Insurance UK

Doubts Grow Over Impact Of UK Capital Market Deregulation

Government efforts to revitalize the country's sluggish economy by stripping away regulatory burdens on financial markets have raised concerns among lawyers that consumers might be exposed to more risk, amid doubts that the steps can stimulate broader U.K. economic output.

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.

April 10, 2025
Watchdog Finds Trustees Failing To Assess Climate Risk

The Pensions Regulator warned Thursday that many trustees of smaller direct contribution pension schemes are failing to consider risk to investments from climate change and should consider quitting the market.
April 10, 2025
Pensions Watchdog Adds 2 Finance Pros To Senior Staff

Britain's pension schemes regulator said Thursday that it has added two financial experts to senior positions "to help meet the challenges of the evolving and increasingly commercial pensions market."
April 10, 2025
Goldman-Backed Broker Buys UK Rival Moore Robinson

Insurance intermediary Clear said Thursday that it has acquired Moore Robinson Ltd., a specialist property broker based in the City of London, as the group moves to strengthen its U.K. retail arm.
April 10, 2025
Pensions Regulator's AI Tool Takes Aim At Criminals

The retirement savings watchdog has helped develop artificial intelligence technology to identify and remove websites that attempt to defraud people and steal their pension funds.
April 10, 2025
FCA Boss Rathi Appointed To 2nd Term With Growth Focus

HM Treasury said Thursday that it has reappointed Nikhil Rathi as chief executive of the Financial Conduct Authority to continue its reform of the regulations to support economic growth.
April 09, 2025
Gallagher Liable For Data Breach Insurance Cover Failure

Gallagher must compensate a housing trust for its botched handling of insurance cover following a data breach, after a London court ruled that the trust had lost out on the chance to be insured for a combined total of up to £11 million ($14 million) across three different policies.
April 09, 2025
Howden Accused Of Poaching Entire W&I Team From PIB

A subsidiary of insurance consolidator PIB has accused Howden of decimating its warranty and indemnity team by poaching 32 staffers and executives and for recruitment in the rival's underwriting division, Dual.
April 09, 2025
Scottish Friendly Acquires £2.16B In Fidelity Pension Assets

Mutual life insurer Scottish Friendly said Wednesday that it has acquired £2.16 billion ($2.76 billion) of pension and annuity payment books of British investment firm Fidelity International.
April 09, 2025
EU Unveils Road Map To Simplify Insurance Regulations

The European Union's insurance watchdog has unveiled a plan that aims to simplify financial services regulations in a bid to drive growth amid economic instability.
April 09, 2025
Rothesay Seals £105M Pensions Deal With Skipton

A pension plan for U.K. building society Skipton has agreed a £105 million ($135 million) full buy-in deal with insurer Rothesay Life PLC, securing the benefits of all 705 members.
April 08, 2025
Kuwait Pension Chief's Estate Denies $1B Bribery Claims

The estate of the deceased Kuwaiti pension authority director denied on Tuesday that the businessman was involved in an unlawful scheme of corrupt payments in excess of $1 billion, saying he believed the payments were legitimate and above-board.
April 08, 2025
Trade Body Urges Softer Regulatory Touch On PEPP Rules

A trade body for Europe's investment managers urged watchdogs in the bloc on Tuesday to relax regulatory restrictions on providers of the pan-European pension product in a move to boost demand by investors.
April 08, 2025
Aviva Detected 14% Rise In Claims Fraud In 2024

Aviva PLC encountered a 14% rise in the number of fraudulent insurance claims in the U.K. last year, comprising more than 12,700 suspected false claims worth £127 million ($162 million), the insurer said in a report Tuesday.
April 08, 2025
RPC, Weil-Led Howden Closes Buy Of UK Consultant

The insurance broker giant Howden Group Ltd. has finalized its acquisition of Barnett Waddingham, a professional services consultant, to create a major player in the U.K.'s pensions and employee benefits sector.
April 08, 2025
FCA Boosts Testing Support For Innovative Products

The financial watchdog said Tuesday that it will make it easier for companies to test innovative products and support those which apply for regulatory approval as part of its work program for 2025/26.
April 08, 2025
BoE Proposes Faster Investment Recognition For Insurers

The regulatory arm of the Bank of England said Tuesday that it wants to make it easier for insurance companies to invest in the U.K., part of a process to boost the competitiveness of the domestic economy.
April 07, 2025
FCA Proposes Lighter Rules For Hedge Fund Managers

The Financial Conduct Authority proposed Monday to reform its regime for alternative asset managers, making it easier to enter the market and grow the business.
April 07, 2025
EU To Assess Interest Rate Changes On Pension Funds

Europe's insurance regulator said Monday that it will assess how changes in interest rates tied to geopolitical tensions may harm pension funds during its fifth annual stress test on the sector.
April 07, 2025
Wealth Manager Quilter Buys NHS Pensions Analyst

Quilter PLC said Monday that it has acquired MediFintech, an analyst of National Health Service pensions, as the wealth manager looks to bolster its advisory arm to cope with a change to public service retirement plans.
April 07, 2025
Allianz Luxembourg Unit Penalized For AML Breaches

Luxembourg's financial regulator has hit the domestic branch of insurer Allianz with a €283,000 ($310,000) fine for breaching the country's anti-money-laundering and terrorist-financing rules.
April 07, 2025
Fidelity Japan Rejects Merger Approach From AVI Japan

The board of Fidelity Japan Trust has rejected a merger proposal from rival AVI Japan Opportunity Trust, telling its shareholders to vote to continue with its current strategy instead.
April 04, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Russian industrialist Oleg Deripaska target the intelligence arm of CT Group with a commercial fraud claim, Big Technologies sue its former CEO for allegedly concealing interests in several shareholders, and an investment firm tackle a professional negligence claim by Adidas. Here, Law360 looks at these and other new claims in the U.K.
April 04, 2025
Pension Protection Fund Says 'Time Is Right' To Review Rules

Britain's pensions compensation fund has said the "time is right" to review a range of key areas of its governing legislation, including how it sets its levy and rules determining how benefits for older pensioners rise.
April 04, 2025
Cyber Insurance Market To Double By 2030, Munich Re Says

The cyber insurance market is expected to more than double by 2030 at an annual growth rate of over 10% despite slow growth in the last two years, German multinational reinsurance company Munich Re said Friday.
April 04, 2025
TUI Pilot Wins Pension After Losing Forced Retirement Claim

An employment tribunal has ruled that a former TUI Airways pilot is entitled to almost £15,000 ($19,500) in pension contributions, despite tossing his claim for age discrimination and unfair dismissal the year before.

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.