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Insurance UK
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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.
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July 23, 2024
Disputes Boutique Hires Fladgate Insolvency Pro As Partner
Alius Law has hired an insolvency and restructuring partner from Fladgate LLP as it looks to build up its financial services practice in London — and the disputes boutique wants to tempt more senior litigators to leave behind the "constraints" of larger firms.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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July 11, 2024
ABI, Insurtech Trade Group Agree To Cooperate On Innovation
The Association of British Insurers has said it has signed a memorandum of understanding with a trade group for insurance technology companies to support and promote innovation on artificial intelligence, open finance, data ethics and operational resilience.
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July 11, 2024
FCA Overhauls Share Listing Rules To Boost LSE
The Financial Conduct Authority unveiled a "significant" revamp of its share listings regime on Thursday, a move to help the London Stock Exchange provide corporate financing and stay competitive with other global financial centers.
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July 10, 2024
BoE Sets Out Life Insurance Stress Test Plan
The Bank of England's regulatory arm on Wednesday said its planned stress test next year of life insurers in the bulk purchase annuity market will capture "both current and emerging" risks in the growing and active sector.
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July 10, 2024
FCA Beats Applicant's Claim Over Noise Aversion Condition
The Financial Conduct Authority did not fail to accommodate a job applicant with a sound sensitivity condition, an employment tribunal has ruled after finding the agency did everything it could to mitigate her condition.
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July 10, 2024
Kirkland Guides Canada Pension Plan on €550M Tech Stake
Canada Pension Plan Investment Board said Wednesday that it has invested €550 million ($595 million) for a stake in European technology company Team Blue in a deal steered by Linklaters, Macfarlanes and Kirkland & Ellis.
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July 10, 2024
Gov't Appoints Minister For Both Treasury And DWP
The new Labour government has appointed a minister spanning HM Treasury and the Department for Work and Pensions, a move that analysts said could indicate a more joined-up approach to pensions policy.
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July 10, 2024
Aviva Completes £249M Deal, Returns To Lloyd's
Aviva PLC said on Wednesday that it has completed the acquisition for £249 million ($319 million) of insurance group Probitas, including its Lloyd's of London platform, which marks its return into the specialist market after more than two decades.
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July 10, 2024
Hellenic Bank To Buy French Insurer's Greek Biz For €182M
Hellenic Bank of Cyprus said Wednesday that it will buy the Cypriot and Greek insurance operations of French insurer CNP Assurances for €182 million ($197 million) to strengthen its insurance services.
Expert Analysis
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Highlights Of The UK's New Economic Crime Plan
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.
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How The LDI Crisis May Lead To Pensions' Negligence Claims
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.
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5 Crypto Considerations For UK Policymakers
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.
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Crypto-Asset Consultation Sets Out Direction Of Travel For UK
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.
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EU Act Offers Financial Sector A Cybersecurity Framework
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.
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Warranty & Indemnity Insurance Considerations For M&A
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.
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4 Exercises To Quickly Build Trust On Legal Teams
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.
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Lessons To Be Learned From Twitter's Latest Hacking Scandal
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.
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Preparing For EU's Pay Gap Reporting Directive
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.
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Has The Liberalization Of Legal Services Achieved Its Aims?
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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5 Gen X Characteristics That Can Boost Legal Leadership
As Generation X attorneys rise to fill top roles in law firms and corporations left by retiring baby boomers, they should embrace generational characteristics that will allow them to become better legal leaders, says Meredith Kahan at Whiteford Taylor.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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What Slovak Labor Code Changes Will Mean For Employers
With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.
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An ICO Reminder On Managing Subject Access Requests
Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.
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Opinion
Increasing Law Firm Polarization Will Degrade Rule Of Law
As evidenced in recent instances of law firms separating from attorneys who represented certain industries or espoused certain views, firms and the legal practice itself have grown troublingly polarized and intolerant of dissent, says Rebecca Roiphe at New York Law School.