Try our Advanced Search for more refined results
Insurance UK
-
September 24, 2024
PRA Sets Date For Final Package Of Solvency II Rules
The Bank of England said it would publish the final set of rules for its solvency reform of the insurance sector by mid-November.
-
September 24, 2024
Most UK Financial Firms Are Risk-Averse About New Tech
Financial services companies in the U.K. have delayed the adoption of new technology, such as artificial intelligence and machine learning, because they have concerns over risks, a survey by a professional services provider suggested on Tuesday.
-
September 24, 2024
Pension Trustees Urged To Look At Insurers' Carbon Targets
Trustees of retirement savings plans should look at how well insurers perform against their interim carbon-reduction targets when they choose a partner for a bulk annuities transaction, a consultancy has said.
-
September 24, 2024
Nasdaq, Deutsche Boerse Targeted In EU Antitrust Raids
Nasdaq and Deutsche Boerse said Tuesday that they are among the financial services firms being investigated by the European Commission over alleged violations of EU competition laws in derivatives trading.
-
September 24, 2024
Half Of Local Gov't Pension Plans Have No Net-Zero Target
Half of the local government pension schemes in Britain have yet to set a net-zero emissions target, according to a report published Tuesday, which reveals that just 49% of local authority retirement funds have committed to a strategy.
-
September 23, 2024
FCA Chair Cleared Over Whistleblower Complaints Handling
Britain's finance watchdog said Monday that its chair had been cleared of wrongdoing over his handling of two whistleblower complaints but that it will strengthen protection for people who sound the alarm after it reviewed its internal policy.
-
September 23, 2024
FCA Faults City Bodies' AML Policing As Inconsistent
The Financial Conduct Authority on Monday raised concerns over the inconsistent enforcement of anti-money laundering regulations by City professional bodies, particularly in the legal and accountancy sectors.
-
September 23, 2024
UK Insurers' Tax Contribution Hits Record High £18.5B
Members of the Association of British Insurers contributed a record £18.5 billion ($24.6 billion) in tax to the U.K. economy last financial year, the trade body said Monday.
-
September 23, 2024
Pension Experts Urge Tax Breaks For UK Investment Plan
The government could best encourage investment in the economy from pension schemes by adopting tax incentives, a trade body said.
-
September 23, 2024
UK Watchdog Thins Out Pension Plan Reporting Rules
The Pensions Regulator said Monday it has scaled back the amount of data that retirement schemes are expected to submit under new funding regulations, which went live this weekend.
-
September 23, 2024
Finance Sector Seeks Regulatory Clarity As Challenges Loom
The financial services sector is pushing for clearer regulations on artificial intelligence and environmental, social and governance criteria, according to research by global law firm DLA Piper.
-
September 20, 2024
BNP Paribas Plugging $5B Into Apollo-Backed Atlas
Private equity giant Apollo and its Atlas SP Partners platform, both advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Friday unveiled a strategic partnership with European Union bank BNP Paribas, led by Cadwalader Wickersham & Taft LLP, that will see the global bank plugging an initial $5 billion investment into the collaboration.
-
September 20, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen crypto exchange Binance face a new claim from the co-founder of SO Legal, a U.S. immersive art company take on a Bristol venue for copyright violations and Blake Morgan LLP hit with a pension schemes claim by The Trust for Welsh Archeology. Here, Law360 looks at these and other new claims in the U.K.
-
September 20, 2024
Replace NHS With Health Insurance Model, Think Tank Says
Britain's National Health Service should be replaced by a social insurance model to bring health outcomes to comparable levels in Europe, a free-market think tank has argued, amid concerns the cash-strapped system is no longer viable.
-
September 20, 2024
Insurance Brokers Say Big Cos. Don't Need Consumer Rules
The Financial Conduct Authority should exclude bigger businesses from the scope of consumer protection regulations, in order to boost the competitiveness of the U.K. insurance sector, a trade body said.
-
September 20, 2024
Insurers Deny Liability For $911M Stranded Aircraft Claims
Two insurers have argued they are not liable for claims totaling $911 million over aircraft stranded in Russia as part of a wave of claims worth £13 billion ($17.3 billion) that have flooded courts following the invasion of Ukraine.
-
September 20, 2024
DLA Piper Boosts Corporate, Insurance Teams With 2 Partners
DLA Piper has strengthened its European corporate and insurance practices with the recruitment of two experienced partners to its offices in Spain and Italy.
-
September 20, 2024
Audit Watchdog Revises Actuarial Standard For Insurers
Britain's accounting watchdog on Friday published a revised version of the rules for actuarial work in the insurance sector that it said reflected recent regulatory changes around delivering good outcomes for consumers.
