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Insurance UK
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August 21, 2024
NJ Man Fighting Lloyd's Arbitration Bid After False Arrest
A New Jersey man who received a $5 million settlement from the city of Trenton after being falsely arrested and imprisoned for 212 days has urged a federal court not to force him to arbitrate a subsequent dispute with Lloyd's of London underwriters over payment of the judgment.
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August 21, 2024
Top Commercial Disputes To Watch In 2nd Half Of 2024
A claim against BHP from victims of Brazil's deadliest environmental disaster, a $10 billion insurance megatrial over planes stranded in Russia and a legal challenge to the response by the U.K. financial regulator to the mis-selling scandal are just some of the trials to look out for in the second half of 2024.
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August 21, 2024
Pension Bodies Call For Investment Consultants Regulation
The government should urgently move forward with delayed plans to bring investment consultants under the supervision of the Financial Conduct Authority, pension bodies and climate groups warned.
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August 21, 2024
PE Firm's £432M Deal Wins UK Security Clearance
Wealth management firm Mattioli Woods said Wednesday that the U.K. government has granted national security clearance to its acquisition for approximately £432 million ($564 million) by private equity firm Pollen Street, clearing the way after some delay for the completion of the deal.
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August 21, 2024
UK Fraud Fund Pays Out £9.8M To Norton Pension Members
The pensions fraud compensation body said it has paid out £9.8 million ($12.8 million) to retirement savings plans sponsored by manufacturer Norton Motorcycles Holdings Ltd., after the company director was convicted of misappropriating funds.
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August 21, 2024
Broker SRG Eyes UK Rival Amid 2024 Shopping Spree
Specialist Risk Group has said it hopes to make its fifth acquisition for 2024 after it offered to buy Anthony James Insurance Brokers Ltd., which it expects will boost its retail division across the U.K.
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August 21, 2024
Insurers Failing To Give Customers Good Value, FCA Warns
The Financial Conduct Authority called on insurers and brokers on Wednesday to remedy failures to demonstrate that they offer fair value to customers with good outcomes.
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August 20, 2024
Insurers Deny Liability Over $790M Stranded Aircraft Claims
Two insurers have argued they are not liable for paying out claims totaling more than $790 million over planes stranded in Russia, arguing the aircraft had not been "lost" to their lessors under the terms of the policies.
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August 27, 2024
Linklaters Taps White & Case For Finance Head In Sweden
Linklaters LLP said Tuesday that it has recruited a leveraged finance expert from White & Case LLP to lead its banking practice in Sweden and to boost its support to clients including banks and private equity firms.
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August 20, 2024
Clifford Chance 'In Shock' Over Missing Partner
Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.
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August 20, 2024
Marsh Launches $50M Insurance After Baltimore Bridge Crash
Insurance broker Marsh said on Tuesday that it has launched a $50 million insurance product to guard against losses caused by blockages in shipping ports following the disruption caused by the collapse of the Francis Scott Key Bridge in Baltimore.
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August 20, 2024
FCA Move To Results-Based Regulation Could Hurt Firms
The Financial Conduct Authority's planned move to an outcomes-based approach to regulation is raising concerns among lawyers that the resulting uncertainty could undermine companies in the sector and weaken the government's push for international competitiveness.
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August 20, 2024
Pinsent Masons-Led Broker AUB Acquires UK Movo Group
AUB Group Ltd. has said that it has agreed to buy an 80% equity stake in U.K. insurer Movo Group, as the Australian broker bids to expand its operations in Britain.
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August 20, 2024
Gov't Launches Pension Credit Promo Before Fuel Benefit Cut
The government launched a campaign on Tuesday to boost the number of people claiming pension credits, after it said that winter fuel allowances will be a means-tested benefit this year.
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August 19, 2024
Gov't Will Meet With Women State Pension Campaigners
The U.K. pension minister will meet with women who are owed billions in compensation due to historic state pension failings, campaigners said.
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August 19, 2024
German Finance Watchdog Warns Of AI-Linked Discrimination
Germany's financial watchdog has said it will take "decisive action" against the companies it supervises it they fail to stop illegal discrimination caused by artificial intelligence and machine learning.
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August 19, 2024
Gov't Targets Consolidation In First Phase Of Pension Review
The Labour government has said that the first phase of its retirement savings review will be centered on the consolidation of the defined contribution pension market.
