining the Local Government Pension Scheme, a report found.
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August 15, 2024
FCA Censures Audit Firm On Client Assets Report Breaches
The Financial Conduct Authority said Thursday it has censured auditor Macintyre Hudson LLP for failing to report breaches of the FCA's rules on treatment of client assets.
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August 15, 2024
RSA Beats Perimenopausal Worker's Discrimination Claim
RSA Insurance did not discriminate against an employee who claimed to have experienced symptoms of perimenopause at the time she was dismissed, an employment tribunal has found, ruling that she had exaggerated the effect of her health condition.
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August 15, 2024
UK Insurance M&A On Track For 150 Deals In 2024
The number of mergers and acquisitions that involve U.K. insurance agencies is on track to rise to 150 in 2024, despite a more muted first half of the year, a consultancy said Thursday.
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August 14, 2024
NC Court Defers Ruling To Unseal Cadwalader Coverage Suit
The North Carolina Business Court on Monday did not outright reject a bid by a Lloyd's of London syndicate looking to unseal a complaint by Cadwalader Wickersham & Taft LLP seeking coverage for a November 2022 data breach, though the judge did admonish the syndicate for failing to consult with Cadwalader's counsel before filing the motion.
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August 14, 2024
Reservist Army Major Denied Pension Plan Wins Bias Claim
A retired army reserve officer has won his claim against the Ministry of Defence alleging that its refusal to let him join the armed forces pension plan left him worse off than full-time military personnel.
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August 14, 2024
Insurer Sues Underwriter For €1.6M For Cancellation Failure
A Liechtenstein-based insurer has accused a German underwriter in a London court of failing to end contracts correctly, exposing it to claims in German courts that have cost it €1.6 million ($1.76 million) in damages.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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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.
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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.