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Insurance UK
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August 12, 2024
LCP Launches Tool To Check Gov't Pension Payment Errors
Consultancy Lane Clark & Peacock LLP has launched an online tool designed to help retirement savers check what state pension they can get amid "worrying evidence" that some widows and widowers are not receiving their full entitlement.
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August 09, 2024
Insurers Call For Planning Reform As Claims Surge To £1.4B
A trade body for insurers on Friday called on the government to bolster the U.K.'s defenses against extreme weather, as the value of property claims paid out by the sector rose to £1.4 billion ($1.8 billion) in the past quarter.
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August 09, 2024
Pension Protection Fund Marks Progress On Climate Goals
The U.K. Pension Protection Fund has said it is making good progress on its climate ambitions but needs to "keep pushing" for better quality climate data across its portfolio.
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August 09, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen China Evergrande Group file a commercial fraud claim against its founder's ex-wife, legal action by Manolete Partners against the directors of an insolvent construction company, VietJet tackle a claim by French banking group Natixis and more developments in the "Dieselgate" scandal. Here, Law360 looks at these and other new claims in the U.K.
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August 09, 2024
Plane Stuck In Russia 'Not Lost,' Reinsurers Argue
A batch of reinsurers has denied they must pay out in a row over $44 million to cover the alleged loss of a plane leased to a Russian airline, arguing the plane is not lost and would not be covered by the policy.
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August 09, 2024
UK Tightens Disclosure Rules For Greensill-Type Finance
The U.K.'s accounting watchdog on Friday set out amendments to reporting exemptions from international accounting standards available to subsidiaries of groups, including around disclosure of supplier finance arrangements, as used by collapsed Greensill Capital.
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August 09, 2024
The Top Commercial Dispute Trials & Rulings Of 2024 So Far
So far in 2024 disputes lawyers have been treated to the first trial in the U.K. of an opt-out collective action, the Pope's chief of staff giving evidence, and Mozambique being awarded more than $825 million for the tuna bond scandal.
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August 09, 2024
FCA Warned Over Risks From Value-For-Money Pension Rules
The Financial Conoduct Authority's new "traffic light" system for assessing the value-for-money offered by a pension scheme could create unintended consequences, experts warned Friday.
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August 09, 2024
Hargreaves Lansdown Agrees To £5.4B CVC Takeover Offer
Hargreaves Lansdown PLC said Friday that its board has agreed to a £5.4 billion ($6.9 billion) take-private offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.
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August 08, 2024
EU Watchdog Finds Poor Practices In Nonbank Lenders
The European Union's banking watchdog has found that nonbank lenders are often failing to verify the accuracy of information they gather on borrowers, helping to put them in too much debt.
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August 08, 2024
Finance Co. Botched Risk Outline In Fire Claim, Insurer Says
A subsidiary of U K Insurance Ltd. has denied having to pay out on a policy with Parker Asset Management Ltd. over a fire that destroyed a property costing around £4.2 million ($5.3 million), saying the company did not fairly present its insurance risk.
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August 08, 2024
Insurer Hiscox Puts Aside $28M To Cover Baltimore Bridge
Insurance giant Hiscox said it has put aside $28 million to pay potential claims from the collapse of the Francis Scott Key Bridge in Baltimore earlier this year.
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August 08, 2024
UK Gov't Refunds £57M In Pension Freedoms Overtaxation
The government has been forced to repay £59.6 million ($75.5 million) in the three months between April and June to people who overpaid tax after they tapped into their pensions for the first time, according to HM Revenue and Customs.
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August 08, 2024
FCA Proposes Framework For Long-Term Pensions Value
The finance watchdog has said it is planning a new "traffic light" guide for retirement investment plans as it seeks to improve long-term value in workplace pensions, shifting the emphasis for providers from a simple consideration of costs.
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August 07, 2024
Chubb, Fidelis Deny Liability For Planes Stranded In Russia
Two insurers have separately denied they are liable for $325 million in losses claimed by a group of aircraft leasing businesses stemming from jets grounded in Russia after its invasion of Ukraine.
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August 07, 2024
Crypto-Asset Firms Must Improve On Compliance, FCA Says
The financial watchdog said Wednesday it has found that more work "needs to be done" to improve compliance with new marketing rules in many cases at crypto-asset companies
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August 07, 2024
Aon Calls For More Transparency On Funded Reinsurance
Broking giant Aon PLC said Wednesday it was concerned about the lack of public disclosure requirements on offshore risk-sharing contracts, ahead of new regulation for life insurers due to come into force later this year.
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August 07, 2024
FCA Expands Leeds Office With 100 More Employees
Britain's financial watchdog announced plans on Wednesday to expand its presence in Leeds by adding 100 new employees to its workforce in the northern English city, reflecting the emergence of the region as a second financial center.
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August 07, 2024
Insurer Loses Appeal Over Romanian License Withdrawal
Euroins Insurance Group AD has lost its bid to challenge a refusal by the European Insurance and Occupational Pensions Authority to investigate why the Romanian Financial Supervisory Authority withdrew the operating license of a subsidiary, the EU-wide regulator said Wednesday.
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August 07, 2024
Gov't Urges Pension Plans To Feed Infrastructure Spending
The government said Wednesday that it wants the U.K. to adopt a Canadian-style model for pensions, with a handful of megafunds investing in vital infrastructure projects to "fire up" the economy.
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August 07, 2024
Womble Bond Steers £20M Pension Deal For Landlord Biz
Aviva PLC said Wednesday that it has covered the full £20 million ($25.4 million) of pensions liabilities for a subsidiary of Grainger PLC, a residential property manager in the build-to-rent sector.
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August 07, 2024
EY Sanctioned For Breaching Fee Cap Over Russian Client
The accounting watchdog said Wednesday that it has ordered Ernst & Young LLP to pay just over £251,000 ($319,000) for breaching a fee cap on work it carried out for Evraz, a steel and mining group based in Russia.
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August 06, 2024
Insurer Loses Bid To Ax 'Time Barred' Housing Assoc. Claim
A London judge on Tuesday dismissed an insurer's bid to strike-out a claim from a housing association over the insurance company's alleged failure to cover additional costs after a building contractor went bust, ruling that the action was not time-barred.
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August 06, 2024
Senior SFO Official Heads For Exit After Less Than 2 Years
The Serious Fraud Office's chief operating officer is set to leave after less than two years on the job, leaving a vacancy at the top of the white-collar crime prosecutor as it undergoes a shake-up in leadership.
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August 06, 2024
Pension Body Urges Sector Tech Overhaul After CrowdStrike
The pension industry must take steps to bolster its data security or else put the life savings of millions of Britons at risk, experts warned Tuesday.
Expert Analysis
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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.
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What The Future Holds For UK Auditing Reform
The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.
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How UK Data Breach Ruling May Rein In Insurance Claims
The recent U.K. High Court ruling in Warren v. DSG Retail, which held that claimants can only pursue personal data claims provided for in data protection legislation, narrows the basis upon which claims can be made following a data breach, and could make lower-cost recovery of after-the-event insurance premiums a thing of the past, say attorneys at Jenner & Block.