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Insurance UK
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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September 27, 2024
Annuity Buyers Encouraged To Shop Around For Best Deal
Annuity buyers should shop around to secure the best value deals, Just Group said Friday, highlighting recent figures that show large numbers of savers purchasing from their existing pension provider despite more competitive offers being available.
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September 27, 2024
Insurance To Fall As Motor Injury Rate Is Cut In Scotland, NI
Insurance premiums could fall for motorists in Scotland and Northern Ireland after the Government's actuary department tweaked a formula for calculating damages for major injury claims.
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September 26, 2024
'Positive' Pension Investing Said To Drive Saver Engagement
Greater investment by pension schemes in assets like affordable housing or clean energy infrastructure would boost saver engagement and overall contributions, Legal & General has said.
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September 26, 2024
Eversheds-Led Insurer Strikes 3rd Reinsurance Deal In UK
Global life insurance group Resolution Life said Thursday that it has completed its third reinsurance transaction in the U.K. in a deal guided by Eversheds Sutherland, bringing the total liabilities that it manages in the country to $3.5 billion.
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September 26, 2024
Brits Raid Pension Pots Amid Cost-Of-Living Surge
The Financial Conduct Authority on Thursday reported a 20.6% rise in total pension scheme withdrawals by U.K. savers to £52.1 billion ($69.6 billion) in the financial year ended in March, compared to £43.2 billion the previous year.
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September 26, 2024
FCA Chair Never Considered Resignation Over Whistleblowers
The chair of the Financial Conduct Authority said Thursday that it did not cross his mind to resign over allegations of having mishandled whistleblowing reports.
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September 26, 2024
FCA Plans New Measures On Non-Financial Misconduct
The Financial Conduct Authority said Thursday that it will set out new policies on non-financial misconduct such as sexual harassment before the end of 2024, as an executive at the watchdog warned that "cultural issues" remain a problem at companies.
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September 26, 2024
EU Mulls Greater Protection For Pensions From Market Risk
Retirement savings plans across Europe should improve their management of liquidity risk and governance procedures to protect themselves against market volatility, the bloc's insurance and pensions watchdog said on Thursday.
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September 26, 2024
BoE Plans To Fast-Track Insurance Special Purpose Vehicles
The Bank of England on Thursday revealed plans to speed up the approval process for insurance special purpose vehicles used by insurers to manage risk, aimed at boosting the competitiveness of London's insurance market.
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September 25, 2024
More Oversight On Professional Pension Trustees Expected
Half of the pension schemes in the U.K. are now under professional or sole trustee management for the first time, Lane Clark & Peacock has said, suggesting that growing numbers will lead to greater oversight from the retirement savings watchdog.
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September 25, 2024
Smaller UK Pension Deals Behind Record Numbers In 2024
Smaller pension deals worth less than £100 million ($133.7 million) drove the "staggering" number of retirement savings de-risking transactions penned in the first half of the year, Lane Clark & Peacock LLP said Wednesday.
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September 25, 2024
Gov't Warned Over Risk Of 'Too Big To Fail' Pension Funds
A government push toward the consolidation of retirement savings plans could create new megafunds that are anticompetitive and become "too big to fail," experts warned on Wednesday.
Expert Analysis
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How New Framework Could Ease EU-US Data Transfer Burden
The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.
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What EU Corporate Sustainability Plan Means For Contracts
The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.
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How The Rise In Ransomware Is Affecting Business Insurance
Following an unprecedented rise in global ransomware attacks, with insurance companies scaling back coverage and increasing premiums, policyholders should consider these trends and take certain steps to mitigate risks, say Marialuisa Gallozzi and Josianne El Antoury at Covington.
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How A New Law Tightens The Screw On Dirty Money In The UK
By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.
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A Landmark UK Enforcement Case For Crypto-Assets
HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.
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Emerging Economic Effects From Russia-Ukraine War
While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.
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Unexplained Wealth Orders' Role In UK Dirty Money Bill
A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.
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How EU Proposal Would Affect Corporate Sustainability Duties
The European Commission recently released its proposal for a directive on corporate sustainability, human rights and environmental due diligence, that, if adopted, will have a substantial impact on the external corporate regulation and the internal corporate governance of the largest companies operating in the EU, says François Holmey at Carter-Ruck.
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How Will UK Use New Penalties For Debt-Dodging Directors?
Thomas Shortland at Cohen & Gresser discusses the scope of the new disqualification regime for company directors who dissolve their businesses to avoid paying back state COVID-19 loans, and identifies factors that may affect how frequently the government exercises the new powers.
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Automated AML Compliance Tools Are No Silver Bullet
As financial institutions increasingly use automated tools for anti-money laundering compliance, attorneys at Covington discuss the risks of overreliance on such tools, regulatory expectations, potential liability and insurance coverage implications, as well as lessons from recent enforcement actions.
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Issues To Watch In Potential English Arbitration Act Reform
Summary dismissal, confidentiality, technological updates and certain other topics that could fall under the England and Wales Law Commission's upcoming review of the 25-year-old Arbitration Act should be of particular interest to those considering an English-seated arbitration, say Neil Newing and Alasdair Marshall at Signature Litigation.
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UK's Vicarious Liability Juggernaut Shows Signs Of Slowing
In the last five years, U.K. court decisions have generally broadened the scope of vicarious liability, holding organizations responsible for individuals' crimes, but more recent decisions suggest that courts are finally taking steps to limit such liability, say Stephanie Wilson and Philip Tracey at Plexus Legal.
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What 9th Circ. Arbitration Case May Mean For Insurance
If the plaintiffs in CLMS Management Services v. Amwins Brokerage of Georgia appeal the Ninth Circuit's recent decision that state law does not bar the enforcement of arbitration clauses in insurance contracts, the case may have a significant effect on the different dispute resolution options for insurers and policyholders, say attorneys at Sheppard Mullin.
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UK Focus On Int'l Data Transfers Shows Appetite For Reform
Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.
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Policyholder Outlook Following UK Biz Interruption Test Case
In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.