Insurance UK

Gov't Growth Priority Forces FCA To Reassess Consumer Risk

Moves by the U.K. government to force the financial watchdog to back economic growth with more relaxed regulatory controls could expose consumers to harm, leaving regulators with no clear idea of what risk levels would be politically tolerable.

The Biggest Developments In Insurance In 2024

The financial watchdog has come under pressure this year from the Labour government to tackle the cost of insurance, which has soared because of rising claims caused by the ongoing repercussions from Brexit and the war in Ukraine.

FCA's 2024 Consumer Focus Still Has Firms Guessing

The Financial Conduct Authority shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.

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.

March 27, 2025
Huawei Defeats Widow's Delayed Claim Over Unpaid OT

A former Huawei employee's widow can't pursue the company for allegedly discriminating against her husband because she waited too long to launch her case, an employment tribunal has ruled.
March 27, 2025
6 Insurers Penned £5B-Plus In Pension Deals In 'Record' 2024

Six insurers wrote over £5 billion ($6.5 billion) each in pension deals for the first time in 2024, Lane Clark & Peacock LLP said Thursday, highlighting a risk transfer market "firing on all cylinders" with new entrants increasing competition.
March 27, 2025
EU Insurer Watchdog Urges Full Buffer Requirement In Crypto

The European Union's insurance watchdog on Thursday advised the EU's main executive body to impose on insurers a 100% capital buffer requirement for all crypto-asset investments.
March 27, 2025
InvestAcc Group To Buy AJ Bell Pension Unit For £25M

Investment platform company AJ Bell said Thursday it will sell its pensions administration arm to InvestAcc Group Ltd. for £25 million ($32.5 million), amid a business restructure.
March 27, 2025
UK Aims To Boost Competitiveness With Derivative Rule Cuts

Britain's two largest finance watchdogs Thursday proposed extending exemptions to margin requirements to cover unfavorable price movements for traders of some derivatives contracts, looking to keep the U.K. globally competitive.
March 27, 2025
Gov't Urged To Review State Pension Ahead Of Tax 'Cliff Edge'

The U.K. government must reform the state pension or face a "bizarre tax cliff edge" where benefits exceed personal allowance thresholds, experts warned.
March 27, 2025
Pension Watchdog Vows To Improve Internal Pay Gaps

White, heterosexual men continue to earn more money on average than their colleagues at The Pensions Regulator, data published by the retirement watchdog shows.
March 26, 2025
Claims Firm Beats Whistleblower's Fraud Case

A claims manager didn't blow the whistle on forged signatures at an insurance claims handler because he had waited until his resignation day to alert senior management, an employment tribunal has ruled.
March 26, 2025
UK Accounting Firms Warned On Capital Restructuring

The Financial Reporting Council has instructed audit firms that are considering a capital restructuring to engage with the watchdog "at an early stage" and with "full candor."
March 26, 2025
Insurers Could Pick Up Bill For Replacing Dangerous Cladding

Britain's professional indemnity insurance market could be forced to pick up a significant portion of the £22.4 billion ($29 billion) bill for replacing flammable cladding from buildings, an underwriter warned.
March 26, 2025
Gov't Expands UK Fraud Strategy With Focus on Scammers

Fraud Minister David Hanson announced at a summit on Wednesday that work has started on an expanded fraud strategy, with a focus on combating scams enabled by artificial intelligence, according to the Home Office.
March 26, 2025
FCA Presses London Insurers Into Misconduct Training

The scandal-hit London insurance market has drawn up a training program for staff after pressure from the Financial Conduct Authority, a group of trade bodies said.
March 26, 2025
UK Insurer Beam Buys Commercial Lines Broker KDH

Beam Insurance Solutions has acquired commercial lines broker KDH, as The Broker Investment Group-backed company strengthens its presence in the U.K.'s Midlands and targets hitting £22 million ($28 million) in gross written premiums by the end of 2025.
March 26, 2025
Most DC Savers In Plans With 'Productive Asset' Investment

Almost nine in 10 defined contribution pension savers are in schemes that invest in at least one "productive asset" class, such as infrastructure, Britain's retirement watchdog has said.
March 25, 2025
Chubb Settles £3M Building Defect Claim With Housing Assoc.