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August 19, 2024
RPC Helps Japanese Fintech Debut In London After Purchase
Japanese crowdfunding platform MOH Nippon PLC was admitted to trading on the London Stock Exchange on Monday after being bought by a special purpose acquisition company for £34.5 million ($44.7 million).
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August 19, 2024
Pinsent Masons Steers Aviva's £34M Macmillan Pension Deal
Aviva PLC has covered £33.7 million ($43.7 million) of pension liabilities for Macmillan Cancer Support, which covers the retirement savings plans of all the retirees and deferred members of the British charity.
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August 16, 2024
Stay Lifted On $110M Coal Co. Suit As Arbitration Drags On
A Missouri federal judge has grudgingly lifted a pause on litigation between several insurance companies and a St. Louis coal producer after its mines sustained more than $115 million in fire damage, saying it can pursue claims against domestic insurers separately from insurers seeking arbitration.
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August 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.
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August 16, 2024
Pension Scheme Endgames Pushed Back Amid Falling Yields
The average timeline for U.K. pension schemes to reach a point where they can buy out their liabilities with an insurance company was extended last month, due to falling bond yields, experts said.
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August 16, 2024
PwC Fined £15M For Failing To Flag LC&F Fraud Suspicion
The Financial Conduct Authority said Friday it has fined PricewaterhouseCoopers LLP £15 million ($19.3 million) for failing to report to the regulator its belief that London Capital & Finance PLC might be involved in fraud.
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August 16, 2024
Revolut Valued At $45B After Secondary Equity Issue
U.K. fintech Revolut said Friday it has secured a $45 billion valuation in a share sale by its employees to new and existing investors, cementing its status as Europe's most valuable private technology company.
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August 16, 2024
Pensions Body Offers Guide For Uncertainty Of Funding Code
A trade body for the pensions sector has launched a guide on the implementation of a new funding code, amid disruption caused by the timing of the general election.
Expert Analysis
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Building Inspector Insurance And Its New Relaxed Rules
The U.K. government recently opened up the market for approved building inspector insurance in the aftermath of the 2017 Grenfell Tower tragedy, but it does not appear to have considered the impact this may have on homeowners and developers, say Alan Stone and Jonathan Carrington at RPC.
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New Corporate Insolvency Data Reveals Unexpected Results
For a variety of reasons there has been a slower than anticipated increase in U.K. corporate insolvency figures in recent months, although there may be a time lag between economic difficulties and sentiment among investors, lenders and business owners, and it is likely that numbers will rise in the autumn, says Jeremy Whiteson at Fladgate.
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How The Latest Trends In Litigation Funding Are Developing
With investors looking for alternative assets that can achieve returns and claimants likely to be cash poor in the current economic downturn, the signs are that the litigation funding market is not only here to stay, but is set to expand, says Simon Thomas at Baker & Partners.
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Pros And Cons Of Regulating Finance Sector's Third Parties
Recent proposals by the U.K. Treasury could lead to regulation of those designated as critical third parties in finance, and legislation will be needed to ensure technology suppliers are not deterred from participating in the financial services markets, say attorneys at Addleshaw Goddard.
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UK Online Safety Bill Delayed, But Firms Should Still Prepare
Despite delays and content providers' concerns regarding the impact on their profitability, it appears certain that the Online Safety Bill will be enacted in one form or another, mirroring proposals in the EU and U.S., so tech firms must prepare for a new regulatory framework that will require them to tackle illegal and harmful content on their services, say attorneys at Dechert.
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A Look At The Solvency II Insurance Sector Proposed Reforms
It is hoped that the proposed reforms of Solvency II will not only ensure policyholder protection and a successful insurance industry, but that released capital will be invested in long-term infrastructure and green projects, yet there are questions and even concerns surrounding potential changes and what their impact might be, says Dónal Clark at Kennedys.
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4 Ways M&A Deals Are Changing
There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.
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The Digital Markets Act: Key Implementation Issues To Watch
The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.
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New FCA Listing Rules May Start Regulatory Shift On Diversity
Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.
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Examining UK Commission's Corporate Crime Reform Ideas
The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.
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FCA Review Offers 'Challenger Banks' Advice On Crime Risks
Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.
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New Anti-Modern Slavery Bill Unlikely To Accomplish Goals
A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.
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Opinion
FCA Proposal Fails British Steel Pension Scandal Victims
The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.
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How New Framework Could Ease EU-US Data Transfer Burden
The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.
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What EU Corporate Sustainability Plan Means For Contracts
The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.