Insurance UK

  • September 09, 2024

    UK Crypto-Marketing Rules Risk Regulatory Overreach

    Legal advisers for crypto-asset companies are concerned by how strenuously the financial watchdog will enforce new guidelines for promoting complex digital financial products for consumers, and have warned that overinterpreting the rules could handicap development of the market.

  • September 06, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Rockfire Capital sue its former director, Liam Kavanagh, after he was accused of cheating cash-strapped Thurrock Council out of £150 million ($197 million), FedEx launch a claim against an Israeli supply chain business, and a legal dispute between steel magnate Sanjeev Gupta and a former colleague. Here, Law360 looks at these and other new claims in the U.K.

  • September 06, 2024

    FCA Fines, Bans 4 For 'Reckless' Pension Transfer Advice

    Britain's finance watchdog on Friday announced it has fined four people a total of nearly £600,000 ($793,300) and banned them from working in financial services because of pension transfer advice they gave that showed a "reckless disregard" for customers.

  • September 06, 2024

    EU Gears Up For New Commission With A Plea: More Women

    European Commission President Ursula von der Leyen is gearing up to distribute the top jobs in foreign trade, economics and antitrust among the new commissioners for their five-year mandate, but she is pressing countries in the bloc to nominate more female candidates.

  • September 06, 2024

    UK Lags Globally In Pensions Allocation To Domestic Stocks

    British pension funds have a "significantly lower" allocation of their assets to the domestic stock market than most of their counterparts around the world, a think tank has said.

  • September 06, 2024

    UK Insurers Could Face New Wave Of Biz Interruption Claims

    Insurers in Britain could be on the hook for hundreds of millions of pounds in additional business interruption claims after a landmark court ruling on "at the premises" clauses, as the long-running insurance dispute from the COVID-19 pandemic enters its endgame.

  • September 06, 2024

    UK Regulators Back Nationwide's £2.9B Deal For Virgin Money

    Two U.K. financial regulators have given their consent for Nationwide Building Society's £2.9 billion ($3.8 billion) acquisition of Virgin Money UK PLC, the lenders said Friday.

  • September 06, 2024

    Companies Failing To Oversee Reps Properly, FCA Finds

    The Financial Conduct Authority warned Friday that firms are failing to properly oversee the agents that carry on regulated activities for them without having to be individually authorized.

  • September 06, 2024

    Pensions Campaigners Say Gov't Meeting 'Start Of Something'

    The chair of a campaign group working to secure compensation for women after the government failed to tell them that their retirement age had changed said Friday that its first meeting with the pensions minister was "the start of something."

  • September 06, 2024

    British Savers Urged To Track Down Lost Pension Pots

    British insurers urged U.K. savers on Friday to take action and track down their lost pension pots in a new campaign aimed at raising awareness about planning for retirement.

  • September 06, 2024

    ExCeL Wins Landmark £16M COVID Biz Insurance Test Case

    An English appeals court agreed with London's ExCeL exhibition center and other policyholders on Friday that national lockdowns during the COVID-19 pandemic triggered "at the premises" clauses in their insurance policies in a test case likely to bolster thousands of other claims.

  • September 05, 2024

    FCA Boasts Accelerated Authorizations For Firms

    The Financial Conduct Authority said Thursday in its 2023-2024 annual report that it has significantly improved its authorization process, but has missed some targets in relation to processing applications of payments firms.

  • September 05, 2024

    'Act Now' On Dashboard Prep, Pensions Watchdog Warns

    Pension scheme trustees should "act now" to be ready for the long-awaited government project designed to connect workers with lost pots and avoid enforcement action for failing to meet their duties, The Pensions Regulator warned Thursday.

  • September 05, 2024

    Gov't Consults On Plans For Pension Market Consolidation

    The U.K. government is seeking feedback on the potential benefits and risks for pension savers and the economy if the pension market becomes more consolidated with larger schemes managing more assets.

  • September 05, 2024

    Surge In Pension Deal Demand Expected In 2nd Half Of 2024

    There is likely to be a record number of transactions in the U.K. pensions market in 2024, according to a study published Thursday by accounting giant PwC, despite what many have described as a slower start to the year.

  • September 05, 2024

    FRC Warns Against Misuse Of Offsetting Financial Data

    Companies that record a gain which nullifies the effect of its entry into their balance sheets — a practice known as offsetting — have caused "material errors" in their financial statements, Britain's accounting watchdog said Thursday.

  • September 04, 2024

    Pension Pot Needs For 'Basic' Retirement Rose 60% In 3 Years

    Pensioners need 60% more retirement savings to meet basic costs compared to just three years ago, according to a think tank's research published Wednesday.

  • September 04, 2024

    Gov't Flood Plan Shortcomings Risk Coverage, Scheme Warns

    Britain's state-backed flood reinsurance scheme warned Wednesday that a lack of transparency and consistency in the planning system around flood mitigation is threatening the insurance sector's ability to insure new properties against flooding risk.

