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 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.
March 05, 2025
Quilter PLC Sets Aside £76M For Redress Amid FCA Review

Wealth manager Quilter PLC said Wednesday that it has set aside £76 million ($98 million) to compensate clients who did not get appropriate financial advice as it finalizes an independent review for the Financial Conduct Authority.
March 05, 2025
FCA Says Private Markets Must Identify Conflicts Better

The Financial Conduct Authority said Wednesday that private asset markets like venture capital need to identify conflicts of interest better in asset valuations, in a multifirm review covering £3 trillion ($3.86 trillion) of global private assets under management.
March 05, 2025
Boss Defends Pensions Service Despite Portal's Failings

The head of the Money and Pensions Service insisted on Wednesday that the body was the most suited to develop online retirement portals, despite a scathing official report revealing poor governance and inexperience at the organization.
March 05, 2025
Lloyd's Warns Of $2.4T Financial Risk From Solar Storms

A solar storm that disrupts critical digital infrastructure across the world could cost the global economy $2.4 trillion over five years if the extreme space event was large enough and directed toward the Earth, Lloyd's of London has said.
March 05, 2025
Berkeley, Contractor Settle £15M Grenfell-Style Cladding Claim

Berkeley Homes and one of the developer's contractors have reached a settlement over a £15.6 million ($20 million) claim brought by a property owner that alleged the two companies installed flammable Grenfell-style cladding and insulation on a student accommodation block in London.
March 05, 2025
Intermediary SRG Buys Modified Car Insurance Broker

U.K. insurance intermediary Specialist Risk Group has bought Brentacre, a broker that insures modified and performance vehicles, saying the purchase aligns with its strategy of partnering with niche businesses.
March 04, 2025
Cinema Chain Says Landlord Overcharged For Premiums

Cinema companies who leased part of the landmark Trocadero building in London's well-known Piccadilly Circus accused their landlord of breaching the rental agreement by overcharging them for insurance premiums at the start of a London trial Tuesday.
March 04, 2025
Pension Schemes Post Record-Breaking Consolidation

Britain's retirement savings watchdog said Tuesday the number of defined contribution pension schemes decreased 15% in 2024 to 920 — dropping to fewer than 1,000 plans for the first time.
March 04, 2025
Insurers To Benefit From Italy's Mandatory Catastrophe Cover

European insurers can expect a boost to revenue after Italy introduced a new requirement for businesses to buy natural catastrophe cover from the end of March, a ratings agency has said.
March 04, 2025
UK Financial Ombudsman Reports Jump In Complaints

Complaints to the Financial Ombudsman Service spiked almost 42% in the third quarter of 2024 compared to the same period the previous year, with grievances about bank cards, insurance and automobile hires the most common, a survey published Tuesday said.
March 04, 2025
Pension Surpluses Rise To £180B As Gov't Weighs New Rules

The U.K.'s defined benefit pension sector is now £180 billion ($229 billion) in the black, a professional services firm said, as the government weighs plans to allow businesses to tap into funding surpluses.

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 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.
The EU AI Act's Impact On Global Financial Regulation

The European Union’s new Artificial Intelligence Act, representing lawmakers’ first comprehensive attempt to regulate AI and giving special attention to the financial services sector, hopes to influence global legal and regulatory frameworks to maintain access to the EU market, say lawyers at Goodwin.
FCA Survey Results Reveal Rise In Nonfinancial Misconduct

After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.