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Insurance UK
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July 25, 2024
FCA Consumer Duty Deadline May Spark Clash With UK Gov't
The new Labour government and the Financial Conduct Authority could be heading for a clash over what constitutes a vulnerable consumer and how the laws protecting them from abuse should be enforced.
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July 24, 2024
EU Trade Body Warns Against FCA Enforcement Plans
A trade body for European financial firms has warned that the Financial Conduct Authority's proposed naming of companies in enforcement investigations would make the U.K. an international outlier, damaging competitiveness.
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July 24, 2024
Parsley Producer Sues Broker For £1.3M Over Fire Damage
A herbs and spice producer has sued an insurance broker for nearly £1.3 million ($1.7 million) for allegedly failing to organize sufficient cover that left it short when a fire broke out at its farm.
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July 24, 2024
Russia Sanctions Enforcement Lacks Bite, UK Charity Says
Britain must develop a clearer sanctions enforcement strategy, an anti-corruption charity said on Wednesday, as it revealed that the government has issued no fines for breaches of rules since Russia invaded Ukraine in February 2022, more than two years ago.
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July 24, 2024
UK Insurer Warns Over Collisions With Russian 'Shadow Fleet'
A marine insurer has warned that sanctions imposed on the Kremlin because of its invasion of Ukraine might prevent it from paying claims over collisions involving vessels insured by Russian rival IPJSC Ingosstrakh.
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July 24, 2024
Watchdog Steps In Over Misleading Health Insurance Adverts
The advertising regulator said Wednesday that it has upheld complaints against two ad campaigns run by a nonprofit mutual insurance company on radio and TV, which it found to be misleading.
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July 24, 2024
British Steel Pension Redress Scheme Pays Out £8.7M
The Financial Conduct Authority said Wednesday that its redress program for steelworkers given poor pensions advice has paid out a total of just £8.7 million ($11.2 million) in compensation.
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July 24, 2024
Can New Pensions Minister 'Serve Two Masters'?
A new British pensions minister with a foot in two competing government departments could help create a more coherent pensions reforms, although some analysts warn of a potential Treasury takeover of pensions policy to prioritize economic stimulus.
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July 23, 2024
EU Urged To Give Finance Watchdogs More Powers
A financial trade body on Tuesday called on European Union legislators to give regulators the power to modernize financial markets and make them more globally competitive.
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July 23, 2024
Consumer Group Calls For Crackdown On Insurance Practices
The consumer group Which? called Tuesday for a crackdown by regulators after finding that half of insurance customers report a bad experience trying to claim on their policies.
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July 23, 2024
Employees Fight 'Harsh' Penalty In Bad Faith Resignation Test
Three former employees of asset recovery companies urged Britain's top court on Tuesday to reconsider the "harsh" remedy against people who quit their jobs to pursue business opportunities said to belong to their employers, a case with potentially wide implications for "bad faith resignations."
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July 30, 2024
Bird & Bird Hires 2 Ex-Hogan Lovells Finance Pros In Milan
Bird & Bird LLP has recruited two senior finance partners as part of a team of seven lawyers moving from Hogan Lovells in Milan, boosting growth in the firm's international finance and financial regulation practice.
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July 23, 2024
No Major Hit From CrowdStrike Outage, Insurer Beazley Says
Beazley said Tuesday that it does not expect a major financial impact from the global IT outages that rocked transport and health infrastructure earlier in July, after analysts had warned that the insurer could take a hit of up to $205 million.
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July 23, 2024
Bond Administrator Enters Liquidation After FCA Restrictions
The Financial Conduct Authority has confirmed that a London-based bond administrator has entered into liquidation nearly a year after the financial watchdog imposed restrictions on the company over "serious concerns" about its systems and controls.
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July 22, 2024
Dispute Paused For Arbitration In $51M NOLA Airport Case
A Louisiana federal judge has stayed litigation initiated by a group of insurance companies in a $51 million dispute stemming from alleged design defects in a $1 billion terminal project at the Louis Armstrong New Orleans International Airport, saying claims against the insured companies will be decided in arbitration.
