Insurance UK

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.

Plan To Recast £2.5T Pensions Sector Raises New Risks

The government unveiled a set of reforms Tuesday designed to tap the U.K.'s £2.5 trillion ($3.2 trillion) pension sector for investment in new technology startups — but experts say the shakeup could lead to an uncertain future for millions of workers saving for retirement.

March 11, 2025
AXA Says Santander Was In 'Driving Seat' In £670M PPI Trial

Insurance giant AXA said at the start of a £670 million ($867 million) London trial Tuesday that Santander should compensate it for what it has paid out dealing with claims for missold payment protection insurance because the Spanish bank's subsidiary was "in the driving seat."
March 11, 2025
Over-50s Regret Not Taking Pension Seriously, Study Shows

A quarter of those over the age of 50 said they regret not taking their pension more seriously at a younger age, according to research from insurance giant Aviva that comes amid increased warnings about Britons not saving enough for retirement.
March 11, 2025
UK Regulators Seek AI Guidance From Industry

Britain's financial and data regulators have reached out to U.K. trade bodies and business chief executives for guidance on how to provide regulatory certainty on artificial intelligence.
March 11, 2025
Norway Insurer Gjensidige To Buy Home Cover Rival For $40M

Gjensidige Forsikring ASA said Tuesday it has agreed to acquire home coverage specialist Buysure AS and its subsidiary for up 430 million Norwegian krone ($40.4 million), as the insurance company moves to diversify its business.
March 11, 2025
Brokers Fail To Address Liquidity Risks, City Watchdog Finds

The City watchdog has found that many brokers in Britain which trade in securities or commodities are failing to identify potential risks to their liquidity that could be sparked by crises in the markets such as war or a bank collapse.
March 11, 2025
Nationwide To Pay £600M In Rewards After Virgin Money Deal

Nationwide Building Society said Tuesday that it plans to reward its members with a total of £600 million ($775 million) after completing its £2.9 billion takeover of rival lender Virgin Money UK.
March 10, 2025
PIB Insurance Group Acquires Litigation Insurer Litica

PIB Group said Monday it has bought litigation insurance provider Litica in the latest in a string of acquisitions announced by the U.K.-based business over recent months.
March 10, 2025
Eversheds Guides Canada Life £361M Pension Scheme Deal

Insurer Canada Life Ltd. said Monday it has finalized a buy-in transaction with a U.K. pension scheme worth £361 million ($465 million).
March 10, 2025
FCA Finds Firms Prioritizing Sales Over Consumer Outcomes

Some companies in the financial services sector are coming up short under the Consumer Duty regime by prioritizing sales over good customer outcomes, according to a review by the City watchdog.
March 10, 2025
FRC Launches Tool To Boost Access To Company Data

Britain's accounting watchdog on Monday said it has launched a new digital tool it said would improve free access to company reporting data.
March 10, 2025
Aviva Finalizes £4.8M Buy-Out For Defunct Fruit Distributor

Aviva PLC said Monday it has finalized a bulk purchase annuity buy-out with a pensions scheme for a now-defunct U.K. fresh fruit distributor A Gomez Ltd. for £4.8 million ($6.2 million).
March 07, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen an Iranian oil company sued for $95 million, Betfred hit with a lawsuit from a property company and NHS England face a human rights claim brought by a man detained under the Mental Health Act for over 20 years. Here, Law360 looks at these and other new claims in the U.K.
March 07, 2025
Gallagher's $13.5B AssuredPartners Deal Faces FTC Inquiry

Arthur J. Gallagher & Co. announced Friday that federal regulators requested additional information, for a second time, on its $13.5 billion acquisition of independent insurance brokerage AssuredPartners, extending the waiting period under the Hart-Scott-Rodino Act until 30 days after the firm complies with the request.
March 07, 2025
EU Regulator Eyes Harmonized AML Enforcement

Europe's banking regulator wants the European Union's planned anti-money laundering watchdog to harmonize enforcement across member states, penalizing rule breaches against categories of severity.
March 07, 2025
Howden Sued For £20M Over Hotel Chain's COVID Losses

The owner of a string of boutique hotels has said Howden Insurance Brokers Ltd. must pay out over £20.4 million ($26.4 million) for failing to arrange adequate insurance cover that allegedly left it short when the COVID-19 pandemic took hold and shuttered sites.
March 07, 2025
EU Fund Managers Push For More Competitive Regulations

Europe's fund managers have called for more regulatory consistency across the European Union to help restore competitiveness, removing unnecessary rules as well as making environmental, social and governance data more reliable.
March 07, 2025
Debevoise Helps Resolution Life Cover $9.7B Of Annuity Risk

Resolution Life said Friday that it will take on $9.7 billion worth of insurance risk for Protective Life Corp. to help the U.S. group manage complex life and annuity products.
March 07, 2025
FCA Awaits Gov't Answer To City Consumer Duty Pushback

The Financial Conduct Authority is waiting for the government to clarify how much consumers can be exposed to risk in favor of more growth-focused regulation as the watchdog faces push back from the sector against its flagship consumer protection program.
March 06, 2025
FCA Finds Most Firms Fail To Service Vulnerable Customers

The Financial Conduct Authority said Friday it has found that most firms are failing to ensure they're adequately serving vulnerable customers, according to a long-awaited review.
March 06, 2025
Insurer Wins Landmark Appeal In Scotbeef Moldy Meat Case

A London appeals court has ruled that a British insurer does not have to pay out over 100 tons of spoiled beef, finding in the first judgment of its kind that the company storing the meat breached its insurance policy terms.
March 06, 2025
MPs Quiz Gov't Over Women Pension Redress Refusal

The government has been urged to show what options it considered before rejecting a £10.5 billion ($13.5 billion) compensation package for women who were underpaid state pension.
March 06, 2025
First 3 Firms Connect To UK Gov't Pension 'Dashboard'

Three pension businesses have successfully plugged into the government's planned new online retirement savings portal, in a major milestone for the troubled project.
March 06, 2025
Blake Morgan Denies Botching Pensions Advice To Trust

Blake Morgan LLP has denied giving an archaeological trust negligent advice on the closure of its pensions plan, telling a London court that it was on the trust to make sure it validly shut the scheme.
March 06, 2025
Slaughter & May-Led L&G Seals £505M Inchcape Pension Deal

Insurer Legal & General has said it has covered £505 million ($650 million) of liabilities for the Inchcape Motors Pension Scheme, the U.K. retirement fund for the global automobile distributor, to secure the benefits of its members.
March 05, 2025
BoE Proposes Easier Capital Rules For Smaller Banks

The Bank of England's regulatory arm proposed Wednesday to allow financial firms to hold significantly more retail deposits before certain capital requirements kick in, helping smaller firms to grow with a potentially lower financial safety net.

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

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.
Anticipating The UK's Top M&A Trends In 2025

Conversations with market participants are focusing on five key questions about 2025's transactional markets, ranging from issues of artificial intelligence, to the boom in takeovers and increased regulatory scrutiny, says Layla D’Monte at King & Spalding.
Hawaii Climate Insurance Case Is Good News For Energy Cos.

The Hawaii Supreme Court's recent ruling in a dispute between an oil company and its insurers, holding that reckless conduct in the context of activities that can cause climate harms is covered by liability policies, will likely be viewed by energy companies as a positive development, say attorneys at Fenchurch Law.