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Insurance UK
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September 06, 2024
Companies Failing To Oversee Reps Properly, FCA Finds
The Financial Conduct Authority warned Friday that firms are failing to properly oversee the agents that carry on regulated activities for them without having to be individually authorized.
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September 06, 2024
Pensions Campaigners Say Gov't Meeting 'Start Of Something'
The chair of a campaign group working to secure compensation for women after the government failed to tell them that their retirement age had changed said Friday that its first meeting with the pensions minister was "the start of something."
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September 06, 2024
British Savers Urged To Track Down Lost Pension Pots
British insurers urged U.K. savers on Friday to take action and track down their lost pension pots in a new campaign aimed at raising awareness about planning for retirement.
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September 06, 2024
ExCeL Wins Landmark £16M COVID Biz Insurance Test Case
An English appeals court agreed with London's ExCeL exhibition center and other policyholders on Friday that national lockdowns during the COVID-19 pandemic triggered "at the premises" clauses in their insurance policies in a test case likely to bolster thousands of other claims.
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September 05, 2024
FCA Boasts Accelerated Authorizations For Firms
The Financial Conduct Authority said Thursday in its 2023-2024 annual report that it has significantly improved its authorization process, but has missed some targets in relation to processing applications of payments firms.
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September 05, 2024
'Act Now' On Dashboard Prep, Pensions Watchdog Warns
Pension scheme trustees should "act now" to be ready for the long-awaited government project designed to connect workers with lost pots and avoid enforcement action for failing to meet their duties, The Pensions Regulator warned Thursday.
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September 05, 2024
Gov't Consults On Plans For Pension Market Consolidation
The U.K. government is seeking feedback on the potential benefits and risks for pension savers and the economy if the pension market becomes more consolidated with larger schemes managing more assets.
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September 05, 2024
Surge In Pension Deal Demand Expected In 2nd Half Of 2024
There is likely to be a record number of transactions in the U.K. pensions market in 2024, according to a study published Thursday by accounting giant PwC, despite what many have described as a slower start to the year.
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September 05, 2024
FRC Warns Against Misuse Of Offsetting Financial Data
Companies that record a gain which nullifies the effect of its entry into their balance sheets — a practice known as offsetting — have caused "material errors" in their financial statements, Britain's accounting watchdog said Thursday.
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September 04, 2024
Pension Pot Needs For 'Basic' Retirement Rose 60% In 3 Years
Pensioners need 60% more retirement savings to meet basic costs compared to just three years ago, according to a think tank's research published Wednesday.
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September 04, 2024
Gov't Flood Plan Shortcomings Risk Coverage, Scheme Warns
Britain's state-backed flood reinsurance scheme warned Wednesday that a lack of transparency and consistency in the planning system around flood mitigation is threatening the insurance sector's ability to insure new properties against flooding risk.
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September 11, 2024
Hausfeld Snaps Up Litigation Pro From Covington In London
Hausfeld LLP has hired a partner from Covington & Burling LLP in London to boost its profile in commercial disputes, after its office in the U.K. capital recently underwent changes in leadership.
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September 04, 2024
Broker Clear Buys 4th Specialist Underwriter
Insurance broker Clear has acquired specialist underwriter Accelerate Underwriting for an undisclosed amount to grow its managing general agent capabilities.
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September 04, 2024
Grenfell Disaster Charges May Come In 2026, CPS Says
London's police force said Wednesday it expects to provide evidence of possible criminal wrongdoing over the deadly Grenfell Tower fire in 2017 to prosecutors in 2026, after a long-running public inquiry into the causes of the disaster published its final report.
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September 04, 2024
Cap On Push-Payment Fraud Payouts To Plummet To £85K
The payments watchdog said Wednesday that it plans to cut the cap on compulsory reimbursement by companies of authorized push payment fraud from £415,000 ($546,000) to £85,000.