  • September 11, 2024

    Hausfeld Snaps Up Litigation Pro From Covington In London

    Hausfeld LLP has hired a partner from Covington & Burling LLP in London to boost its profile in commercial disputes, after its office in the U.K. capital recently underwent changes in leadership.

  • September 04, 2024

    Broker Clear Buys 4th Specialist Underwriter

    Insurance broker Clear has acquired specialist underwriter Accelerate Underwriting for an undisclosed amount to grow its managing general agent capabilities.

  • September 04, 2024

    Grenfell Disaster Charges May Come In 2026, CPS Says

    London's police force said Wednesday it expects to provide evidence of possible criminal wrongdoing over the deadly Grenfell Tower fire in 2017 to prosecutors in 2026, after a long-running public inquiry into the causes of the disaster published its final report.

  • September 04, 2024

    Cap On Push-Payment Fraud Payouts To Plummet To £85K

    The payments watchdog said Wednesday that it plans to cut the cap on compulsory reimbursement by companies of authorized push payment fraud from £415,000 ($546,000) to £85,000.

  • September 04, 2024

    Sackers, HSF Guide £1.3B Coats UK Pension Insurance Deal

    British textiles manufacturer Coats Group PLC said Wednesday that it has offloaded its retirement savings plan liabilities to Pension Insurance Corp. in a deal worth up to £1.3 billion ($1.7 billion), steered by Sacker & Partners LLP and Herbert Smith Freehills LLP.

  • September 03, 2024

    Vet Gets Suspended Sentence For Allianz Pet Insurance Fraud

    A crown court handed a veterinary nurse from West Sussex a suspended sentence after she admitted to making over £13,000 ($17,000) worth of fraudulent insurance claims from Allianz subsidiaries for her pets using the systems at her workplace.

  • September 03, 2024

    Norton Rose Hires Insurance Pro From Eversheds Sutherland

    Norton Rose Fulbright said Tuesday that it has hired an insurance specialist as a partner from Eversheds Sutherland to boost its strengths representing companies in the sector on corporate and regulatory matters.

Expert Analysis

  • Key Takeaways From EU Proposal For Greenwashing Rules

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    If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.

  • UK Plan For AI Rules Raises Compliance Questions For Cos.

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    The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.

  • The FCA's Timely Plan To Reform Asset Management Regime

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    The discussion paper recently issued by the U.K. Financial Conduct Authority finally addresses how, in the future, asset management regulation will work in totality from an investor, manager and distributor perspective, and its review of the purpose and balance of the regime is welcomed, says Tim Dolan at Greenberg Traurig.

  • Questions Raised By UK Plan For ESG Ratings Providers

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    HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • Review Of Senior Managers Regime Provides Useful Insight

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    Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.

  • Highlights Of The UK's New Economic Crime Plan

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    With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.

  • How The LDI Crisis May Lead To Pensions' Negligence Claims

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    Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.

  • 5 Crypto Considerations For UK Policymakers

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    A recent consultation paper from the U.K.'s HM Treasury about digital asset regulation has been touted as a cause for celebration, and while the wheels have been put into motion, there is still a lot of work to do when it comes to correctly regulating the U.K.'s cryptocurrency industry, says Oliver Linch at Bittrex Global.

  • Crypto-Asset Consultation Sets Out Direction Of Travel For UK

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    HM Treasury's phased approach in its recently published consultation on extending the U.K.'s future financial services regulatory regime for crypto-assets, although in many ways differing from parallel developments in the EU, is likely to be conducive to thoughtful policymaking, say attorneys at Cleary.

  • EU Act Offers Financial Sector A Cybersecurity Framework

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    Although unlikely to be a complete solution to all risk management issues, the Digital Operation Resilience Act, effective from 2025, will increase regulatory pressure substantially in the EU financial sector and demand compliance with several new requirements, say attorneys at DLA Piper.

  • Warranty & Indemnity Insurance Considerations For M&A

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    With increased competition and greater capacity leading to lower premiums and deal costs, warranty and indemnity insurance is now available to the wider M&A market, and may help to limit risk and help parties focus on other key elements of the transaction, says Alice Wooler at Birketts.

  • 4 Exercises To Quickly Build Trust On Legal Teams

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    High-performance legal teams can intentionally build trust through a rigorous approach, including open-ended conversations and personality assessments, to help attorneys bond fast, even if they are new to the firm or group, says Ben Sachs at the University of Virginia School of Law.

  • Lessons To Be Learned From Twitter's Latest Hacking Scandal

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    Following the report of a recent data breach at Twitter, it is clearly vital for companies to adhere to best practices in data protection and IT security arrangements, including technical measures, and proper processes and procedures that mitigate risk and provide adequate training for staff, says Simon Ridding at Keller Postman.

  • Preparing For EU's Pay Gap Reporting Directive

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    An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.

  • Has The Liberalization Of Legal Services Achieved Its Aims?

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    Although there is still some way to go, alternative business structures are now an increasingly prominent feature of the legal services landscape, and clients can expect greater choice, improved quality and more manageable costs, as was intended by this shake-up of the profession's regulatory frameworks 15 years ago, says Dana Denis-Smith at Obelisk Support.

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