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Insurance UK
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October 08, 2024
Gov't Urged To Commit To Pension Tax 'Lock' In Budget
The government must commit to a long-term pact on pension tax policy, experts said, warning that prolonged uncertainty is damaging consumer confidence.
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October 08, 2024
Bear 'Polluter Pays' Liability For Redress, FCA Tells Firms
The finance watchdog has warned investment firms that they must take responsibility for holding sufficient resources to pay redress to clients, saying it has seen significant liabilities being pushed onto the country's financial compensation program.
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October 08, 2024
FCA Warns Banks To Improve Anti-Fraud Systems To Cut APP
The financial watchdog has ordered banks and other payments firms to improve their anti-fraud systems and controls, as it expects businesses to target authorized push payment scams in this way.
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October 08, 2024
Broker, Property Firm Settle In £2M Fire Insurance Dispute
An insurance broker has reached a settlement in its attempt to pull a property management company into litigation brought by an investor seeking an insurance payout to cover the costs of rebuilding two properties tied to a fire in Glasgow.
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October 07, 2024
Putin Helped Airlines Survive, Insurers Say In Stranded Jets Trial
The Russian government did not order the country's private airlines to retain aircraft after Western sanctions were imposed, a group of insurers argued at trial Monday, but instead facilitated the necessary conditions for its aviation industry to survive.
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October 07, 2024
Firm's Boss Misled Insurer Over Suspended Lawyer, SRA Says
The solicitors' watchdog told a disciplinary tribunal Monday that the boss of a law firm misled insurers to cover up employing a lawyer who was banned from handling client accounts.
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October 07, 2024
Investors Urge UK Pension Reforms To Boost Returns
Investors have urged the U.K. to adopt new pension reforms designed to improve how pension schemes invest and operate following a call for evidence as the government carries out a review of pensions investment.
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October 07, 2024
Underwriter Rejects €1.6M Contract Cancellation Claim
A German underwriter has said it is not liable for €1.6 million ($1.75 million) in damages claimed by a Liechtenstein-based insurer that alleges it failed to end contracts correctly, saying it did not have a duty to record their termination.
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October 07, 2024
Watchdog Now Orders Banks To Pay Back APP Fraud Victims
The Payment Systems Regulator said Monday that new rules will provide world-leading protections to consumers who have been tricked into sending money to fraudsters through the banking system.
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October 04, 2024
SFO Seizes £295K From Convicted Tycoon In $700M Fraud
Britian's financial crime enforcer has seized £295,000 ($386,000) from a convicted fraudster imprisoned three times in connection with an international metal trading scam that defrauded lenders worldwide out of nearly $700 million more than two decades ago.
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October 04, 2024
Former TUI Pilot Loses Health Insurance Employment Claim
A former TUI Airways Ltd. pilot did not have the right to receive permanent health insurance benefits until the state pension age of 66 because his contractual retirement age was 65, an employment tribunal has ruled.
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October 04, 2024
AXA Adds New Platform For Measuring Climate Risks
Consultancy AXA Climate has officially rolled out a platform to help industrial companies with strengthening their sustainability reporting requirements and measuring the effects of climate-related risks on their sites, expanding its climate offering to a wider range of organizations.
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October 11, 2024
Covington Adds Mishcon Insurance Litigation Pro In London
Covington & Burling LLP has hired a dispute specialist as a partner to its global insurance practice group in London to lead the firm's policyholder disputes practice.
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October 04, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen GMB Union sued by the makers of Tetley Tea after a staff walkout in September, boxer Mike Tyson hit with legal action from a marketing company and the Met Police face a misuse of private data claim from a woman who had a relationship with an undercover police officer. Here, Law360 looks at these and other new claims in the U.K.
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October 04, 2024
Injury Claims Made Through Irish Board Rose 10% In 2023
Personal injury claims made to the Irish government grew 9.8% in 2023 over the previous year, the Injuries Resolution Board said Friday, citing a rise in road traffic accident claims.
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October 03, 2024
Putin Seized Planes In Political Act, Insurers Say At UK Trial
A group of aviation insurers are fighting to limit potential payouts for aircraft stranded in Russia, telling a London court on Thursday that orders from Russian President Vladimir Putin kept hundreds of Western-owned planes from being returned to their lessors in a political act after sanctions were imposed.
