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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.
May 01, 2024
FCA Opposes Paying Ex-Julius Baer Manager's Legal Costs

The U.K.'s Financial Conduct Authority urged a London appellate court Wednesday to overturn a tribunal's decision to make it pay part of a former Julius Baer employee's legal costs, saying the tribunal unfairly ruled that the FCA had unreasonably not called witnesses who were overseas.
May 01, 2024
Trade Body Amends Insurer Comms Guide After FCA Rules

The Lloyd's Market Association said Wednesday it has amended its guidance for how its trade body members should communicate insurance concepts to consumers to reflect recent regulatory changes, including advice around the Financial Conduct Authority's new consumer duty regime.
May 01, 2024
Industry Dissatisfaction Grows Over Pension Policy Reform

Two-thirds of pension professionals have been unhappy with the direction of retirement savings policy in the past six months, finance experts said Wednesday, adding that an "influx of policies" is overwhelming industry resources.
May 01, 2024
Pension Scam Group's Future Hit By Lack Of Volunteers

A voluntary body that works against pensions scams said on Wednesday that it is considering winding up its operations and is concerned that a fall in volunteer numbers might jeopardize its effectiveness.
May 01, 2024
FCA's Investigation Regime May Tarnish Unnamed Individuals

Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion putting them at risk of losing their jobs.
May 01, 2024
Pension Body Warns On Gov't Equity Investment Plan

U.K. government plans to impose public disclosures on pension funds would increase the burden on the industry and harm savers by encouraging investment in low-return businesses, according to an industry paper published Wednesday.
April 30, 2024
FCA Flexibility On Pension Dashboard Wins Industry Applause

The Association of British Insurers said on Tuesday that Financial Conduct Authority rules that modify how firms can connect their data to the pension dashboard service were a "welcome step," and will improve connection to the long-awaited retirement savings program.
April 30, 2024
Insurers Warn Of 'Irreparable Damage' From FCA's New Rules

An association of insurers in the U.K. warned the country's financial regulator Tuesday that its new proposal to name the firms it probes and publish information about investigations at an earlier stage will cause more harm than good.
April 30, 2024
Eatery Can't Extend 'Physical Damage' Policy To COVID Claim

An appellate court threw out on Tuesday a restaurant owner's attempt to broaden the scope of a business interruption policy lacking any "nondamage" extensions to include losses sustained during the COVID-19 pandemic.
April 30, 2024
UK Pension Deal Market Sees Surge In Smaller Transactions

The number of pension deals worth less than £100 million ($125 million) rose 10% in 2023, according to data released on Tuesday by Aon PLC, as doubts grow over the need for a state-backed consolidator of retirement savings plans.
April 30, 2024
Insured Disaster Losses Already At $17B In 2024, Broker Says

Losses from natural disasters covered by insurance reached $17 billion in the first three months of 2024, reinsurance broker Aon has reported, with devastating storms in the U.S. and Europe driving up the costs for the sector.
April 29, 2024
Butlins Sues Insurers For £60M After Flood Damage

A major holiday resort is suing a number of its insurers, including Aviva and QBE, for failing to pay out on losses sustained when a vacation park was flooded, causing the closure of many of its lodges.
April 29, 2024
UK Car Insurance Cost Up 33% Over Year, ABI Says

The average cost of car insurance was around 33% higher in the first three months of 2024 than the same period a year ago, figures published by the Association of British Insurers on Monday show.
April 29, 2024
Trade Bodies Want Gov't Action Over 'Damaging' FCA Rules

A group of 16 financial services trade bodies has called on HM Treasury to intervene over recent Financial Conduct Authority proposals to name companies under investigation, saying the plans could have "damaging consequences" for the U.K.
April 29, 2024
Russia Sanctions Creating 'Shadow Fleet,' Insurers Warn

The increasing compliance burdens that come from a price cap on Russian oil has led to the exodus of 800 tankers from the Western insurance market, a trade association has warned.
April 29, 2024
FCA To Get Extra Data To Police Consumer Credit Lending

The City watchdog set out on Monday final rules that will require consumer credit lenders to give it more detailed data, enabling it to act against problem companies.
April 26, 2024
UK Gov't Rejects Lawmakers' Criticism Of Edinburgh Reforms

The U.K. government has rejected criticisms from the Treasury Committee that the post-Brexit financial services reform program is moving too slowly, claiming the changes are on track in a letter published Friday.
April 26, 2024
UK Workers Back Gov't 'Pot For Life' Pension Proposals

Proposals for single pension pots for life have cross-generational support from U.K. workers, according to the results of a survey by a cross-party policy think tank that were published Friday.
April 26, 2024
Insurer Signs First Settlement Over Russia-Stranded Planes

An aircraft lessor and an insurer have settled their fight over payouts for planes stranded in Russia after its invasion of Ukraine, the first agreement out of dozens of battles worth billions of dollars involving major insurers.
April 26, 2024
BoE To Include Funded Re In Life Insurance Stress Test

The Bank of England has said it will consider the risks posed by offshore reinsurance contracts when it carries out a stress test on life insurers in 2025.
April 26, 2024
FCA Defends Naming Firms Under Investigation

The Financial Conduct Authority on Friday defended its proposed naming of companies under investigation in a letter to a House of Lords committee.
April 26, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen budget airline Ryanair file a claim against NATS PLC after the air traffic controller's system collapsed, Mastercard and Visa Europe face group claims from Christian Dior and dozens of other beauty retailers, an intellectual property clash between the publisher of The Sun and ITV, and ISC Europe sue a former director for alleged money laundering. Here, Law360 looks at these and other new claims in the U.K.
April 26, 2024
Law Firm Racine Advises On €26M Sale Of Healthcare Unit

Wilmington PLC said Friday it has offloaded its healthcare business APM for €26 million ($28 million) to Philia Medical Editions SAS, which was advised by French law firm Racine.
April 26, 2024
PI Lawyer Rebuked Over Rejected Settlement Offers

A personal injury lawyer has been rebuked after he misled opposing solicitors into thinking that his client had rejected two offers to settle a legal claim, the Solicitors Regulation Authority said Friday.
April 25, 2024
Higher Greek Limit For Fire Claim No Reason To Stay UK Case

A London court refused Thursday to let the owner of a boat that sank in a Corfu marina pause English proceedings over liability for the accident in favor of pursuing the matter in Greece, where the payout cap would be higher.

Editor's Picks

Litigation Funding Demand Rises As Pandemic Suits Percolate

More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Reforms Abroad For Litigation Funders Raise Questions In UK

Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
Coronavirus: The Latest EU Court Closures And Restrictions

UPDATED March 22, 2021, 10:35 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.

Expert Analysis

Dissecting Recent Developments Against The Misuse Of NDAs

The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
What To Know About The Russia-Stranded Plane Ruling

The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
3 Notable Pensions Reforms In Spring Budget

The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.
Bias Ruling Offers Guidance On Disqualifying Arbitrators

An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
Insurance Policy Takeaways From UK Lockdown Loss Ruling

An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.
What COVID Payout Ruling Means For Lockdown Loss Claims

While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
Spartan Arbitration Tactics Against Well-Funded Opponents

Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases

The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
Unpacking The Building Safety Act's Industry Overhaul

Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.
A Rare Look At Judicial Interpretation Of LEG Exclusions

A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.
Ruling In FCA Case Offers Tips On Flexible Work Requests

In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
Breaking Down The New UK Pension Funding Regs

Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
Decoding UK Case Law On Anti-Suit Injunctions

The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.
Cayman Islands Off AML Risk Lists, Signaling Robust Controls

As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.