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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.
November 26, 2024
New Orleans Property Owner Revives Bid To Nix Arbitration

A New Orleans property owner has again urged a Louisiana federal judge to overturn his order forcing it to arbitrate a $7 million Hurricane Ida damage claim with 11 insurers for a block of luxury apartments and retail shops, pointing to a recent ruling by the state's top court.
November 26, 2024
'Incompetent' FCA Needs Gov't-Led Radical Reform, MPs Say

The Financial Conduct Authority is not fit for purpose and requires government intervention for an extensive overhaul to address its "significant shortcomings" if it is to be an effective regulator, a group of cross-party MPs said in a report published Tuesday.
November 26, 2024
Neon Guides £43M Pension Deal For Copper Tubes Maker

U.K.-based copper pipes maker Mueller Europe Ltd. has offloaded £43 million ($54 million) of pension liabilities to insurer Just Group PLC, an adviser said Tuesday, in a deal guided by British law firm Neon Legal.
November 26, 2024
Withers Settles £249K Fee Dispute Over Daniel Truell Estate

Withers LLP has settled its dispute with pensions industry entrepreneur Edmund Truell and a partner at law firm Moore Barlow LLP over a £249,500 ($313,000) legal bill for representing them as executors of the late financier Daniel Truell's estate.
November 26, 2024
Accredited Insurance Denies £61.4M Liability In Loan Dispute

An insurer has hit back at a £61.4 million ($77.4 million) claim by a legal loans company, arguing a number of regulatory breaches by the lender mean it's not liable to pay out under a litigation funding arrangement.
November 26, 2024
OFSI Boss Promises Tougher Fines For Sanctions Breaches

The head of the U.K. sanctions watchdog told MPs on Tuesday to expect more fines with tougher penalties for breaches of financial restrictions to be imposed on oligarchs in the coming months as he admitted that the crackdown has been slower than hoped.
November 26, 2024
UK Gov't Urged To Rethink Inheritance Tax Plan For Pensions

The government should consider alternatives to its plan to bring pension assets within the scope of inheritance tax, an online investment company has said, warning that the current proposals could create "financial gridlock."
November 26, 2024
UK Audit Watchdog Wants Better Risk Management Reporting

Britain's audit watchdog called on Tuesday for companies to adopt a more strategic approach to corporate reporting that focuses on outcomes, urging businesses to improve their disclosures on risk management before its new governance code takes effect.
November 26, 2024
FCA Plans Regulation As UK Crypto-Asset Ownership Grows

The financial regulator published a plan Tuesday for regulating crypto-assets in the U.K. as it reported a rise in the number of British adults who now own digital currency and assets, up from 10% to 12% — or 7 million people.
November 25, 2024
Eversheds Steers M&G In UK's 1st 'Value Share' Pension Deal

The insurance company M&G PLC said Monday it has agreed a £500 million ($629 million) value share bulk purchase annuity, or BPA, deal with an unnamed pension scheme, the first transaction of its kind in the U.K.
November 25, 2024
MPs Raise 'Deep-Rooted' Problems At FCA In Critical Report

A report by a cross-party group of MPs will highlight the failures in the way the Financial Conduct Authority handles major scandals, despite its efforts to reform its culture and operations, according to advance details released Monday.
November 25, 2024
Italy's UniCredit Makes €10B Offer For Rival Banco BPM

UniCredit SpA said Monday that it has offered to buy rival Italian lender Banco BPM SpA for €10 billion ($10.5 billion) in an all-share deal, with the aim of creating a pan-European banking giant.
November 25, 2024
DLA, Mayer Brown Steer £1.7B Pension Deal For National Grid

The U.K.'s largest utilities provider has offloaded £1.7 billion ($2.1 billion) of its pension liabilities to Aviva PLC, the insurer said Monday, in a deal guided by DLA Piper UK LLP and Mayer Brown International LLP.
November 25, 2024
FCA Rewrites Disclosure Rules, Handing Suspects The Reins

Changes to disclosure rules at the Financial Conduct Authority will give defendants more insight into its investigations than ever before — though the development might swamp those that cannot afford top legal advisers, lawyers say.
November 22, 2024
UK Insurer L&G Bags $2.2B US Pension Deals In 2024

Legal & General Group PLC said on Friday that it has completed $2.2 billion worth of pensions risk transfer business in the U.S. in 2024, a record amount for the U.K. financial services giant.
November 22, 2024
MPs To Probe UK Pensioner Poverty Amid Rising Costs

A cross-party parliamentary committee on Friday launched an inquiry into pensioner poverty in the U.K., seeking views on which measures have been most effective in addressing the cost of living for retirees.
November 22, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen cash-strapped Thurrock Borough Council bring a £40 million ($50 million) negligence claim against 23 other local authorities over its solar investments from a not-for-profit local government body, AstraZeneca sue a fire safety company following a blaze at its Cambridge headquarters last year, and a director who was convicted in 2016 for corporate manslaughter face action by Manolete Partners. Here, Law360 looks at these and other new claims in the U.K.
November 22, 2024
EU Finance Body Says Climate Disclosure Rules Too Detailed

A trade body for European financial institutions has warned an international accounting standard-setter that its proposed climate-related disclosures for financial statements are too detailed, imposing compliance expectations beyond existing accounting standards.
November 22, 2024
UK Gov't To Increase Whiplash Injury Tariff By 15%

The government said it will raise the fixed damages for "whiplash" neck injuries suffered in motor accidents by 15% to account for inflation, but claimant groups say the planned increase does not go far enough.
November 22, 2024
Speed Up Settlement Process, FCA Tells Life Insurers

The finance regulator told life insurance firms on Friday to speed up claims settlements and improve customer service for bereaved people, saying that it takes them an average of 53 to 122 days to process a claim and 53 days to deal with "whole of life" policies.
November 21, 2024
Dashboard Project Updates Pension Scheme Reporting Rules

Pension providers and schemes will face less onerous reporting requirements during the initial connection phase to the long-awaited dashboards project under changes announced by the program's coordinator Thursday.
November 21, 2024
Swiss Crack Down On Health Insurance Cold Calling After Ban

Switzerland's financial markets regulator on Thursday said it has launched investigations into four insurance and intermediary businesses suspected of breaching the recently introduced ban on cold calling in the health insurance sector.
November 21, 2024
EU Watchdogs Set Rules On Sharing Staff Fitness Reports

European Union regulators have set out guidelines for their new information exchange system to help national regulators assess the suitability of senior managers for key roles in financial services.
November 21, 2024
HCR Law Grows Insurance Practice With Litigation Specialist

Harrison Clark Rickerbys Ltd. has tapped Keith Mathews as a legal director in the firm's insurance and risk team in London from DAC Beachcroft LLP.
November 21, 2024
FCA Weighing Wider Impact Of Motor Finance Ruling

The Financial Conduct Authority said it is considering issuing guidance amid growing legal uncertainty over commission arrangements following a bombshell court ruling on motor finance.

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

FCA Survey Results Reveal Rise In Nonfinancial Misconduct

After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.
FCA's Broad Proposals Aim To Protect Customer Funds

The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
Modernizing UK Trade Settlement Standard: The Road Ahead

Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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.