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July 22, 2024
Gov't Slow To Fix Mothers' Pension Errors, LCP Says
The government has been dragging its heels on fixing state pension errors affecting tens of thousands of pension-age mothers in the U.K., according to consultancy Lane Clark & Peacock LLP on Monday.
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July 22, 2024
Some Insurers May Exit Solicitors' PII Market, Survey Reveals
British solicitors could face significant difficulties when they renew their professional indemnity insurance cover, a survey by Browne Jacobson LLP suggested on Monday, finding that almost 40% of insurers are considering exiting the PII market.
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July 22, 2024
EU Renews Russian Financial Sanctions For 6 Months
The Council of the European Union said Monday that it has extended financial sanctions against Russia for an additional six months in response to the Kremlin's "unprovoked, unjustified and illegal" war against Ukraine.
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July 22, 2024
UK Eases Reporting Rules For Investment Stewardship
Britain's accounting watchdog unveiled changes to the U.K.'s stewardship code for investment on Monday that it said would help reduce the reporting burden for investors.
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July 22, 2024
Gov't Plans 'Big Bang' Pensions Reform To Fuel UK Growth
The government has launched the first stage of its review into pensions as it focuses on generating more investment from the £800 billion ($10.3 billion) defined contribution sector into the economy.
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July 19, 2024
Pension Scams Body Calls For Early Launch Of Online Portal
The Pensions Scams Industry Group on Friday said that British pension schemes are ready to get started with the much-delayed dashboards project designed to connect savers with lost pension pots.
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July 19, 2024
Insurance Tax Hits Record £2.1B Amid Healthcare Demand
Insurance Premium Tax receipts hit a record £2.1 billion ($2.7 billion) between April and June, official figures published Friday show, marking a 12.5% increase on the same period in the previous financial year amid growing demand for private healthcare.
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July 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
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July 19, 2024
UK Clears Nationwide's £2.9B Purchase Of Virgin Money
The competition regulator of the U.K. said Friday that it has cleared Nationwide Building Society's acquisition of Virgin Money UK PLC for £2.9 billion ($3.7 billion), which the companies say would create a combined group with assets of approximately £366 billion.
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July 19, 2024
Cyber-Insurers Could Be On Hook From Global IT Outages
The global IT outage that disrupted air travel, financial institutions and thousands of businesses on Friday could result in billions of dollars of losses and potentially major claims against insurance companies, analysts are warning.
Expert Analysis
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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.
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UK Ruling Signifies Greater Cross-Border Sharing Of Data
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
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Why Law Firms Should Monitor The Dark Web
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.
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Lessons From UK's Data Backlash
Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.
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Tech, Media, Telecom Investor-State Arbitration Is On The Rise
Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.
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Treat GDPR Compliance As A Marriage, Not A Wedding
Earlier this year, many businesses were so focused on ensuring that their privacy notices and customer lists were compliant by May 25 that they forgot that General Data Protection Regulation D-Day was just the first day of a new regime, rather than a one-day event, say Ben Pilbrow and Joanna Boag-Thomson of Shepherd and Wedderburn LLP.
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New UK And US Regimes May Deter Foreign Investment
Newly proposed U.K. rules and the amended regime for the Committee on Foreign Investment in the United States will radically change how the two governments review sensitive transactions, which will affect the likelihood of deal clearance, deal timing and the drafting of appropriate contractual provisions, say Robert Bell and Jennifer Mammen of Bryan Cave Leighton Paisner LLP.
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UK Employees May Soon Gain The 'Right To Disconnect'
Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.
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Q&A
A Chat With Faegre Client Development Chief Melanie Green
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
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UK's Proposed Investment Scrutiny Powers Are Far-Reaching
The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.
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Relief For Cos. Conducting UK Internal Investigations
After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.