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Insurance UK
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June 18, 2024
Lifeboat Scheme Names PwC As Partner For Claims Service
The Financial Services Compensation Scheme said Tuesday it has awarded its core claims service contract to Big Four accounting firm PwC as the scheme expands its in-house team.
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June 18, 2024
EU Finance Watchdogs Call For Improved Sustainability Rules
The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.
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June 17, 2024
Smaller Insurers Predicted To Benefit From Solvency Changes
Changes to the U.K.'s capital requirement regime that raises the threshold at which firms must comply could offer smaller insurers that are no longer bound to the regulations more opportunities for growth, Broadstone said Monday.
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June 17, 2024
Addleshaw Goddard Steers Refinancing For Injury Law Firm
Personal injury firm Fletchers Solicitors said Monday it has struck a refinancing deal with Legal & General-backed asset manager Pemberton, in an agreement steered by Addleshaw Goddard LLP.
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June 17, 2024
Finnish Insurer Sampo Makes $4.7B Offer For Topdanmark
Finnish insurance group Sampo PLC said Monday that it will buy the remaining shares in Topdanmark that it does not own in a deal that values the Danish insurer at $4.7 billion.
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June 17, 2024
Political Parties Urged To Accelerate Financial Inclusion
An independent body of parliamentarians and finance experts called on Monday on the main political parties to establish a national strategy on financial inclusion in the first 100 days of a new government.
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June 14, 2024
'Riverdance' Star Can't Step Around $30M Estate Arbitration
Dancer Michael Flatley must arbitrate his €30 million ($32 million) claim against Hiscox over allegations of defective work on his estate in County Cork, an Irish court ruled Friday, saying there is nothing unfair about enforcing the policy's arbitration clause.
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June 14, 2024
Swiss Re, Chubb Deny Liability In £13B Stranded Planes Feud
Swiss Re and Chubb have denied that they are liable for aircraft detained in Russia after it invaded Ukraine amid a slew of claims totaling £13 billion ($16.5 billion), telling a London court that their insurance policies do not cover the fallout of war.
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June 14, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.
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June 14, 2024
New Entrant Expected In Pension Transfer Market, LCP Says
Lane Clark & Peacock LLP said that another new insurer will enter the pension transfer market by the end of the year, bringing the total number of companies securing the liabilities of retirement savings plans to a record high.
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June 14, 2024
Labour Eyes Flexible Financial Regulation To Spur Growth
The Labour Party prioritized financial services growth this week as it eyes Downing Street, suggesting a new era of more flexible regulation to drive technological innovation and competitiveness, regulatory lawyers say.
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June 14, 2024
Pension Watchdog Head To Chair Diversity Initiative
Britain's retirement savings watchdog has said that its head of regulatory transactions and frontline services Jenny Davie will now chair an initiative designed to promote greater diversity in the pensions sector.
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June 14, 2024
MPs' Pension Fund Has Only 1.3% Allocation To UK Assets
A pension scheme for British members of Parliament has just £10 million ($12.7 million) of its portfolio invested in U.K. equities, experts revealed Friday, despite efforts by the government to push schemes into fueling the national economic recovery.
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June 14, 2024
UK Sanctions Russian Insurer In Move Against 'Shadow Fleet'
Britain has said it has blacklisted Moscow insurance giant Ingosstrakh in a move to curb the growth of a "shadow fleet" of vessels carrying Russian oil at a price above an internationally agreed cap.
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June 13, 2024
Fladgate Blames Client's Wrong Instructions On $26.5M Loss
Fladgate LLP has denied owing an investment fund an estimated $26.5 million for allegedly giving negligent advice, saying the client aiming to recover money owed under bonds supplied incorrect information from the outset.
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June 13, 2024
UK Adds 42 Entries To Russian Financial Sanctions List
The U.K. government slapped further sanctions on Thursday on 42 individuals and entities involved in sectors of strategic significance to the Russian government, including financial services and defense, as it continues to respond to the unprovoked war waged by Russia against Ukraine.
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June 13, 2024
Broad Consensus Emerges On Pensions Before UK Election
The U.K.'s pension sector is set for a period of relative stability as the three main political parties this week unveiled manifestos that revealed more consensus than disagreement.
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June 13, 2024
Labour Prioritizes Wealth Creation In Election Manifesto
Keir Starmer said on Thursday that his Labour Party would kick-start a future of "national renewal" if it wins the general election, with economic growth and wealth creation driving a manifesto that lacked any surprise headline pledges.
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June 13, 2024
Troubled Insurer Considers Liquidation To Finish Onex Sale
Struggling insurance company R&Q said on Thursday that it could fall into liquidation to allow it to complete the sale of its underwriting unit to a Canadian private equity shop, Onex Corp.
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June 13, 2024
Aon Launches $357M Insurance Program For Ukraine
Global professional services firm Aon PLC has unveiled a $357 million insurance program in collaboration with the U.S. International Development Finance Corp. to support economic recovery in Ukraine.
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June 12, 2024
Reinsurers Escape $41M Claim Over Taliban Warehouse Loss
A logistics company that lost its warehouse to the Taliban cannot claim $41 million from reinsurers because under the "clear wording" of its policy it was not covered for loss caused by seizure, a London court ruled Wednesday.
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June 19, 2024
King & Spalding Hires 5 Finance Pros From Cadwalader In UK
King & Spalding LLP has boosted its partnership ranks in London with the hire of five finance lawyers from rival U.S. law firm Cadwalader Wickersham & Taft LLP.
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June 12, 2024
Fix Pension Transfer Rules As 'Matter Of Urgency,' Gov't Told
The Department for Work and Pensions must take immediate and urgent action to address a string of "unnecessary points of friction" around pension transfer flagging rules, wealth management company Quilter PLC said Wednesday.
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June 12, 2024
Gowling, Eversheds Steer £125M Med. Nonprofit Pension Deal
Pension insurance company Rothesay said it has completed a £125 million ($160 million) full scheme buy-in with a plan sponsored by The nonprofit Medical Protection Society Ltd., in a deal steered by Gowling WLG and Eversheds Sutherland.
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June 12, 2024
Rule Changes Proposed To Revive EU Securitizations
A European body for financial institutions has warned that regulation is suffocating the securitization market as it proposed a five-point plan to revive it as part of the Capital Markets Union to get investments flowing across member states.
Expert Analysis
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Preparing For FCA's New Appointed Representative Rules
The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.
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Opinion
A Better Gov't Response To Pensions Misselling Is Needed
To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.
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A Review Of The New UK Financial Services And Markets Bill
In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.
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How Greenwashing Litigation Is Affecting Financial Services
A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.
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FCA Consumer Duty Shows Shift In Retail Financial Services
The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.
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Pandemic Rent Ruling Is A Blow To Commercial Tenants
The recent U.K. Court of Appeal decision in London Trocadero v. Picturehouse demonstrates that even exceptional COVID-19-related circumstances will not induce courts to interfere with a previously considered allocation of risk between parties or imply terms in a contract, says Gurpreet Sanghera at Simkins.
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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.