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Insurance UK
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May 21, 2024
Finance Pros 'Too Afraid' To Blow Whistle On Fraud
More than three-quarters of finance professionals in the U.K. stayed silent after spotting or suspecting internal fraud in their workplaces, a survey published on Tuesday showed, with nearly half saying they feared a backlash.
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May 21, 2024
UK Pension Reform Could Create 'Too Big To Fail' Providers
The proposed government fix for the spiraling number of retirement savings pots could create pension giants that are too big to fail, an industry body warned on Tuesday.
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May 21, 2024
Ex-Insurance Exec's Wife Denies Knowledge Of Illegal Money
The wife of a former executive at Gable Insurance has denied cashing in on unauthorized payments from her husband who, the Liechtenstein insurer alleges, siphoned off millions of pounds from the company to accounts he had links to.
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May 21, 2024
Investor Launches Property JV With USS Pension Scheme
Real estate investor Assura PLC said on Tuesday it has agreed to a £250 million ($318 million) joint venture with the U.K.'s largest private pension scheme to support investment in National Health Service buildings for community care services.
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May 21, 2024
Freshfields Helps Warburg Pincus Buy Insurance Intermediary
Private equity giant Warburg Pincus and Temasek of Singapore will buy Specialist Risk Group, a London-headquartered company that has brokered more than £1 billion ($1.3 billion) worth of insurance risk, the companies said on Tuesday.
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May 20, 2024
Lessors File Russia-Stranded Planes Cases After Major Ruling
Two aircraft lessors have filed details of claims against insurers in London for a combined total of $62.1 million over planes stranded in Russia because of the invasion of Ukraine after a landmark ruling tossed attempts to move the cases and others to Russia.
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May 20, 2024
Watchdog Finds Pensions Minister Broke Rules On Expenses
Paul Maynard, the pensions minister, broke parliamentary rules on expenses when he failed to properly manage the use of his taxpayer-funded office for political campaigning, a standards body has ruled.
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May 20, 2024
UK Leads Europe In Financial Services Investment, EY Says
The U.K. has solidified its position as Europe's top destination for foreign direct investment in financial services as it attracted 108 investment projects in 2023 compared to 76 a year earlier, the Big Four accounting firm EY said Monday.
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May 20, 2024
Step Up Action On Financial Abuse, FCA Tells Firms
The Financial Conduct Authority has called on regulated firms to take further steps to stop financial abuse of individuals through manipulation of banking or insurance products as it looks through the lens of the Consumer Duty.
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May 20, 2024
Pension Funds Under-Investing In UK Assets, Minister Warns
Pension schemes are not investing enough in Britain, a Treasury minister has warned, adding that the government will consider what "further action" is necessary to stimulate the capital injection that lawmakers want for the economy.
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May 17, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.
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May 17, 2024
Pensioners Lose £80M In Credit Over Submission Errors
The Department for Work and Pensions has said that retirees lost out on £80 million ($102 million) in payments to help top up their weekly income to a minimum level because they submitted inaccurate information about themselves in the last financial year.
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May 17, 2024
Insurers Seek Exclusion From EU Late Payment Rules
European insurers have called for their exclusion from the Late Payment Regulation proposed by the European Commission that would fix a single shorter payment period, warning that it ignores how insurance works.
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May 17, 2024
FCA Sets Out Consumer Duty Priorities For Closed Products
The Financial Conduct Authority has sent "Dear CEO" letters to multiple financial service firms, setting out its priorities for the July deadline to apply the Consumer Duty guidelines to closed-off products such as old savings accounts or insurance policies.
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May 17, 2024
ABN Amro To Sell Stake In Life Insurance JV Neuflize Vie
BN Amro Bank NV said Friday that its Neuflize OBC French private bank branch has entered "exclusive negotiations" to sell the unit to the insurance subsidiary of BNP Paribas SA to form a strategic partnership in life insurance in France.
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May 17, 2024
Asset Manager Alpha Growth To Buy Insurance Manager
British wealth manager Alpha Growth PLC said Friday that it will buy Guernsey-based insurance management company Jeometri for £450,000 ($569,000) to help it grow its insurance offering across the U.K.
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May 17, 2024
FCA To Weigh 'Sensitive, Emotive Issue' Of Probes Policy
The Financial Conduct Authority has said it "will take time" to consider widespread concerns over its proposals to identify companies or individuals under investigation after lawyers said the move could damage careers.
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May 16, 2024
Pension Scheme Profit Warnings Ease In First Quarter
The number of profit warnings issued by U.K.-listed companies with defined benefit pension schemes fell to 18 in the first quarter of this year, compared to 22 in the last three months of 2023, according to research published on Thursday by EY-Parthenon.
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May 16, 2024
Insurance Brokers Call For 'Breath' Amid Rising Regulation
Increasingly demanding regulation from the Financial Conduct Authority is hampering insurance brokers and unnecessarily overlaps with preexisting practices the industry already follows, a trade body for the sector has said.
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May 16, 2024
MPs Call For Redress Program For State Pension Errors
Lawmakers have urged the government to draw up plans by this summer for a redress scheme for retirement-age women who were short-changed on their state pensions.
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May 16, 2024
Average Pension Pot Value Plummets 66% Since 2012
The average value of a defined contribution retirement savings pot has plunged by 66% in just over a decade, official figures revealed Thursday, as experts warned there was a risk of employers becoming stingier with pension benefits.
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May 16, 2024
Nationwide Cited For Compliance Breaches In PPI Market
The competition watchdog said on Thursday it has written to Nationwide Building Society, telling the lender that it had breached the rules by giving clients incorrect information about insurance covering mortgage repayments.
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May 15, 2024
Baker McKenzie Guides £28M Pension Deal For Pharma Co.
Canada Life has insured the retirement savings plans of more than 300 members of the U.K. subsidiary of Dutch pharmaceutical company Norgine Ltd. in a full buy-in transaction of £28 million ($35 million), with the deal guided by Baker McKenzie.
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May 15, 2024
FCA Charges 3 For Alleged £8M Pension Fraud
The Financial Conduct Authority said Wednesday it has charged three consultants over an alleged fraudulent investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.
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May 15, 2024
EU Insurers Press Commission On Priorities For Capital Rules
European insurers have warned the executive arm of the bloc that implementation of agreed changes to the Solvency II rules must accord with its goals on climate change and increasing competitiveness.
Expert Analysis
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UK Group Data Breach Claims Pose Big Financial Risks
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.
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What To Expect During The Brexit Transition Period
While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.
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Opinion
Legal Prediction Is Demanding But Not Impossible
The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.
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Surefire Marketing Methods To Build Your Legal Practice
Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.
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Mandatory Mediation May Lie Ahead For England And Wales
The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.
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Key Risks And Developments For UK Law Firm Culture In 2020
In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.
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Cos. Can Start Preparing Now For Immigration Beyond Brexit
Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.
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#MeToo Pressure On UK Businesses Is Set To Rise
Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.
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Opinion
UK's Insurer Investigations May Not Help Policyholders
The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.
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The Outlook For Autonomous Vehicles In The UK And US
As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.
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Brexit's Impact On London As A Top Int'l Arbitration Seat
Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.
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Post-Brexit UK Likely To Conform With EU On Human Rights
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.