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September 04, 2024
Sackers, HSF Guide £1.3B Coats UK Pension Insurance Deal
British textiles manufacturer Coats Group PLC said Wednesday that it has offloaded its retirement savings plan liabilities to Pension Insurance Corp. in a deal worth up to £1.3 billion ($1.7 billion), steered by Sacker & Partners LLP and Herbert Smith Freehills LLP.
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September 03, 2024
Vet Gets Suspended Sentence For Allianz Pet Insurance Fraud
A crown court handed a veterinary nurse from West Sussex a suspended sentence after she admitted to making over £13,000 ($17,000) worth of fraudulent insurance claims from Allianz subsidiaries for her pets using the systems at her workplace.
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September 03, 2024
Norton Rose Hires Insurance Pro From Eversheds Sutherland
Norton Rose Fulbright said Tuesday that it has hired an insurance specialist as a partner from Eversheds Sutherland to boost its strengths representing companies in the sector on corporate and regulatory matters.
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September 03, 2024
Pensions Reform Could Fuel £200K Savings Boost
The government could boost the long-term savings of workers by £217,000 ($285,000) per person by increasing minimum pension contributions, an insurer said, as the U.K. wrestles with the prospect of a retirement savings crisis.
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September 03, 2024
Nearly Half Of Employers Advertise Legal Rights As 'Perks'
Nearly half of U.K. employers promoted legal entitlements such as pensions and sick pay as perks in job advertisements in August, according to research published on Tuesday.
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September 03, 2024
Half Of Women Unsure They Will Have Enough For Retirement
More than half of women in Britain do not believe they will have enough money to support their income in retirement, findings by an investment management company suggest, amid concerns over the gender pension gap.
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September 03, 2024
Pay To Play: The 2-Tier Legal Route For Crypto-Fraud Victims
More people are falling victim to cryptocurrency scams, but their options for recovering money are few and expensive, which creates a two-tier approach — one for those who have the means to pay lawyers and consultants and another for those who don't.
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September 02, 2024
SRA Rebukes Solicitor For Trading Without Insurance
The Solicitors Regulation Authority said Monday that it has rebuked a lawyer for operating without professional indemnity insurance and had failed to close his firm before the expiration of run-off cover.
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September 02, 2024
Greensill, Gupta Deny Conspiracy In Zurich Insurance Row
Financier Lex Greensill and steel magnate Sanjeev Gupta have denied conspiring to deceive underwriters at insurance giant Zurich over allegedly fake debts, amid a $400 million court battle in London over trade credit insurance.
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September 02, 2024
UK Underwriter Dual Buys Specialist Travel Insurance Co.
Underwriter Dual UK said Monday that it has acquired International Passenger Protection, a managing general agency, as it plots further expansion into the travel insurance sector.
Expert Analysis
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.
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2 Perspectives On Navigating The Litigation Funding Process
Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.
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Answers To Key Legal Finance Ethics Questions
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
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Competing Legal Factors Vex Insurance Arbitration Disputes
The Fifth Circuit ruled in May that international arbitration policy trumped state insurance law in McDonnel Group v. Great Lakes Insurance. But the courts have been inconsistent in applying conformity-to-statute clauses, the McCarran-Ferguson Act and a related U.S. treaty in the battle between federal preemption and state reverse preemption, says Gilbert Samberg at Mintz.
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Cannabis Investors Should Beware Money Laundering Risk
Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.
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Real-Life Lessons For Lawyers From 'Game Of Thrones'
What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.
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UK Firms Should Be Prepared For Government Raids
Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.
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Series
Why I Became A Lawyer: Completing The Journey Home
My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.
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3 Insurance Issues Raised By The Notre Dame Cathedral Fire
The devastating Notre Dame Cathedral fire provides a rare opportunity to consider the many unique factors that owners and insurers must consider when insuring national treasures, say attorneys at Zelle.
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Where The Post-Libor Litigation Tsunami Will Hit
The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.
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Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant
The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.