Insurance UK

  • May 08, 2024

    'Inertia' Fears Over FCA's Pension Anti-Scam Safeguards

    The anti-scam safeguards proposed by the Financial Conduct Authority on new pension online portals could inadvertently hinder workers from taking action to improve their retirement savings, an insurer warned Wednesday.

  • May 08, 2024

    Investment Cos. Ask Gov't To Settle Disclosure Uncertainties

    A trade body has asked the U.K. Treasury to decide now whether to remove investment companies from its planned post-Brexit regime covering disclosures firms must make before selling certain products to investors to resolve a current misleading cost figure.

  • May 08, 2024

    South Africa Immune To Sunken WWII Silver Salvage Claim

    Britain's highest court ruled Wednesday that South Africa has sovereign immunity against a salvage repayment claim from a company that recovered around $43 million worth of silver bullion from a cargo ship sunk during the Second World War.

  • May 07, 2024

    Banks, Regulators Holding Back SMEs, Lawmakers Say

    A parliamentary committee urged the financial watchdogs on Wednesday to review their approach to helping small and midsized businesses gain access to money, arguing that banks are making it "needlessly tougher" to take out loans and unfairly closing accounts of legitimate companies.

  • May 07, 2024

    Ombudsman Wants Pressure On Gov't On Female Pensions

    The public sector ombudsman said Tuesday that it took the unusual step of issuing its report on systemic failures on women's state pension to Parliament because it was concerned that more retirees would die before the government acted on compensation.

  • May 07, 2024

    Pension Schemes Weigh Halting Employer Contributions

    Sustained improvements in funding levels for private sector pensions in the U.K. means that many defined benefit schemes are considering stopping contributions from sponsors to avoid overfunding, PwC has said.

  • May 07, 2024

    EU Watchdog Mulls Opening Funds To Riskier Investments

    The European Union's markets watchdog called Tuesday for market views on whether to expand the range of assets in which the most widely used type of investment fund can legally invest, to include crypto-assets as well as risky shares and bonds.

  • May 07, 2024

    FCA Bans Investment Firm's Ex-CEO For Misleading Clients

    The Financial Conduct Authority has fined the former chief executive of a London-based investment firm for misleading clients about cash held by the group and handed him a ban, according to a statement published Tuesday.

  • May 07, 2024

    PwC, EY Hit With Fines Over LC&F Audit Failures

    The Financial Reporting Council said Tuesday that it has handed out fines totaling approximately £10 million ($12.5 million) to PwC, EY and a third accounting firm for failures during audits they carried out on London Capital & Finance before the investment company's high-profile collapse.

  • May 03, 2024

    SRA Warns Law Firms On Improper Practices In Mass Claims

    The Solicitors Regulation Authority voiced concerns on Friday about law firms and legal professionals that handle mass claims involving financial services or products, saying that some are running up costs before they have even been instructed to act.

  • May 03, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen rapper Ivorian Doll hit with a copyright claim, private members club Aspinalls file a claim against a Saudi sheikh, and Motorola Solutions file a claim against the British government on the heels of its dispute over losing a £400 million ($502 million) government contract. Here, Law360 looks at these and other new claims in the U.K.

  • May 03, 2024

    EU Regulators To Report AML Suspects To Central Database

    The European Union's banking watchdog has said that national regulators can start reporting information on named individuals to the bloc's centralized anti-money laundering database from May, in a step further strengthening the fight against financial crime.

  • May 03, 2024

    Pensions Watchdog Targets More Scheme Consolidation

    The Pensions Regulator detailed on Friday 22 "priority outcomes" that will drive its work for the next three years, with policies reflecting its vision of "fewer, larger schemes" in the market, which a trade body described as ambitious.

  • May 03, 2024

    Hiscox To Begin Second Tranche Of $150M Share Buyback

    Hiscox Ltd. said on Friday that it has launched the second portion of a $150 million share buyback program as it aims to return excess cash to its investors after the global insurer reported record profits for 2023.

  • May 03, 2024

    Reed Smith Steers £136M Pension Deal For Savings Plan

    Insurer Just Group has taken on £136.3 million ($171.2 million) in liabilities from a retirement savings plan, advisers said, in a transaction steered by Reed Smith LLP. 

  • May 03, 2024

    Motor Insurance Complaints Surge 18% In A Year

    Complaints to Britain's finance watchdog about car and motorcycle insurance jumped by 18.2% during the second half of 2023 compared with the same period a year earlier, a consultancy group said on Friday.

  • May 03, 2024

    Financial Adviser Convicted In Axiom Legal Fund Fraud Case

    A former financial adviser was convicted on Friday of siphoning £5.8 million ($7.3 million) from an investment fund using secret commission payments as part of a legal financing fraud.

  • May 02, 2024

    Insurers Don't Have To Cover Deal Soured Over Bribery Woes

    A London appeals court on Thursday rejected a holding company's bid to overturn a ruling that found its insurers were not liable for losses it suffered when its acquisition of a construction contractor went south after bribery and corruption allegations.

  • May 02, 2024

    Financial Watchdog Boss Summoned Over Plan To ID Targets

    The head of the Financial Conduct Authority has been summoned to explain to lawmakers why he has not responded to their request to pause the watchdog's controversial plan to name the firms it probes amid mounting criticism that doing so could harm those later found innocent.

  • May 02, 2024

    PPF Says Norton's Pensions Top-Up Payments Starting Soon

    The pensions compensation program has confirmed that former employees of Norton Motorcycles will get top-up payments soon, after they were left financially disadvantaged when an executive siphoned off funds from a staff retirement savings plan.

  • May 02, 2024

    Hiscox, Lancashire Predict Loss From Baltimore Bridge

    British-listed insurers Hiscox and Lancashire Holdings confirmed Thursday they will likely face a financial hit from the collapse of the Francis Scott Key Bridge in Baltimore.

  • May 02, 2024

    Engineering Co. Fights For $10M Insurance Payout On Appeal

    A French engineering company relaunched its fight on Thursday for a $10.4 million insurance payout to cover damage caused when a ship crashed into an oil platform, arguing on appeal that a lower court misinterpreted the wording of its policy.

  • 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.

Expert Analysis

  • Zurich Case Brings Clarity To Complex Contempt Proceedings

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    The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.

  • What A No-Deal Brexit Would Mean For Dispute Resolution

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    In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.

  • The Problem — And Opportunity — Of Implicit Bias In The Bar

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    Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.

  • Roundup

    Pursuing Wellness

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    In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • 2 Perspectives On Navigating The Litigation Funding Process

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    Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.

  • Answers To Key Legal Finance Ethics Questions

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    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • Competing Legal Factors Vex Insurance Arbitration Disputes

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    The Fifth Circuit ruled in May that international arbitration policy trumped state insurance law in McDonnel Group v. Great Lakes Insurance. But the courts have been inconsistent in applying conformity-to-statute clauses, the McCarran-Ferguson Act and a related U.S. treaty in the battle between federal preemption and state reverse preemption, says Gilbert Samberg at Mintz.

  • Cannabis Investors Should Beware Money Laundering Risk

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    Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.

  • Real-Life Lessons For Lawyers From 'Game Of Thrones'

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    What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.

  • UK Firms Should Be Prepared For Government Raids

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    Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • 3 Insurance Issues Raised By The Notre Dame Cathedral Fire

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    The devastating Notre Dame Cathedral fire provides a rare opportunity to consider the many unique factors that owners and insurers must consider when insuring national treasures, say attorneys at Zelle.

  • Where The Post-Libor Litigation Tsunami Will Hit

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    The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.

  • Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant

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    The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.

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