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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.
October 11, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen billionaire Lakshmi Mittal sue steel magnate Sanjeev Gupta in a long-running clash to claw back €140 million of debt, a high-profile AI researcher take action against the Intellectual Property Office to register his software as a listed patent inventor and troubled housing trust Home Reit face a claim by a real estate developer. Here, Law360 looks at these and other new claims in the U.K.
October 11, 2024
Pension Boss Wins £25K Over Firing For Company Card Use

An ex-director of the Canada Pension Plan Investment Board has won £25,000 ($32,700) at a tribunal after the fund sacked him for using his corporate credit card for vacation expenses after his personal card was stolen.
October 11, 2024
Linklaters Guides £145M Pension Deal For Church Of England

The Church of England Pensions Board said it has closed a £145 million ($190 million) pensions risk transfer transaction with Aviva, securing the benefits of the retirements savings plan's members.
October 11, 2024
Market Abuse Behind Majority Of €71M EU Fines

The European Union's markets authority said Friday the bloc's national regulators issued fines totaling €71.3 million ($93.2 million) in 2023 as they doubled down their efforts to curb insider trading and market manipulation.
October 11, 2024
Retirement Savings Consultancy Isio Buys Pension Broker

Isio Group Ltd. said Friday that it has inked a deal to buy pensions specialist K3 Advisory Ltd., which it expects will enhance its business amid "strong demand" for transactions in the retirement savings sector.
October 11, 2024
UK Insurer Saga In Talks Over £140M 20-Year Deal With Ageas

Travel and insurance company Saga PLC confirmed Friday that it was in "exclusive negotiations" with Ageas over a two-decade partnership, as well as the sale of its underwriting unit to the Belgian business.
October 10, 2024
Private Equity Behind Half Of UK Insurance Intermediary Deals

Private equity-backed transactions continue to dominate the mergers and acquisitions scene in Britain's insurance distribution sector, which could see a rise in transactions this month despite a quiet September, according to financial services advisory firm MarshBerry.
October 10, 2024
Howden Seeks To Move Part Of Aon Poaching Case To Brazil

Howden Group Thursday urged a court to stay parts of a claim by professional services firm Aon against the broker related to alleged staff poaching from Aon's Brazilian insurance business, saying the South American country is the right venue for the dispute.
October 10, 2024
Gupta Prosecuted Over Missing Accounts For 76 Companies

British businessman Sanjeev Gupta and four other executives in his industrial group face criminal charges over their alleged failure to file accounts for more than 70 listed companies, the U.K. corporate registry confirmed Thursday.
October 10, 2024
£300B Of Pension Assets Could Be Invested In UK, PwC Says

The largest pension funds in Britain could potentially invest up to £300 billion ($391 billion) into the U.K. economy, PwC said Thursday, after the sector logged a record funding surplus in September.
October 10, 2024
FCA Warns Of Rise In Market Abuse Through Regulated Firms

The Financial Conduct Authority has said it has seen a rise in potential market abuse from trading accounts administered by authorized companies working with overseas firms.
October 10, 2024
Pension Deals Market Expected To Finish Year Below £49B

The annual volume of pension deals completed in 2024 is set to close below the record of £49.1 billion ($64.2 billion) in 2023, Lane Clark & Peacock LLP has said, as the consultancy suggested the market is now at "cruising altitude."
October 10, 2024
Osborne Clarke Guides Purchase Of Broker DeadHappy

Estate planning company Octopus Legacy said Thursday that it has bought the technology assets of controversial defunct life insurance broker DeadHappy, in a deal steered by Osborne Clarke LLP.
October 09, 2024
Insurance Firm Keoghs Expands With Ireland Solicitors Deal

Insurance law firm Keoghs LLP said Wednesday it has expanded into Ireland with the acquisition of Dublin-based O'Brien Lynam Solicitors, in a deal steered by A&L Goodbody LLP and Addleshaw Goddard (Ireland) LLP.
October 09, 2024
£41.5M InvestAcc Group Pensions Biz Deal Finalized

London-headquartered InvestAcc Group Ltd, formerly Marwyn Acquisition Co. II Ltd., said Wednesday it has completed its £41.5 million ($54.3 million) acquisition of a pensions services provider in Carlise, North England, a move expected to bolster its retirement savings business.
October 09, 2024
Litigation Funder Sues After-The-Event Insurer For £61M

A legal loans company has sued an insurer for around £61.4 million ($80.3 million) over its alleged failure to pay out under a litigation funding arrangement.
October 09, 2024
Pinsent Masons Steers £1.5B Pension Deal For Michelin

Aviva said Wednesday it has taken on £1.5 billion ($1.96 billion) in pension liabilities from a scheme sponsored by tire giant Michelin in the largest bulk purchase annuity deal announced so far this year.
October 09, 2024
Gov't Warned Over National Insurance Levy On Pensions

About half of U.K. employers would scale back the amount they pay into staff pensions to regulatory minimums if a new tax was applied to contributions, according to a survey by a trade group published Wednesday.
October 08, 2024
Gov't Urged To Fix Britain's 'Inflexible' Savings System

The government should allow savers to draw on their pension early and use the money for a house deposit, Schroders said Tuesday, among a raft of proposals designed to boost financial resilience and improve Britain's "unusually inflexible" savings system.
October 08, 2024
Gov't Floats Expansion Of 'Collective' Pension Fund Rules

The government on Tuesday floated plans to create new pooled pension funds spanning multiple employers, which will have the financial firepower to invest in U.K. economic growth.
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.
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.
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.
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.
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.

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

A Look At UK, EU And US Cartel Enforcement Trends

The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
What Green Claims Directive Proposal Means For Businesses

With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
EU Reports Signal Greenwashing Focus For Financial Sector

Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
Embedding Consumer Duty: 6 Areas Firms Should Prioritize

The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
Insuring Lender's Baseball Bet Leads To Major League Dispute

In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.
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.