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Insurance UK
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January 17, 2025
EU Cancels Major Incident Report Guidance For Finance Firms
The European Union's banking watchdog said Friday it has canceled its guidelines on major incident reporting under payment services rules because of related requirements under a new regulation on how financial firms deal with technology risks.
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January 17, 2025
FCA Vows Regulatory Review As Gov't Pushes Growth Agenda
The Financial Conduct Authority said Friday it will strip back reporting requirements and overlapping regulation in a bid to reduce the burden on firms, after the government urged U.K. regulators to come up with ideas on how to boost economic growth.
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January 17, 2025
FCA Urged To Act Against High Insurance Claim Rejections
Britain's financial watchdog must step in to protect customers from unfair claims handling practices by insurers that feature high rejection rates, according to a consumer advocacy group.
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January 17, 2025
MPs To Quiz Women's Pension Campaigners Over Redress
Campaigners who fought for women to be compensated for historical state failures to tell them that their retirement age had changed will testify to lawmakers for the first time since the government decided against launching a redress scheme.
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January 16, 2025
Ardian Lands $30B For Historic Secondaries Investment Fund
Private equity shop Ardian has clinched its ninth secondaries fund after amassing $30 billion of investor commitments, making it the largest ever secondaries fund to close globally to date, according to a Thursday statement.
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January 16, 2025
Insurance Brokers Call For Reduced Regulatory Burden
A trade body for insurance brokers has called for a regulatory overhaul to reduce the burden on the sector and bolster international competitiveness.
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January 16, 2025
Local Gov't Pension Reform Puts £400B At Risk, Funds Warn
The government's plans to consolidate public sector pension schemes could set off a chain of unintended consequences that could jeopardize up to £400 billion ($488 billion) in assets, fund managers warned Thursday.
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January 16, 2025
Pivotal Growth Buys Northern Ireland Insurance Broker
Pivotal Growth Ltd. said on Thursday it has acquired insurance broker Business Protection Solutions Ltd., as the U.K. mortgage adviser eyes expansion into Northern Ireland and entry into a new specialist market.
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January 16, 2025
UK Property Insurance Claims Highest Since 2007
Property insurance claims in the U.K. are expected to reach £5.5 billion ($6.7 billion) for 2024, the highest level since 2007 when insured flood losses reached £3 billion, according to Deloitte Touche Tohmatsu Ltd.
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January 15, 2025
Gov't Consolidation Pension Plans 'Need Far More Detail'
Proposals from the government to consolidate defined contribution pensions schemes to drum up more investment in the U.K. "need far more detail" if they are to be effective, Broadstone has said.
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January 15, 2025
Motor Insurer Could Get £100M Boost From Rate Change
Admiral, the largest motor insurer in the U.K., could get a £100 million ($123 million) bounce because of a change to the formula for calculating life-changing injury claims, analysts said Wednesday.
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January 15, 2025
FCA Warns More Firms Are Avoiding Redress Obligations
The Financial Services Authority has warned that financial firms are increasingly trying to avoid compensating consumers for poor advice or products while they benefit from the assets of the business.
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January 15, 2025
Torsten Bell Appointed Britain's New Pensions Minister
The government has appointed Torsten Bell, the former boss of a think tank, as the new minister for pensions, replacing Emma Reynolds, who now becomes economic secretary to the Treasury following the resignation of Tulip Siddiq.
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January 15, 2025
Eversheds Helps Switch On Lighting Biz's £24M Pensions Deal
Pension Insurance Corp. PLC said on Wednesday that it has taken on retirement savings liabilities valued at £24 million ($29.3 million) from a plan sponsored by a British lighting business in a deal steered by Eversheds Sutherland and CMS.
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January 14, 2025
Charities Advised To Prep For New Pension Funding Regime
U.K. charities with a defined benefit pension scheme should proactively work on a strategy for their plan in line with the recently introduced funding regime for the sector to avoid potential calls for higher retirement savings contributions, Lane Clark & Peacock LLP has said.
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January 14, 2025
Pensions Watchdog Could Play Role In Gov't Growth Agenda
The Pensions Regulator could play a leading role in enabling the retirement savings sector to have a greater role in the recovery of the U.K. economy, a consultancy has said.
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January 14, 2025
Darag Buys Loss Portfolio Of Troubled Insurtech Wefox
Insurance company Darag Group said Tuesday it has purchased a run-off portfolio of business from distressed German insurtech giant Wefox Insurance AG.
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January 14, 2025
Financial Standard Setter Calls For Harmonized Climate Plans
A global standards setter called on Tuesday for greater standardization of climate transition plans among financial firms to help regulators assess the risk to stability in markets.
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January 14, 2025
UK Pension Consolidation Plans Spark Pushback From Sector
Government proposals to push for the consolidation of defined contribution pension schemes into master trusts risk stifling innovation and is the wrong area of choice to support its ambition to drive economic growth, experts have warned.
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January 13, 2025
Fla. Court OKs $6B Settlement Data Release In 3M's UK Case
A Florida federal court has authorized the release of certain information related to 3M's $6 billion multidistrict litigation settlement ending claims over allegedly faulty combat earplugs to a London arbitral tribunal, which was convened to determine if insurer AIG Europe Ltd. is refusing to pay its share of the deal.
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January 13, 2025
Gov't To Make Pension Fund Clearing Exemption Permanent
The U.K. government said it will push through regulation to ensure that an exemption on pension funds having to clear certain kinds of derivatives will not expire this year.
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January 13, 2025
BoE 2025 Pension Deal Focus Dubbed A 'Reassurance'
The Prudential Regulation Authority's continued focus on the bulk purchase annuity sector is a positive step in light of the rapid increase in pension deals over recent years, Lane Clark & Peacock LLP said.
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January 13, 2025
UK Unveils Blueprint To Become AI World Leader
The government unveiled Monday an ambitious blueprint to make Britain a world leader in artificial intelligence to benefit financial services and other sectors, supported by pro-growth regulation.
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January 13, 2025
Credit Reference Firms Urged To Up Game On Cyberattacks
The financial watchdog has told credit reference agencies and information providers to prevent cyberattacks better than they do now because they face potential digital threats as they accumulate more data.
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January 20, 2025
Clyde & Co. Lands Plane Insurance Pro From Kennedys
An insurance specialist has returned to Clyde & Co., joining its aviation liability practice as a partner in London as the law firm looks to bolster its firepower and support its clients' complex and evolving needs.
Expert Analysis
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
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How Proposed EU Class Action Directive Could Affect Insurers
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.