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Insurance UK
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January 17, 2025
FCA Vows Regulatory Review As Gov't Pushes Growth Agenda
The Financial Conduct Authority said Friday it will strip back reporting requirements and overlapping regulation in a bid to reduce the burden on firms, after the government urged U.K. regulators to come up with ideas on how to boost economic growth.
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January 17, 2025
FCA Urged To Act Against High Insurance Claim Rejections
Britain's financial watchdog must step in to protect customers from unfair claims handling practices by insurers that feature high rejection rates, according to a consumer advocacy group.
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January 17, 2025
MPs To Quiz Women's Pension Campaigners Over Redress
Campaigners who fought for women to be compensated for historical state failures to tell them that their retirement age had changed will testify to lawmakers for the first time since the government decided against launching a redress scheme.
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January 16, 2025
Ardian Lands $30B For Historic Secondaries Investment Fund
Private equity shop Ardian has clinched its ninth secondaries fund after amassing $30 billion of investor commitments, making it the largest ever secondaries fund to close globally to date, according to a Thursday statement.
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January 16, 2025
Insurance Brokers Call For Reduced Regulatory Burden
A trade body for insurance brokers has called for a regulatory overhaul to reduce the burden on the sector and bolster international competitiveness.
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January 16, 2025
Local Gov't Pension Reform Puts £400B At Risk, Funds Warn
The government's plans to consolidate public sector pension schemes could set off a chain of unintended consequences that could jeopardize up to £400 billion ($488 billion) in assets, fund managers warned Thursday.
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January 16, 2025
Pivotal Growth Buys Northern Ireland Insurance Broker
Pivotal Growth Ltd. said on Thursday it has acquired insurance broker Business Protection Solutions Ltd., as the U.K. mortgage adviser eyes expansion into Northern Ireland and entry into a new specialist market.
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January 16, 2025
UK Property Insurance Claims Highest Since 2007
Property insurance claims in the U.K. are expected to reach £5.5 billion ($6.7 billion) for 2024, the highest level since 2007 when insured flood losses reached £3 billion, according to Deloitte Touche Tohmatsu Ltd.
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January 15, 2025
Gov't Consolidation Pension Plans 'Need Far More Detail'
Proposals from the government to consolidate defined contribution pensions schemes to drum up more investment in the U.K. "need far more detail" if they are to be effective, Broadstone has said.
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January 15, 2025
Motor Insurer Could Get £100M Boost From Rate Change
Admiral, the largest motor insurer in the U.K., could get a £100 million ($123 million) bounce because of a change to the formula for calculating life-changing injury claims, analysts said Wednesday.
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January 15, 2025
FCA Warns More Firms Are Avoiding Redress Obligations
The Financial Services Authority has warned that financial firms are increasingly trying to avoid compensating consumers for poor advice or products while they benefit from the assets of the business.
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January 15, 2025
Torsten Bell Appointed Britain's New Pensions Minister
The government has appointed Torsten Bell, the former boss of a think tank, as the new minister for pensions, replacing Emma Reynolds, who now becomes economic secretary to the Treasury following the resignation of Tulip Siddiq.
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January 15, 2025
Eversheds Helps Switch On Lighting Biz's £24M Pensions Deal
Pension Insurance Corp. PLC said on Wednesday that it has taken on retirement savings liabilities valued at £24 million ($29.3 million) from a plan sponsored by a British lighting business in a deal steered by Eversheds Sutherland and CMS.
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January 14, 2025
Charities Advised To Prep For New Pension Funding Regime
U.K. charities with a defined benefit pension scheme should proactively work on a strategy for their plan in line with the recently introduced funding regime for the sector to avoid potential calls for higher retirement savings contributions, Lane Clark & Peacock LLP has said.
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January 14, 2025
Pensions Watchdog Could Play Role In Gov't Growth Agenda
The Pensions Regulator could play a leading role in enabling the retirement savings sector to have a greater role in the recovery of the U.K. economy, a consultancy has said.
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January 14, 2025
Darag Buys Loss Portfolio Of Troubled Insurtech Wefox
Insurance company Darag Group said Tuesday it has purchased a run-off portfolio of business from distressed German insurtech giant Wefox Insurance AG.
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January 14, 2025
Financial Standard Setter Calls For Harmonized Climate Plans
A global standards setter called on Tuesday for greater standardization of climate transition plans among financial firms to help regulators assess the risk to stability in markets.
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January 14, 2025
UK Pension Consolidation Plans Spark Pushback From Sector
Government proposals to push for the consolidation of defined contribution pension schemes into master trusts risk stifling innovation and is the wrong area of choice to support its ambition to drive economic growth, experts have warned.
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January 13, 2025
Fla. Court OKs $6B Settlement Data Release In 3M's UK Case
A Florida federal court has authorized the release of certain information related to 3M's $6 billion multidistrict litigation settlement ending claims over allegedly faulty combat earplugs to a London arbitral tribunal, which was convened to determine if insurer AIG Europe Ltd. is refusing to pay its share of the deal.
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January 13, 2025
Gov't To Make Pension Fund Clearing Exemption Permanent
The U.K. government said it will push through regulation to ensure that an exemption on pension funds having to clear certain kinds of derivatives will not expire this year.
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January 13, 2025
BoE 2025 Pension Deal Focus Dubbed A 'Reassurance'
The Prudential Regulation Authority's continued focus on the bulk purchase annuity sector is a positive step in light of the rapid increase in pension deals over recent years, Lane Clark & Peacock LLP said.
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January 13, 2025
UK Unveils Blueprint To Become AI World Leader
The government unveiled Monday an ambitious blueprint to make Britain a world leader in artificial intelligence to benefit financial services and other sectors, supported by pro-growth regulation.
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January 13, 2025
Credit Reference Firms Urged To Up Game On Cyberattacks
The financial watchdog has told credit reference agencies and information providers to prevent cyberattacks better than they do now because they face potential digital threats as they accumulate more data.
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January 20, 2025
Clyde & Co. Lands Plane Insurance Pro From Kennedys
An insurance specialist has returned to Clyde & Co., joining its aviation liability practice as a partner in London as the law firm looks to bolster its firepower and support its clients' complex and evolving needs.
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January 13, 2025
Gallagher Settles £15M Koko Venue Negligence Claim
The owner of London music venue Koko reached a settlement in its £15 million ($18 million) case against Arthur J. Gallagher on the first day of a trial in London on Monday, ending its claim that the insurer-broker failed to ensure it had cover for a fire.
Expert Analysis
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The Evolution Of GDPR Enforcement Across The EU
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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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.