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Snap July 4 Election Leaves Pension Reform In Disarray

The government's decision to call a snap general election for July 4 has left the U.K.'s pension sector in limbo, experts say, with uncertainty over whether the next administration will continue with an ambitious reform program.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
August 13, 2024
Oil Co. Denies Breaching Terms Of Shell Asphalt Deal

A Greek oil business has hit back against a $3.7 million claim by Shell over a soured asphalt cargo sale, arguing it did not breach the terms of the deal by delivering a different product than specified.
August 13, 2024
UK Riots Likely To Cost Insurers Less Than £250M

The insurance sector will probably suffer total losses of less than £250 million ($320 million) from anti-immigration riots that swept the U.K. last week, experts said Tuesday.
August 13, 2024
UK Regulators Mull Digital Reporting Future Outside EU

Britain's accounting watchdog on Tuesday proposed a number of potential reforms for the future of digital reporting in the U.K., amid recent legislative changes after the country's departure from the European Union.
August 13, 2024
Stranding Of Planes Was A Commercial Decision, Insurer Says

Fidelis Underwriting Ltd. has said it is not liable for almost $45 million being claimed by an Irish aircraft operating company to cover the loss of planes stranded in Russia because it was a commercial decision by the operator to retain the aircraft.
August 13, 2024
UK Wage Data Likely To Fuel Next State Pension Increase

The state pension might rise next year in line with earnings growth rather than inflation, experts said Tuesday, after official figures revealed a 4.5% increase in the U.K. average salary.
August 13, 2024
Linklaters-Led Fund Buys Blackstone JV Homes For £405M

Britain's biggest private pension fund said on Tuesday that it has acquired 3,000 shared-ownership homes from a joint venture that is majority-owned by Blackstone Inc. for £405 million ($518 million).
August 12, 2024
FRC Sees Too Many Cos. Using 'Boilerplate' Wates Filings

The Financial Reporting Council said Monday that 30% of large private firms favor the Wates corporate governance principles for filing company reports, but many companies still need to improve their disclosures.
August 12, 2024
EU Watchdog Warned Of Crypto Risk For Retail Funds

Fund managers warned the European Union markets regulator Monday that there is no consensus on how to value crypto-assets, in a consultation on whether such products should be accessible to retail funds.
August 12, 2024
Pay Riot Damage Claims Quickly, Gov't Urges UK Insurers

The insurance sector should quickly pay compensation to small companies affected by the anti-immigrant riots that have swept the country this month, the business secretary said on Monday.
August 12, 2024
UK Pensions Body Calls For Reform For Investment Plan

The government should consider introducing planning reform and tax incentives to encourage pensions providers to invest more in U.K. assets, a trade body said on Monday, as the new administration considers how to tap into the sector to fuel a national economic recovery.

Editor's Picks

Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums

Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
FCA Begins Crackdown On Poor-Value Insurance Products

The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
Post-Election UK Pension Changes Could Be In The Fine Print

Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.

Expert Analysis

What Steps Businesses Can Take After CrowdStrike Failure

Following last month’s global Microsoft platform outage caused by CrowdStrike’s failed security software update, businesses can expect complex disputes over liability resulting from multilayered agreements and should look to their various insurance policies for cover despite losses not stemming from a cyberattack, says Daniel Healy at Brown Rudnick.
What To Expect From Labour's Pension Schemes Bill

The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
What EU Opinion May Mean For ESG Product Classification

The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
Insurance Rulings Show Court Hesitancy To Fix Policy Errors

Two recent Court of Appeal insurance decisions highlight that policyholders can only overcome policy drafting errors and claim coverage if there is a very obvious mistake, emphasizing courts' reluctance to rewrite contract terms that are capable of enforcement, says Aaron Le Marquer at Stewarts.
EU Investment Fund Standards Offer Welcome Clarity

The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
10 Ways To Manage AI Risks In Service Contracts

With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.
Unpacking The New Concept Of 'Trading Misfeasance'

In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
Key Takeaways From Proposed EU Anticorruption Directive

The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
Tips For Implementing EU Sustainability Reporting Guidance

Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
Why Ukraine Aircraft Insurance Case Failed To Take Off In UK

In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.
What New UK Labour Gov't Is Planning For Financial Services

Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
Why Reperforming Loan Securitization In UK And EU May Rise

The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.
Exploring The EU's Draft Standards On Crypto Authorization

The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
How FCA Guidance Aligns With Global Cyberattack Measures

The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.
EU Anti-Greenwashing Guide Analyzed For Fund Managers

Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.