-
September 20, 2024
Pension Savings Plans Warned Over 'Deflation Spiral' Risk
Pension schemes should make contingency plans now for falling inflation, a consultancy has said, as it warned that failure to prepare could result in a destabilizing rush to sell off U.K. government bonds.
-
September 20, 2024
UK Fraud Reimbursement Plan Could Attract Organized Crime
A program launching in October that allows victims of fraudulent authorized push payments to get reimbursement from banks and payments companies could be exploited by organized crime to cash in with bogus claims, according to lawyers.
-
September 19, 2024
Record Number Of Pension Deals Reported In First Half Of '24
A record number of companies in the U.K. carried out pension risk transfer transactions during the first six months of 2024, offloading £15.3 billion ($20.3 billion) of pension plan liabilities to bigger players, Hymans Robertson said in a report.
-
September 19, 2024
Gov't Urged To Push Collective Defined Benefit Pension Plans
The U.K. government should push forward new collective pension plans with "bold and innovative" thinking to address Britain's retirement adequacy challenge, Hymans Robertson LLP said Thursday.
-
September 19, 2024
Insurers Wrestle With 'Cyberwar' Policy Exclusions
The evolving cyberinsurance market could be heading for a seismic shift if more insurers scale back standard business IT breach policies to limit the impact of state-backed cyberattacks on their bottom line.
-
September 19, 2024
UK Issues Disclosure Exemptions For Investment Trusts
The government and Financial Conduct Authority announced Thursday plans to reform the U.K. retail disclosure rules in early 2025, with immediate interim exemption of investment trusts from current requirements on cost disclosures to retail investors.
-
September 19, 2024
AI Helping Rise In UK Insurance Fraud, Report Shows
Nearly one in five insurance claim handlers believe that many fraud claims now involve fake supporting documents created or altered using artificial intelligence tools, a new report shows.
Expert Analysis
-
What The Future Holds For UK Auditing Reform
The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.
-
How UK Data Breach Ruling May Rein In Insurance Claims
The recent U.K. High Court ruling in Warren v. DSG Retail, which held that claimants can only pursue personal data claims provided for in data protection legislation, narrows the basis upon which claims can be made following a data breach, and could make lower-cost recovery of after-the-event insurance premiums a thing of the past, say attorneys at Jenner & Block.
-
2nd Circ. Arbitral Award Ruling Signals Restrictive Approach
The Second Circuit's recent ruling in Gater Assets v. Moldovagaz, reversing a default judgment arbitration award on jurisdictional grounds, fortifies U.S. court protections for foreign states and state-owned entities, and forecasts the court's conservative approach to when nonparties can be bound by arbitration agreements, say attorneys at Cleary.
-
Lloyds EU Operations Highlight Challenges For UK Insurers
Potential problems facing Lloyd's Europe could be shared by other U.K. insurers operating in the European Union's more stringent post-Brexit regulatory landscape, but individual countries' discrete provisions allowing for certain cross-border activities could enable a more nuanced approach, says Jeremy Irving at Browne Jacobson.
-
The Risky Reality Of GDPR Noncompliance
With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.
-
An Underused Group Litigation Tool Could Help UK Claimants
Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.
-
Risk Management Lessons From Recent Finance Co. Failures
Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.
-
3 Risk Management Lessons From Pandemic Insurance Wars
As appellate decisions in COVID-19 business interruption insurance claims continue to clarify the state of the law, there are some things that policyholders' lawyers and risk managers can do in the meantime to help prepare for future unforeseen events affecting coverage, says Peter Halprin at Pasich.
-
What New UK Money Laundering Law Means For Fintech
New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.
-
UK Bill Must Navigate Crosscurrents Of Internet Regulation
The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.
-
2 UK Pension Cases Guide On 3rd-Party Due Diligence
The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.
-
Evaluating Insurance Options In Light Of Suez Canal Blockage
The recent blockage of the Suez Canal by the cargo ship Ever Given illustrates that manufacturers, carriers and recipients of internationally shipped goods should consider all the insurance offerings available to cover losses resulting from shipping delays, say David Klein and Ryan Vanderford at Pillsbury.
-
Data Protection Considerations For Insurers Post-Brexit
Now that companies must comply with both U.K. and EU data protection laws, insurers operating in Europe face additional data exposure liability risks and should adjust their underwriting practices and policy wordings accordingly, says Charlotte Worlock at Atheria Law.
-
Cargo Insurance May Cover Losses From Suez Canal Delays
Policyholders who have suffered economic losses from the recent Suez Canal blockage may be able to secure compensation from their standard cargo insurance policies, even if coverage for delays is explicitly precluded, says Jeremy Lawrence at Munger Tolles.
-
3 Lessons For UK Litigators In Virtual Trials
UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.