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Insurance UK
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May 29, 2024
Three EU Countries Urge Tax Reform To Boost Investment
Three smaller European Union countries, Austria, Croatia and Slovenia, are backing tax reforms in the 27-country bloc to support investment in capital markets, including exemptions from capital gains tax for long-term retail investment products, according to a joint declaration.
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May 29, 2024
Pensions Provider Sells Biz Before Entering Administration
A provider of self-invested personal pensions has sold its retirement savings business before it entered administration when its directors expressed concerns over its financial liabilities caused by some of the investments it had allowed.
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May 28, 2024
Insurers, Charter School Assoc. Dismiss Ida Damage Row
A New Orleans-area charter school system and its insurers have agreed to dismiss their dispute over coverage for the system's Hurricane Ida damage claims, the parties told a Louisiana federal court Tuesday, saying "all claims and causes of action brought forth in the above captioned matter have been compromised."
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May 28, 2024
Major Insurers Face £472M Claim For Russia-Stranded Planes
An aircraft lessor has brought a £472 million ($604 million) claim against dozens of major insurers over planes stranded since the invasion of Ukraine, following a landmark London court ruling that blocked attempts to move similar cases to Russia.
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May 28, 2024
Labour Party Rules Out Any Additional Tax Rises
The Labour Party on Tuesday ruled out introducing any more tax rises in addition to measures it has already announced in the event it wins the July 4 general election.
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May 28, 2024
Labour Derides 'Gimmick' Tory £2.4B State Pension Extension
The U.K.'s Labour Party said Tuesday it would maintain the state pension "triple lock" if it won the forthcoming general election, but stopped short of lifting income tax thresholds for the elderly.
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May 28, 2024
Aviva Completes £130M Pension Deal With Telereal
A property investment company has offloaded £130 million ($166 million) of its pension liabilities to Aviva PLC, the insurer said Tuesday.
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May 28, 2024
EU Investment Firms Told To Upgrade Marketing Reports
The European Union's financial markets regulator has said that investment firms should improve their marketing disclosures to investors, calling on national watchdogs to act against rule-breakers.
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May 28, 2024
Pension Deals Market Working For Small Providers, Aon Says
The deal market for small pension schemes looking to offload their liabilities to insurers is working despite fears that such plans are being crowded out of the market, Aon said Tuesday.
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May 24, 2024
The UK Laws That Will Pass Or Fail As Election Looms
Prime Minister Rishi Sunak's decision to call an early general election to be held on July 4 has left several pieces of legislation hanging in the balance during the so-called "wash-up" period before Parliament is formally dissolved, while others have been pushed through.
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May 24, 2024
Labour Gov't Could Force Big Tech Into Fraud Repayments
A potential new Labour government means a turning point in tackling financial fraud if it should force big tech companies like Meta and Google to join banks in having to reimburse customers duped into sending fraudsters money, according to lawyers.
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May 24, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.
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May 24, 2024
FCA Allows GAP Insurance Sales To Resume
The Financial Conduct Authority said Friday it has allowed several insurers to resume the sale of guaranteed asset protection insurance, months after putting a restriction on sales to rectify problems with the design of the product.
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May 24, 2024
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.
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May 24, 2024
Law Firm Partner Says Sorry For Expert Witness Interference
A Penningtons Manches Cooper LLP partner has apologized to a London court for overstepping in his interference with an expert witness' statement amid his client's feud with AXA XL.
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May 24, 2024
Generali Italia Denies Owing £1M To Exec With Eye Disease
Italy's largest insurance company has denied that it owes more than £1 million ($1.2 million) in incapacity benefits and damages to a Quest Software sales director suffering from a degenerative eye disease after rejecting his claim.
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May 24, 2024
FCA Bans Two Advisers Accused Of Misleading Clients
The Financial Conduct Authority has banned two advisers from working in financial services for "recklessly" exposing pension holders to high-risk investments, the regulator said Friday.
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May 24, 2024
Travelers Insurance Sued Over Fire-Damaged Warehouse
A U.K.-based building operator is suing its insurer for breach of contract for refusing to pay out on its multimillion-pound policy after fires destroyed its Scottish warehouse because the company allegedly fell short of security requirements and other policy provisions.
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May 24, 2024
No Easy Fix For Pensions Marketing Rules, Minister Warns
The government has said that there is no straightforward way to fix a quirk of privacy rules that discourages pension providers from sending emails to retirement savers.
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May 24, 2024
Ex-Aviva Staffer's Tribunal Outbursts Not A Bar To Fair Trial
Aviva must face a former employee's discrimination claim even though her actions during hearings — including accusations of institutional racism in employment cases — is likely to prevent the trial being fair, a tribunal has ruled.
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May 23, 2024
Insurer Warns Of Surge In 'Crash For Cash' Fraud
Insurer Allianz UK has urged motorists to watch out for dangerous scams, as it warned of a 6,250% rise in 2023 of "crashes" involving motorbikes and scooters.
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May 23, 2024
Legal Alliance Warns Of Growing FCA Burden On Insurers
British regulators are pressuring the insurance industry in the name of consumer protection, but at the expense of business growth and security, a report by an alliance of global insurance-focused law firms said Thursday.
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May 23, 2024
Trader Denies Using 'Magic Money Tree' At £1.4B Fraud Trial
Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), denied using a "magic money tree" in his trading at a London court Thursday.
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May 23, 2024
Pension Plans Must Get Handle On Data Quality, TPR Says
Retirement savings plans in the U.K. face increased regulatory scrutiny to ensure that Britain has the best possible standards on safeguarding the personal data of clients, the pensions watchdog has said.
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May 23, 2024
Tech Resilience Regime Ambiguous, European Banks Say
A trade body representing banks in Europe warned on Thursday that new regulations requiring finance firms to prevent risks arising from cyberattack or systems failure are ambiguous and could create differing approaches to compliance.
Expert Analysis
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Last-Minute Brexit Preparations For EU Financial Firms
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
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What To Expect From Serious Fraud Office In 2019
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.
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UK Privacy Rules That Can Catch You Off Guard
The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 2
With autonomous vehicles expected to hit the streets of the United Kingdom soon, manufacturers, insurers and their legal counsel face the challenge of determining how the U.K.'s product liability laws will be applied to questions of negligence, evidence and contracts raised by self-driving vehicles, says Michaela Herron of Bristows LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 1
Autonomous vehicles present a number of challenges to the United Kingdom's product liability legal framework, especially with regard to the vehicles' heavy reliance on software, consumers' expectations of safety and the need for compliance with varying local traffic rules, says Michaela Herron of Bristows LLP.
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A Victory For Legal Privilege In Cross-Border Investigations
The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.
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UK And EU Crawl Toward Virtual Currency Regulation
The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.
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Is Equifax Data Breach Penalty A Sign Of Fines To Come?
Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.
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Ensure That Dispute Resolution Mechanisms Are Brexit-Proof
With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.
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5 Cyber Insurance Pitfalls To Avoid In The UK
Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
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UK Unexplained Wealth Orders: More Bark Than Bite So Far
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
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GDPR Compliance Questions For Blockchain Firms
The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
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Knowledge Management: An Unsung Hero Of Legal Innovation
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
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Uncertainty Concerning The UK's Proper Purpose Rule?
The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.
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How Europe's AML Regime Is Tackling Virtual Currencies
The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.