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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.
October 02, 2024
AerCap Battles Insurers Over Stranded Jets As Trial Begins

There is "no scope" for major insurers to refuse billion-dollar claims for planes seized by Russian airlines, lawyers for major lessor Aercap told the High Court on Wednesday on the first day of a trial that is likely to be a test case for other claims.
October 02, 2024
Hogan Lovells Leads Royal London's 1st £30M Pension Deal

The Royal London Mutual Insurance Society Ltd. completed its first full scheme buy-in with the £30 million ($39.8 million) acquisition of The Retreat York Pension Scheme in a deal guided by Hogan Lovells and Wrigleys Solicitors, its adviser K3 Advisory said Wednesday.
October 02, 2024
Insurer Saga In Talks With Ageas On Partnership

Travel and insurance company Saga PLC confirmed on Wednesday that it is in talks with Ageas, a Belgian-French insurer, over a potential partnership for its insurance business.
October 02, 2024
Reed Smith Steers £140M Pension Deal For Insurance Biz

Aviva PLC has covered £140 million ($186 million) of pension liabilities for insurance group Thomas Miller & Co. Ltd. to secure the benefits of all members of the retirement savings plan, the companies said Wednesday.
October 01, 2024
Insurers Set For Mega-Trial Over 'Lost' Planes Stuck In Russia

A multibillion-dollar trial between the biggest aircraft lessors in the world and their insurers over hundreds of planes stranded in Russia kicks off in London on Wednesday in a case that could have wide ramifications for the insurance and reinsurance sector.
October 01, 2024
Lloyd's Says Forgery Sinks Claim Over Ship Struck In Ukraine

Lloyd's of London's Belgian unit has denied owing a wealth advisory business $3.7 million to cover alleged losses after a ship was struck by a mine, claiming the vessel at the time was trading in Ukrainian waters so it wasn't covered under the insurance policy.
October 01, 2024
Insurer Warns Over 43% UK Gender Pension Gap

The U.K. is seeing an emerging gender pension gap, with women having slightly more than half the retirement savings of men by the time they reach later life, an insurer warned Tuesday.
October 01, 2024
Pension Insurance Deal Market To Hit £60B In 2025

The total value of pension insurance transactions could hit £60 billion ($79.6 billion) for the first time next year, according to a poll of lawyers, trustees and others in the retirement sector published on Tuesday.
October 01, 2024
EU Markets Watchdog To Help Tighten Greenwashing Rules

The markets watchdog of the European Union said Tuesday that it will concentrate more on sustainable finance rules, and will develop tools to help national regulators address risks such as greenwashing.
October 01, 2024
Insurance Consolidator PIB Group Buys UK Broker

PIB Group Ltd. said it has bought RS Insurance Brokers Ltd., as the insurance acquisition vehicle seeks to boost its presence in the sector with a "burgeoning" portfolio of specialisms across the U.K. and Europe.
October 01, 2024
4 Firms Guide Partners Group In €6.7B Sale Of German Biz

Swiss private equity shop Partners Group said Tuesday that it is selling its stake in a German digital energy metering business to Texas-based TPG and Singapore's sovereign wealth fund for approximately €6.7 billion ($7.4 billion).
September 30, 2024
Reinsurer Loses Appeal Over £69M COVID Catastrophe Claim

An Italian reinsurer has lost its challenge against French insurer Covéa Insurance PLC's COVID-19 business interruption claim, with a London appellate court on Monday upholding findings that the pandemic met the definition of "catastrophe" used in the policy.
September 30, 2024
Ex-Meghraj Boss Still Being Pursued Over £1.8M Pension Bill

The U.K.'s retirement watchdog said Monday that a former company director was still being pursued for payment into a staff pension scheme, more than a year after he was slapped with a £1.8 million ($2.4 million) bill.
September 30, 2024
Royal London Enters Pension Insurance Market

The Royal London Mutual Insurance Society Ltd. said Monday that it has officially entered the bulk purchase annuity market after it completed several smaller transactions.
September 30, 2024
FCA And BoE Launch Digital Securities Sandbox

The Financial Conduct Authority and Bank of England said Monday they have opened a digital securities sandbox for applications, enabling entrants to use new technologies to issue and trade securities in traditional financial markets.
September 30, 2024
UK Urged To Help Tackle Global £420B "Fraudemic"

