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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.
September 17, 2024
Ex-Plexus Lawyer Suspended For Misleading Client, Insurer

A former solicitor at Plexus Legal LLP, the now-defunct law firm, has been suspended after she filed a misleading witness statement at court and failed to disclose that a defense and counterclaim had been struck out, a London tribunal has ruled.
September 17, 2024
Competitiveness Outranks Climate In New EU Commission

European Commission President Ursula von der Leyen shifted her focus from climate change to boosting competitiveness as she proposed her team of commissioners for the next five-year mandate Tuesday, handing out key jobs covering everything from competition enforcement to trade policy.
September 17, 2024
Syensqo Transfers $485M of Pension Risk To Pacific Life, RBC

Belgian chemicals company Syensqo said Tuesday it has offloaded $485 million of its U.S. and Canadian pension liabilities through a bulk annuity deal with two insurers.
September 17, 2024
London Insurance Premiums Combined Total Clears £100B

The combined annual premium income for insurers on the London company market and Lloyd's of London syndicates cleared the £100 billion ($140 billion) barrier for the first time in 2023, according to a trade body for underwriters.
September 17, 2024
Lawyer Cleared Of Dishonesty Over Insurance Failure

A solicitor was cleared of dishonesty on Tuesday after he was accused of lying to his insurer to hide the acquisition by his company of another firm's work and staff after his insurer refused to offer cover for the change.
September 17, 2024
70% Of Insurance Underwriters Fear Replacement By AI

Seven out of 10 insurance underwriting professionals in the U.S. and U.K. fear losing their jobs within the next five years to artificial intelligence, a survey released Tuesday suggested, as the sector increasingly invests in new forms of automation.
September 17, 2024
Wealth Manager Brooks Macdonald To Buy Financial Planner

Brooks Macdonald Group said Tuesday that it will buy Lucas Fettes Financial Planning, a move the London-based wealth manager said it expects to widen its footprint in eastern England.
September 16, 2024
DLA Guides Software Biz Netcall On €8.7M Acquisition

Automation software business Netcall PLC said Monday it has bought Belgian document processing company Parble for €8.7 million ($9.7 million), advised by DLA Piper Belgium, a move it expects will bolster its presence outside the U.K.
September 16, 2024
French EU Commissioner Quits In Dispute With Von Der Leyen

France's candidate to serve as European Union commissioner for the next five-year mandate resigned abruptly Monday, accusing commission President Ursula von der Leyen of "questionable governance" and of asking France to replace him.
September 16, 2024
Finnish Insurer Boosts Buyback To €475M, Extends End Date

Sampo PLC said Monday that it will raise its €400 million ($445 million) share buyback program by €75 million, as the Finnish insurer moves to acquire all the stock it does not already hold in Danish rival Topdanmark AS.
September 16, 2024
Insurer Phoenix Group Cancels Plan To Sell SunLife

Phoenix Group Holdings PLC said Monday that it has decided to call off the proposed sale of SunLife Ltd. months after it decided to sell the unit, which provides financial services to over 50s in the U.K.
September 16, 2024
Finance Adviser City & Merchant Enters Liquidation After Ban

The Financial Conduct Authority confirmed Friday that London-based finance adviser City & Merchant Ltd. entered liquidation Sept. 11, months after the watchdog banned it from conducting any regulated activities and cited "serious concerns" around its business.
September 16, 2024
Kennedys Adds 2 Knowledge Management Pros In London

Kennedys said on Monday it has boosted its back-office technology and knowledge management teams with the hire of two experienced experts in legal procedures and practices and IT.
September 16, 2024
Global IT Outage Could 'Create New Types' Of Cyber-Cover

Global IT disruption caused this summer by a botched update to CrowdStrike, the technology platform, might fuel calls for a more comprehensive form of cyber-cover, a financial consultancy said Monday, after businesses met with little success when they claimed on their policies.
September 16, 2024
7 Million UK Private Sector Workers Facing Pensions Crisis

The retirement incomes of 40% of employees in the private sector are on track to fail to provide sufficient money to give them a decent standard of living, a report by a think tank said Monday.
September 16, 2024
Law Firm Director Dishonestly Misled Insurer, SRA Says

The solicitors' watchdog told a disciplinary tribunal on Monday that a law firm director had dishonestly concealed the fact that his company had acquired another firm's work and staff after his insurer declined to offer cover for the change.
September 13, 2024
EU Actors Lobby Hard For Top Jobs in New Commission

European Union lawmakers and national governments are lobbying intensely to pull top jobs and policy their way as the new European Commission is formed for the next five years.
September 13, 2024
Kennedys Hires Cyber, AI Pro From Addleshaw In London

Kennedys Law LLP has recruited a data protection, cybersecurity and artificial intelligence specialist from Addleshaw Goddard LLP as a partner in London, with the new arrival saying Friday she made the switch to take advantage of the firm's global reach.
September 13, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen a football agent sue Chelsea FC after being cleared of allegations he threatened the club’s former director, an ongoing patent dispute between Amgen and Regeneron Pharmaceuticals, and a private school in Edinburgh suing Riverstone Insurance over compensation claims tied to historical abuse allegations made by former pupils. Here, Law360 looks at these and other new claims in the U.K.
September 13, 2024
Freeths Hires McNulty As Pensions Director In London

Freeths LLP has appointed Sean McNulty, a former legal director at Blake Morgan as a pensions director in its London office, a move it believes will bolster its retirement income business.
September 13, 2024
UK Pensions Lifeboat Sets £100M Levy Amid Calls For Change

Britain's pensions protection body has said that it is likely to maintain its £100 million ($131 million) levy on the sector for the next financial year, as analysts call for legislative change that would allow the redress program to lower it further.
September 13, 2024
FCA Faces Pressure Over Pricey Monthly Insurance Premiums

A consumer advocacy group urged the British financial regulator on Friday to step in after it found that insurers were still charging up to 45% in interest for consumers who choose monthly payment plans for their annual premiums.
September 13, 2024
Brokers Seek Insurance Tax Cut In Budget For At-Risk Housing

A trade body for insurance brokers has urged the U.K. government to exempt policyholders in apartment buildings with flammable cladding from a tax on premiums, as it seeks to avoid a jump in the price of cover.
September 12, 2024
Pensions Watchdog To Focus More On Investment Strategies

Britain's retirement savings watchdog has said it will be "stepping up" its focus on investment strategies to try to ensure pension schemes deliver the best possible results for savers.
September 12, 2024
Lawmakers Urged To Reopen UK Whiplash Injury Portal Probe

A trade body for personal injury firms has called for MPs to reopen a parliamentary inquiry into the impact on claimants of a new online portal for insurance compensation for whiplash injuries to the neck.

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.