An affordable housing association has agreed to settle the £3.1 million ($4 million) claim it brought against Chubb European Group SE and other insurers to cover the costs of fixing a string of defects in a building project in northwest London.
March 25, 2025
Aviva Pays Out £1.9B In Protection Claims In 2024

Insurance giant Aviva said on Tuesday that it paid out more than £1.89 billion ($2.45 billion) on almost 62,000 individual and group protection claims in 2024.
March 25, 2025
Howden To Buy Pensions Adviser Barnett Waddingham

Insurance broker Howden Group said on Tuesday that it is acquiring U.K. professional services consultancy Barnett Waddingham to provide the group with expertise in pensions and fuel its continued global expansion.
March 25, 2025
Ex-National Grid Worker Partially Wins Appeal In Pension Row

A London court has ruled that a former National Grid employee can forge ahead with a claim accusing the energy company of failing to give him a fresh opinion about its decision to deny him a pension over his ill health.
March 25, 2025
Quarter Of Pension Schemes Still Have 'Nondigital' Data

The U.K. retirement saving watchdog said it has warned pension schemes that are failing to meet data standards, as one in four providers still have consumer information in a paper format.
March 25, 2025
FCA Issues Regulatory Reform Plan To Promote UK Growth

The Financial Conduct Authority unveiled a five-year plan on Tuesday to encourage more risk-taking by business, part of a wider effort to fire up the economy.
March 25, 2025
FCA Boss Presses Pro-Reform MPs For Clarity On Risk

The chief executive of the Financial Conduct Authority called Tuesday on MPs pressing for regulatory reform for clarification of how much risk is acceptable in the pursuit of growth as he warned of a potential rise in money laundering and property defaults.
March 24, 2025
A&O Shearman Dials In £10B Pension Deals For BT Scheme

One of the U.K.'s largest private-sector pension funds said it had offloaded £10 billion ($13 billion) in longevity risk to two reinsurers, in a deal steered by A&O Shearman and Willkie Farr & Gallagher LLP.
March 24, 2025
EU To Ease Financial Benchmark Rules For Administrators

European Union negotiators approved on Monday an amended regulation on financial benchmarks to ease the burden on small and medium-sized firms that operate as administrators.
March 24, 2025
Global M&A Rebound Drives Insurance Boom, UK Broker Says

Insurers are seeing growing demand from businesses for protection from risk connected to mergers and acquisitions, amid a global recovery in deal making in 2024, a survey by Marsh McLennan has found.
March 24, 2025
Schroders Wins £740M Pension Management Contract

Schroders' pension investment and advisory arm has confirmed its appointment as fiduciary manager of a pension scheme linked to Aga Rangemaster and will oversee £740 million ($958 million) worth of assets on behalf of the kitchen appliance brand scheme.

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

What Latest FCA Portfolio Letter Means For Payments Firms

Charlotte Hill at Charles Russell discusses the Financial Conduct Authority’s recent portfolio letter to CEOs of payments firms, outlining the regulator’s expectations, and the steps that these companies may now need to take to ensure compliance and operational effectiveness.
What's Next After FCA Drops Troubled 'Name And Shame' Plan

A closer look at the Financial Conduct Authority's recent decision to toss its widely unpopular proposal changing the test for announcing enforcement investigations may reveal how we got here, why the regulator changed course, and where it’s headed next, say lawyers at Hogan Lovells.
New UK Order Offers Welcome Clarity To Crypto Staking Rules

The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.
How EU's Anticoercion Tool May Counter New US Tariffs

The never-before-used anticoercion instrument could allow the European Union to respond to the imposition of U.S. tariffs, potentially effective March 12, and gives EU companies a voice in the process as it provides for consultation with economic operators at different steps throughout the procedure, say lawyers at Crowell & Moring.
What To Know About Compliance As EU AI Act Takes Effect

Raj Shah at Mishcon de Reya explains how recently effective provisions of the European Union Artificial Intelligence Act, which concern prohibited AI practices and AI literacy, will affect both providers and users of AI systems, and suggests steps that companies can take now to plug any compliance gaps.
Rethinking 'No Comment' For Clients Facing Public Crises

“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
Market Infrastructure Regs Aim To Reinvigorate EU Trading

The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
Important Changes To Note In Accountant Ethics Code Update

The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
What 2025 Holds For UK, EU Restructuring And Insolvency

European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
How GCs Can Protect Cos. From Geopolitical Headwinds

Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
Navigating PRA's Data Request For Crypto-Asset Exposure

The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
Key Points From FCA Financial Crime Guide Updates

The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.
Why Nonfinancial Misconduct Should Be On Firms' Radar

Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.
Insider Info Compliance Highlights From New FCA Guidance

The Financial Conduct Authority's recent guidance to companies on identifying inside information clarifies the regulator's expectation of case-by-case assessment, helpfully highlighting that abuse of U.K.-regulated markets can arise earlier than some might think, say lawyers at Sullivan & Cromwell.
Interpreting Newly Released Consumer Fraud Complaints Data

The Financial Ombudsman Service’s latest complaint data focuses on scams and customer service, and demonstrates that as fraud is becoming rapidly more complex, financial regulators need to acknowledge that technology is here to stay and work together with firms to protect consumers, say lawyers at RPC.