Britain must do more to tackle the global "fraudemic," as one in five adults in the world has fallen victim to fraudsters at total cost of £420 billion ($560 billion) in the past three years, according to a think-tank's new report.
September 30, 2024
Trustees Urged To Rethink Longevity Trends Over NHS Crisis

U.K. pension trustees should be aware of the impact of longer National Health Service waiting times on longevity figures when they come to calculate long-term liabilities, experts warned.
September 30, 2024
AXA XL Denies $190M Claim For Planes Stranded In Russia

AXA XL and other reinsurers have hit back at allegations that they are liable for claims totaling almost $190 million over planes said to be stranded in Russia after the invasion of Ukraine, arguing that the aircraft are not completely lost.
September 30, 2024
Private School Wants Insurer To Cover Abuse Scandal Cost

A private school embroiled in a historic sexual abuse scandal has sued its insurer, arguing it should cover any damages the school might have to pay in a barrage of cases brought by former pupils.
September 27, 2024
FCA Efforts To Curb Misconduct Surge Behind The Scenes

The Financial Conduct Authority has brought a record number of criminal prosecutions against individuals, yet its crackdown on corporations is happening largely behind the scenes as the regulator challenges misconduct without opening formal investigations.
September 27, 2024
Santander, Skipton Beat Attempts To Reopen PPI Settlements

Santander Cards UK Ltd. and Skipton Building Society have fought off attempts by customers to revive claims alleging the lenders' offers to compensate them for misselling payment protection insurance were invalid.
September 27, 2024
Watchdog Targets Underperforming Pension Schemes

Nearly one in five of the defined contribution pension schemes targeted by The Pensions Regulator as part of a regulatory improvement drive have chosen to wind up after the plans themselves concluded their schemes do not offer good value for customers.
September 27, 2024
Gov't Could Target Pension Contributions In Tax Raid

The U.K. government could introduce a new levy on employer pension contributions as a means of plugging a £22 billion ($29.5 billion) black hole in public finances, experts said Friday.
September 27, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Coca-Cola bring a trademark infringement claim against its former marketing director, Glencore face legal action by American Century ETF Trust, law firm Bishop Lloyd & Jackson defend itself against two solicitors it worked alongside during inquiries into Grenfell Tower, and a U.K. cruise line face a claim by a subsidiary of the sanctioned gambling platform GTLK.
September 27, 2024
StanChart Seeks Approval For Rate Change In Libor Test Case

Standard Chartered on Friday asked two judges to approve a change in the interest rate it pays on its preferred shares, in the first dispute to come before the High Court over the transition from the Libor benchmark.

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

A Look At UK, EU And US Cartel Enforcement Trends

The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
What Green Claims Directive Proposal Means For Businesses

With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
EU Reports Signal Greenwashing Focus For Financial Sector

Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
Embedding Consumer Duty: 6 Areas Firms Should Prioritize

The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
Insuring Lender's Baseball Bet Leads To Major League Dispute

In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.
What Steps Businesses Can Take After CrowdStrike Failure

Following last month’s global Microsoft platform outage caused by CrowdStrike’s failed security software update, businesses can expect complex disputes over liability resulting from multilayered agreements and should look to their various insurance policies for cover despite losses not stemming from a cyberattack, says Daniel Healy at Brown Rudnick.
What To Expect From Labour's Pension Schemes Bill

The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
What EU Opinion May Mean For ESG Product Classification

The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
Insurance Rulings Show Court Hesitancy To Fix Policy Errors

Two recent Court of Appeal insurance decisions highlight that policyholders can only overcome policy drafting errors and claim coverage if there is a very obvious mistake, emphasizing courts' reluctance to rewrite contract terms that are capable of enforcement, says Aaron Le Marquer at Stewarts.
EU Investment Fund Standards Offer Welcome Clarity

The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
10 Ways To Manage AI Risks In Service Contracts

With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.
Unpacking The New Concept Of 'Trading Misfeasance'

In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
Key Takeaways From Proposed EU Anticorruption Directive

The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
Tips For Implementing EU Sustainability Reporting Guidance

Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
Why Ukraine Aircraft Insurance Case Failed To Take Off In UK

In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.