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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.
October 18, 2024
Insurance Deals Boom May Yield Admin Clog, Hymans Warns

The pensions risk transfer market has seen 600 buy-in deals completed since 2022, amid a boom in such transactions that could create an administration bottleneck as they advance to fall directly under insurers, Hymans Robertson said Friday.
October 18, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Professor Cat Jarman, Earl Spencer's new girlfriend, sue his ex-wife, Bitcoin fraudster Craig Wright file a £911 billion ($1.18 trillion) claim against BTC Core, journalist Oliver Kamm hit novelist Ros Barber with a defamation claim, and a barrister at Cloisters face a claim from a former client. Here, Law360 looks at these and other new claims in the U.K.
October 18, 2024
Trade Body Calls For FCA To Clarify UK Rules On PEPs

A trade body for financial institutions called Friday for the Financial Conduct Authority to clarify in proposed amendments to guidance when firms should treat U.K. politically exposed persons and linked entities as lower risk.
October 18, 2024
Gowling Steers Engineering Biz On £70M Aviva Pension Deal

Gowling WLG has guided the trustee of the pension plan of Rotork, a U.K. manufacturer of industrial valves, on a £70 million ($91.3 million) buy-in transaction with Aviva, meaning the company's scheme is now fully insured.
October 18, 2024
FCA's 'Pension Value' Rules Criticized for Over-Simplification

The Financial Conduct Authority's proposed regime for assessing the value of pension plans through standardized measures risks overlooking the "unique characteristics" of retirement savings plans in Britian, a financial consultancy warned on Friday.
October 17, 2024
Equip FCA And BoE For Green Transition Finance, Study Says

The U.K.'s financial watchdogs need to be equipped to help with green transition financing, a government-sponsored study said Thursday.
October 17, 2024
Insurer Launches UK's 1st Cybercrime Recovery Service

Digital risk insurer Coalition has launched what it says is the U.K.'s first dedicated service for recovering cash stolen from cyberattacks — and has already recouped £1.4 million ($1.8 million) for a law firm.
October 17, 2024
StanChart Libor Decision Splits Bank And Investor Interests

The High Court's landmark decision allowing Standard Chartered to use an alternative to Libor has provided certainty to contracts that fail to provide for the abolition of the benchmark rate, but gives investors less flexibility than they might consider the wording provides.
October 17, 2024
Pensions Watchdog To Extend Professional Trustee Oversight

Britain's retirement savings watchdog has confirmed that it will extend its regulatory approach with professional trustee firms amid significant growth in the sector.
October 17, 2024
FCA Launches AI Lab To Boost Fintech Innovation

Britain's financial watchdog unveiled Thursday its new artificial intelligence lab, which aims to help firms develop and deploy AI solutions in the financial sector and better understand the technology's impact.
October 17, 2024
Aon Unit Buys Irish Insurance Advisory Firm IHI Group

Global risk manager NFP said on Thursday it has bought IHI Group, a Dublin-based adviser for financial planning, healthcare and general insurance, as the Aon PLC subsidiary looks to bolster its health insurance brokerage service in Ireland.
October 16, 2024
Companies House Outlines Phased Rollout Of New Powers

Companies House announced Wednesday a two-year timetable for rolling out heightened powers granted under new economic crime legislation that it said will bring the biggest change to its register in over 175 years.
October 16, 2024
Vanguard Group Nixes Investment Group's TM

Vanguard Group convinced European officials to nix a trademark for "VanguardRe," after its Lebanese rival failed to provide any evidence that it had genuinely used the sign to market its insurance services in years.
October 16, 2024
EU Watchdogs Warn Digital Act Changes Will Hinder Rollout

The European Union's financial market regulators have said amendments proposed by the bloc's executive arm under the Digital Operational Resilience Act around registering information will cause "unnecessary complexity" and hinder the rollout of the legislation.
October 16, 2024
Fresh Warnings Issued Over FCA Value-For-Money Rules

The Financial Conduct Authority's proposed new assessment of pension schemes' value is so complex it risks failing savers, trade body the Pensions and Lifetime Savings Association has warned.
October 16, 2024
Gov't Launches Taskforce To Combat Spiraling Insurance Cost

The government said Wednesday that it would take on the surging car insurance rates faced by drivers, with a cross-party group of politicians, experts and regulators looking to get to the bottom of the problem.
October 16, 2024
FCA Launches Probe Into Premium Finance Insurance Market

Britain's finance watchdog said Wednesday that it will investigate premium finance practices over concerns that consumers who pay for cover in installments might not be getting fair deals.
October 15, 2024
Shipping Repair Co. Chases AXA For £950K In Fire Damages

A ship repair and maintenance company has hit AXA's U.K. business with a court claim, alleging the insurer failed to pay out over £950,000 ($1.24 million) for the company's losses from a fire at its head office.
October 15, 2024
AXA Argues For Group Extension In Foreign Unit Tax Fight

AXA told the Court of Appeal on Tuesday that a limitation ruling in a test case against HMRC over taxes collected under a violation of European Union law had a "binding effect" on follower claims in a group litigation order.
October 15, 2024
Sustainability Assurance Market Lacks Choice, FRC Says

Market players are concerned that the U.K. sustainability assurance market could become dominated by the Big Four accounting giants, limiting choice and effective competition, the industry's regulator said Tuesday.
October 15, 2024
Trustees Urged To Do More Than Minimum On ESG

Trustees of retirement saving schemes should do more than just what's required to comply with ESG duties, The Pensions Regulator's climate change lead said.
October 15, 2024
StanChart Wins UK Test Case Over Alternative To Libor Rate

Standard Chartered PLC on Tuesday was granted permission by a London court to use an alternative to the defunct London interbank offered rate to help set the interest it pays on $750 million in shares, without having to repay the investment now.
October 15, 2024
Theater Biz Fights To Revive Allianz COVID-19 Cover Claim

A theater operator asked an appellate court Tuesday to revive its COVID-19 business interruption cover claim against Allianz, arguing that a lower court was wrong to rule that its policy did not include losses stemming from government lockdowns.
October 15, 2024
EU To Create Governance Structure For Faster Settlements

The financial watchdogs and executive arm of the European Union said Tuesday that they will establish a governance structure that will work with the sector to oversee a move toward faster one-day settlements of securities trades.
October 14, 2024
Lloyd's Insurers Reject £43M Claim Over Solar Station Flaws

Seven Lloyd's of London underwriters have denied that they are liable for £43.3 million ($56.5 million) sought by two companies over losses that stem from deals to buy solar generating stations, saying the businesses were aware of the problems with the sites they acquired.

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

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.
Key Takeaways From Proposed EU Anticorruption Directive

The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
Tips For Implementing EU Sustainability Reporting Guidance

Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.