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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.
November 21, 2024
FCA Weighing Wider Impact Of Motor Finance Ruling

The Financial Conduct Authority said it is considering issuing guidance amid growing legal uncertainty over commission arrangements following a bombshell court ruling on motor finance.
November 20, 2024
11th Circ. Says No Coverage For Holding Co. In $11.7M Row

The Eleventh Circuit unanimously affirmed Wednesday that an insurer doesn't have to cover underlying litigation against a holding company by investors who wanted to revoke an $11.7 million buy-in, because claims were made before the policy was active.
November 20, 2024
Oakley Capital To Invest £14M In German Insurance Agent

Oakley Capital said Wednesday that it has indirectly acquired German insurance managing general agent Konzept & Marketing, or K&M, through its Fund V, with the European mid-market investor injecting approximately £14 million ($17.7 million) into the deal.
November 20, 2024
Watchdog Censures Insurance Agency Over Breaches In Sales

The Competition and Markets Authority censured Prima Insurance on Wednesday for failing to properly explain the costs over more than a year of a policy add-on to thousands of consumers.
November 20, 2024
Marsh Says Greensill Bank Can't Add It To Australian Dispute

Marsh urged a court Wednesday to maintain an order banning Greensill Bank AG from dragging it into litigation in Australia linked to the collapse of the wider group, arguing that the lender is bound by an English jurisdiction clause in its contract with the insurance broker.
November 20, 2024
European Council Greenlights ESG Rating Regime

The European Union has adopted new rules to regulate environmental, social and governance rating activities to make them more transparent, consistent and comparable in a move to improve investors' trust in sustainable financial products.
November 20, 2024
Aviva Unveils Islamic-Compliant Workplace Pensions Strategy

Insurance giant Aviva has launched a tailored solution for members of workplace pensions who want investment options that are compliant with Islamic law, introducing a range of funds and universal de-risking options.
November 20, 2024
Danish Pensions Biz Sells £48M Of Shares In Helios Towers

Denmark's largest pensions and processing company said on Wednesday that it has sold shares in Helios Towers PLC, a telecommunications company based in Britain, raising approximately £48 million ($61 million).
November 19, 2024
Truck Insurance Must Arbitrate Asbestos Coverage Claims

Truck Insurance Exchange must arbitrate its dispute with a group of reinsurers over coverage for asbestos bodily injury claims filed against Kaiser Cement & Gypsum, a California federal judge ruled, saying there was "little difficulty" in concluding that the case falls within the parties' arbitration agreement.
November 19, 2024
Redress Scheme Reports 18% Jump In Decisions On Claims

The Financial Services Compensation Scheme reported on Tuesday an 18% year-on-year increase in decisions on claims filed by customers of failed financial companies during the first six months of the fiscal year that ends in March 2025.
November 19, 2024
Ex-Director Ordered To Repay £9.7M To Pension Funds

A former director of a U.K. pension scheme trustee company must repay more than £9.7 million ($12.3 million) into two retirement savings plans after the sector's ombudsman found he acted dishonestly by facilitating dubious investments.
November 19, 2024
Marsh Unit Buys Greece Reinsurance Joint Venture

Reinsurance specialist Guy Carpenter said Tuesday that it has agreed to acquire full control of its Greek reinsurance broking and advisory joint venture Carpenter Turner 11 years after it was launched.
November 19, 2024
Fund Managers Call For Automated Process To Boost Listings

The Investment Association urged fund managers and brokers on Tuesday to join forces to automate the processes for introducing companies to listing on the stock market, which could make it easier to raise capital and increase the appeal of U.K. markets.
November 19, 2024
UK Insurance Services Biz Davies Buys US Loss Adjuster

U.K. insurance services company Davies Group Ltd. has bought loss adjuster Budget Claims Services Inc. to boost its claims capabilities in parts of eastern and central U.S.
November 19, 2024
Swiss Life Completes $100M Deal For Green Hydrogen Biz

The asset management arm of insurer Swiss Life said Tuesday that it has completed its $100 million purchase of Denmark's Everfuel AS, which will lead it to take the green hydrogen producer off of the Euronext Growth market.
November 18, 2024
Over 5,000 Woodford Investors Sue Hargreaves Lansdown

More than 5,000 investors in a fund run by stock picker Neil Woodford are suing Hargreaves Lansdown over the fund's collapse, a group claim that is expected to exceed £200 million ($253 million), according to claims manager RGL.
November 18, 2024
Pension Trustees Could Be Swayed By Insurance Stress Tests

Trustees of U.K. retirement savings plans might use data from the next official insurance stress test when they come to decide on buying out their liabilities, experts said Monday.
November 18, 2024
Manufacturer Blamed For No Cover In £2M Tool Theft Loss

The failure by a British manufacturer of pipe seals and gaskets to disclose that it kept its tools outside its main factory when it arranged insurance meant it did not have cover when thieves stole the "valuable" items, an insurance broker has argued.
November 18, 2024
FCA Finds Failings In How Firms Identify Insider Info

The Financial Conduct Authority has warned that companies issuing shares to the public are taking differing approaches to how they identify and distribute insider information, finding that some are taking potentially unlawful action.
November 18, 2024
Half Of Neurodivergent Adults Face Hiring Discrimination

Half of neurodivergent adults have faced discrimination during hiring processes, and a fifth said they had been laughed at, according to a survey carried out for insurance company Zurich.
November 15, 2024
Gov't Moves To Bring ESG Ratings Under FCA Regulation

The U.K. government has confirmed it will press ahead with plans to bring environmental, social and governance ratings providers under the regulatory remit of the Financial Conduct Authority.
November 15, 2024
FCA To Upgrade Redress System To Help Boost Investment

The City watchdog gave its backing on Friday for a government plan for the financial sector to drive more growth, as HM Treasury outlined plans to modernize its system for redress to help fuel investment.
November 15, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Ocado file an intellectual property claim against an African fruit and vegetable importer, a claim filed against a Swiss bank founded by Indian billionaire Srichand Parmanand Hinduja and 300 individuals sue travel company TUI. Here, Law360 looks at these and other new claims in the U.K.
November 15, 2024
TPR's New Pension Funding Code Will Bring Clarity For Sector

Most pension professionals believe the funding code for defined benefit retirement savings plans launched by The Pensions Regulator this week will bring greater clarity in the sector, a trade body has said.
November 15, 2024
BoE Floats New Rules For Insurance Special Purpose Vehicles

The Bank of England on Friday laid out new reforms that could speed up the process of applying for alternative forms of reinsurance, in a wider effort to make the U.K. a hub for the insurance-linked securities market.

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

FCA's Broad Proposals Aim To Protect Customer Funds

The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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.