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October 03, 2024
New UK Anti-Fraud Law Could Fuel Prosecution Of Individuals
The new "failure to prevent fraud" offense that is likely to take effect in 2025 was written to target large companies that do not have internal controls to prevent such crime, but lawyers are warning clients that bosses will be expected to help pursue individual fraudsters
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October 03, 2024
Pension Co. Expects Greater Investment Plan Detail In Budget
More detail on how the British government plans to generate greater investment from the £800 billion ($1.05 trillion) defined contribution sector into the economy seems "highly likely" to feature in the upcoming autumn Budget, PensionBee has said.
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October 03, 2024
Herbert Smith-Led WTW Buys Stake In Wealth Manager
Insurance group Willis Towers Watson PLC said Thursday that it has acquired a minority stake in U.K. wealth manager Atomos, following an alliance between the companies since 2022.
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October 03, 2024
EU Finance Bodies Seek Clarity On Cybersecurity Compliance
Financial trade bodies across the European Union have urged regulators to clarify critical requirements under the Digital Operational Resilience Act, which is set to come into effect in January, saying they are not clear on how the cybersecurity legislation applies to them.
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October 02, 2024
UK To Give Banks New Powers To Combat Fraudsters
The U.K. government said Thursday it is introducing new laws enabling banks to extend investigations of suspected fraudulent payments.
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October 02, 2024
Parliamentary Ombudsman Probes Pensions Injustice
The independent complaints body for government departments has launched an inquiry into historical injustices in state pensions that could lead to hundreds of millions of pounds being paid out in compensation to women who were affected, a consultancy said Thursday.
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October 02, 2024
'Petsure' Name Infringes 'Vetsure' TM, Appeals Court Says
A pet insurance company has convinced an appeals court that shoppers would likely confuse its "Vetsure" trademark with its rival's "Petsure" name, given the conceptual similarity between the two.
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October 02, 2024
AerCap Battles Insurers Over Stranded Jets As Trial Begins
There is "no scope" for major insurers to refuse billion-dollar claims for planes seized by Russian airlines, lawyers for major lessor Aercap told the High Court on Wednesday on the first day of a trial that is likely to be a test case for other claims.
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October 02, 2024
Hogan Lovells Leads Royal London's 1st £30M Pension Deal
The Royal London Mutual Insurance Society Ltd. completed its first full scheme buy-in with the £30 million ($39.8 million) acquisition of The Retreat York Pension Scheme in a deal guided by Hogan Lovells and Wrigleys Solicitors, its adviser K3 Advisory said Wednesday.
Expert Analysis
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Preparing For EU's Pay Gap Reporting Directive
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.
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Has The Liberalization Of Legal Services Achieved Its Aims?
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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5 Gen X Characteristics That Can Boost Legal Leadership
As Generation X attorneys rise to fill top roles in law firms and corporations left by retiring baby boomers, they should embrace generational characteristics that will allow them to become better legal leaders, says Meredith Kahan at Whiteford Taylor.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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What Slovak Labor Code Changes Will Mean For Employers
With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.
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An ICO Reminder On Managing Subject Access Requests
Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.
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Opinion
Increasing Law Firm Polarization Will Degrade Rule Of Law
As evidenced in recent instances of law firms separating from attorneys who represented certain industries or espoused certain views, firms and the legal practice itself have grown troublingly polarized and intolerant of dissent, says Rebecca Roiphe at New York Law School.
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The FTX Fallout So Far And What May Come Next
While the downfall of FTX is likely to cause substantial losses and lead to extensive litigation, it will hopefully precipitate a renewed focus on regulating the crypto market in a responsible way that gives more protection to consumers, says Dan Wyatt at RPC.
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Hard Insurance Market Will Influence Legal Industry, Economy
As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.
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Digital Nomads: Key Considerations For Global Businesses
As employers and employees embrace remote, location-independent work arrangements enabled by technology, they must be mindful of the employment law and tax consequences such arrangements may trigger, say Hannah Wilkins and Audrey Elliott at Eversheds Sutherland.
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New License Eases Sanctioned Clients' Legal Fee Payments
The general license recently issued by the U.K. Office of Financial Sanctions Implementation permitting the payment of legal fees owed by a sanctioned company or individual will potentially reduce the agency's backlog and is welcome news for both lawyers and OFSI staff, say Zulfi Meerza and Syed Rahman at Rahman Ravelli.
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Preparation Is Key To Businesses Minimizing Cyber Breaches
A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.
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UK Policyholders Can Expect Better COVID Claims Handling
The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.
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A Recovery Option For Lenders With Planes Stuck In Russia
For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.
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Series
My Favorite Law Prof: How I Learned To Argue Open-Mindedly
Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.