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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.
July 17, 2024
Labour Revives Arbitration Bill To Reform £2.5B Industry

The U.K. will introduce a new Arbitration Bill reviving legislation shelved in the runup to the election as part of plans to support the country's position as an international center for dispute resolution, the government said in the King's Speech on Wednesday.
July 17, 2024
UK Gov't Moves Ahead With Accounting Reform Bill

The new Labour Government said on Wednesday that it will push ahead with draft legislation to toughen up regulation of auditors to help to reduce the risk of corporate failures.
July 17, 2024
EU Financial Watchdogs Set Up Cyber-Risk Info Exchange

European Union financial watchdogs said Wednesday that they will establish a framework for authorities in the bloc and international bodies to share information on cyberthreats and incidents that pose a risk to financial stability.
July 17, 2024
Gov't Plans Pensions Bill To Consolidate Retirement Savings

The new Labour government said on Wednesday that it will introduce a new Pensions Schemes Bill that aims to consolidate the cluttered retirement savings sector.
July 17, 2024
'Third-Way' Pension Plans 50% Better Than Normal Schemes

The launch of new collection pension plans could be a "game changer" for Britons not saving enough for their retirement, a consultancy has said, finding that benefits could be 50% greater than they would otherwise receive from standard private sector schemes.
July 17, 2024
Allianz Bids $1.6B For Singapore's Income Insurance

Allianz SE said on Wednesday it has made an all-cash offer to buy a majority stake in Singapore-based insurer Income Insurance Ltd. for 2.2 billion Singapore dollars ($1.64 billion), as the German financial services company seeks to expand its presence in Asia.
July 16, 2024
Gov't Launches Review Of Personal Injury Compensation Rate

The Labour government has announced a review of the personal injury discount rate in a move that could have a knock-on effect for insurance premiums for motorists.
July 16, 2024
Donre Advisory Enters Liquidation After FCA Scrutiny

The Financial Conduct Authority said Tuesday that Donre Advisory Ltd. has entered liquidation two months after it stopped the inadequately resourced investment adviser from conducting business.
July 16, 2024
Travel Insurance Complaints At Highest Level Since Pandemic

Complaints about travel insurance reached their highest level since the COVID-19 pandemic last financial year, the Financial Ombudsman Service said Tuesday, with the period seeing a 19% year-on-year surge in the number of grievances raised.
July 16, 2024
Trade Body Calls For Pensions Bill In King's Speech

A trade association for the largest retirement savings providers in Britain urged the new government on Tuesday to announce a pensions bill during the state opening of Parliament.
July 16, 2024
Consumer Complaints Soar About Insurers Delaying Payouts

The Financial Ombudsman Service reported on Tuesday an 18% increase in complaints from consumers about insurance companies for the financial year that ended in March, amid concerns about delays in payouts and claims being declined.
July 15, 2024
UK Watchdogs Look At Digital Wallet Risks, Benefits

Two U.K. regulators on Monday said they are looking into the benefits and risks of digital wallets like Apple Pay, Google Pay and PayPal for people and businesses, after noticing "a seismic shift" in payment methods in the country.
July 15, 2024
Insurers Investing In AI Due To New Accounting Standard

Insurance firms are increasing investments in artificial intelligence and other technologies after implementing a new accounting standard for data reporting, according to a survey by Big Four firm PwC published Monday.
July 15, 2024
Compensation For Poor Pension Advice Dives To Record Low

Compensation for retirement savers who received poor pension advice to transfer out of their defined benefit plans has hit a record low, a consultancy said Monday.
July 15, 2024
Labour Gov't Urged To Consult On Green Finance Rules

A trade body for financial institutions has urged the Labour government to consult before imposing extra rules on firms' plans to transition to the green economy to avoid liability risks.
July 15, 2024
Retail Complaints To EU Cross-Border Investment Firms Soar

The number of complaints from retail clients against investment firms operating across borders within the European Union and its economic area soared to 7,507 in 2023, a 31% increase from the 5,733 complaints recorded the previous year, according to a report on Monday by the bloc's markets watchdog.
July 15, 2024
BoE's Regulator Prepares Insurers For 2025 Stress Tests

The Bank of England's regulatory arm said Monday that 80% of the country's regulated insurance sector will be covered by the first financial stress test in 2025 after reforms to solvency capital rules were introduced.
July 12, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.
July 12, 2024
NFU Mutual Sued For £10.5M Over COVID Business Losses

A group of hospitality and farming businesses have sued the National Farmers Union Mutual Insurance Society Ltd. for around £10.5 million ($13.6 million) to cover losses the companies allegedly suffered from closures during the COVID-19 pandemic.
July 12, 2024
Asset Manager Impax Completes Financial Adviser Buyout

Impax said on Friday that it has now completed the purchase of the assets of fixed-income manager Absalon Corp. Credit, as the private equity firm which focuses on renewable energy looks to expand its business beyond the U.S.
July 12, 2024
Fix AML Defenses Or Face Fines, German Banking Group Told

Germany's financial watchdog warned the Solaris SE digital banking group on Friday that it faces regulatory penalties if it does not shore up its defenses against money laundering.
July 12, 2024
Gov't Urged To Set Up Comp Program For Pension Failings

Women who lost out after the government failed to tell them that their retirement age had changed have called for the "swift implementation" of a compensation program by the new pensions minister.
July 11, 2024
Labour Urged To Represent All Generations In Policy Planning

The new Labour government must ensure that its policy agenda reflects the needs of all generations, pensions provider Aegon said on Thursday, saying its research suggests that under-50s are more positive about their long-term financial planning than those who are older.
July 11, 2024
New Pensions Minister Warned Against 'Hasty Decisions'

The new pensions minister, Emma Reynolds, should not rush into major policy changes after she inherited a bulging in-tray from her predecessor, a trade body said on Thursday.
July 11, 2024
Gowling Builds £35M Pension Deal For Civil Engineers

A trade body for engineers has handed £35 million ($45 million) of its pensions liabilities to insurer Aviva PLC, advisers have said, in a buy-in transaction designed to cut risk that was guided by Gowling WLG.

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

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.
How Law Firms Can Handle Challenges Of Mass Claims

With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.
FCA Doubles Down On New Priorities With Target ID Plan

Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
Insurance Ruling Stresses High Hurdle To Fix Policy Wording

In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
Examining Senior Managers' Accountability For AI Use

With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
What Cos. Should Know About The EU Greenwashing Rules

The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
The Art Of Corporate Apologies: Crafting An Effective Strategy

Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
Dissecting Recent Developments Against The Misuse Of NDAs

The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
What To Know About The Russia-Stranded Plane Ruling

The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.