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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.
August 30, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen television property developer Kambiz Babaee hit with a fraud claim, a Bitcoin podcaster reignite a dispute with Australian computer scientist Craig Wright and football club owner Massimo Cellino's company file a claim against ClearBank. Here, Law360 looks at these and other new claims in the U.K.
August 30, 2024
Ireland Urged To Step In Over Insurance Reform 'Profiteering'

Insurance companies in Ireland have been accused of "profiteering" from personal injury reforms rather than passing savings on to customers in the form of lower premiums.
August 30, 2024
Record Numbers With Pet Insurance In 2023, ABI Says

Some 4.4 million pet owners in Britain took out insurance to protect their animals in 2023 in an all-time high for the sector, according to the latest figures from the Association of British Insurers.
August 30, 2024
Teachers Fired For Refusing New Pension Scheme Win Case

A school operator unfairly fired two teachers that refused to ink new employment contracts with a less favorable pension scheme, a tribunal has ruled.
August 30, 2024
Standard Life Named 'Safe Haven' For Defrauded Pensioners

Insurer Standard Life has been appointed as a "safe haven" pension provider for members of retirement schemes that have lost out to fraud, the company said.
August 29, 2024
Pension Consolidator Would Be Useful, Broadstone Says

Proposals put forward by the previous government to launch a public sector consolidator of retirement savings plans run by the pensions lifeboat fund would be a "welcome addition" to the market, Broadstone said Thursday.
August 29, 2024
EU Warns That Greenwashing Risk Could Hit Investment

The European Union's markets watchdog said Thursday in its latest risk monitoring report that greenwashing and related malpractices are undermining investor trust and the credibility of green finance.
August 29, 2024
Another British Steel Pension Adviser Declared In Default

A financial adviser connected to the British Steel pension scandal has been declared in default by the U.K.'s lifeboat scheme.
August 29, 2024
UK Teetering On Pensions Crisis, Mercer Warns

The U.K. needs pension reform to avert a looming crisis that threatens a secure retirement for pensioners, according to a report by American consultancy firm Mercer LLC released Thursday.
August 29, 2024
Ombudsman Reports 70% Surge In Financial Complaints

Users of financial products lodged 70% more complaints in the first quarter of the 2024/25 financial year compared with the corresponding previous period, the Financial Ombudsman Service reported on Thursday, a jump from almost 44,000 to approximately 75,000.
August 29, 2024
Pensions Watchdog Calls For Early Take-Up Of Value Rules

The pensions watchdog urged the country's largest retirement plans on Thursday to adopt draft rules on providing value for money before they are officially implemented to help iron out technical kinks before they are rolled out to the wider sector.
August 28, 2024
Lloyd's Says $5M NJ Settlement Fight Must Be Arbitrated

Lloyd's of London underwriters have told a New Jersey federal court that a man who was falsely imprisoned must arbitrate his dispute over the payment of a $5 million settlement from the city of Trenton, saying a provision in the city's policy requires arbitration.
August 28, 2024
Ageas To Launch €200M Buyback, Hits Record €10B Inflow

Ageas said Wednesday it will launch a share repurchase program worth up to €200 million ($223 million) next month, as the Belgian multinational insurer reported that it had got a record of just over €10 billion from premiums paid by its customers.
August 28, 2024
FCA To Launch Probe Into 'Pure Protection' Insurance Market

The financial watchdog said Wednesday that it plans to investigate competition within the pure protection insurance market in the U.K. amid concerns that consumers might not be getting fair value from these products.
August 28, 2024
BoE To Widen Checks On How Finance Absorbs Disruption

The Bank of England has said it will develop its approach to assessing how financial markets deal with disruption to cover new technologies and more risks, potentially extending its scrutiny beyond the payments sector.
August 28, 2024
LDI Managers Urged To Influence Gov't Climate Policy

Liability-driven investment managers ought to be doing more to influence climate policy to protect members' pensions as government debt plays an increasingly large role in retirement savings portfolios, Lane Clark & Peacock LLP said.
August 28, 2024
Swiss Life To Acquire Green Hydrogen Biz For $106M

The asset management arm of insurer Swiss Life will buy Everfuel AS of Denmark in a deal that values the green hydrogen producer at $106 million and will take it off of the Euronext Growth market, the companies said Wednesday.
August 27, 2024
Forsters, Ex-Bank Lawyer Try To Duck Property Deal Case

Forsters LLP and a former Bank of Tokyo-Mitsubishi lawyer who was convicted of a multimillion-pound fraud are seeking to avoid being dragged into a philanthropist's £3.5 million ($4.6 million) legal battle over a collapsed property deal.
August 27, 2024
The Impending Litigation Fallout Of The Lynch Yacht Tragedy

As Italian authorities begin investigating what caused the deadly sinking of the Bayesian superyacht that claimed the lives of Mike Lynch and six others, maritime insurance experts anticipate substantive claims on behalf of victims and survivors.
August 27, 2024
Starmer Warns Of 'Painful' Budget As UK Braces For Tax Hikes

U.K. Prime Minister Keir Starmer warned Tuesday of "painful" decisions to plug budget gaps, including tax increases and spending cuts, looming in the Oct. 30 budget statement.
August 27, 2024
25 Banks To Adopt Tool For Survivors Of Economic Abuse

Twenty-five banks and building societies have committed to working with a new tool designed to help survivors of economic abuse, Britain's banking trade body said on Tuesday.
August 27, 2024
Pinsent Masons Steers Insurer On £42M Pensions Deal

British insurer Just Group said on Tuesday that it has taken on pension liabilities valued at £42 million ($56 million) from a retirement savings plan sponsored by a British farmer-owned dairy co-operative, First Milk.
August 27, 2024
Gov't Urged To Reform Pension Tax To Fill Budget Gaps

The Labour government should reform £66 billion ($87 billion) worth of pension tax relief to raise extra revenue to help plug the black hole in public finances, a think tank affiliated to the party has said.
August 24, 2024
Italian Prosecutors Open Criminal Probe Into Yacht Sinking

Italian prosecutors said Saturday that they have opened a criminal investigation into the sinking of a superyacht that claimed the lives of seven people including a partner at Clifford Chance LLP and his client, British technology mogul Mike Lynch.
August 23, 2024
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen Google sue several Russian media outlets in response to challenges to the tech giant's response to international sanctions, easyGroup bring an intellectual property claim against delivery company Easycargo, and e-money business Nyavo challenge action by the Financial Conduct Authority.

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

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.
What New UK Labour Gov't Is Planning For Financial Services

Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
Why Reperforming Loan Securitization In UK And EU May Rise

The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.
Exploring The EU's Draft Standards On Crypto Authorization

The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.