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Insurance UK
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July 29, 2024
Gov't Consults On Tax Hikes For Fund Managers, Non-Doms
Chancellor Rachel Reeves said Monday that an autumn Budget planned for Oct. 30 will include feature selected tax rises, a warning accompanied by strong hints from HM Treasury that fund managers and non-domicile taxpayers could take a bigger hit.
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July 29, 2024
New Defined Benefit Funding Code Laid Before Parliament
Britain's pensions watchdog on Monday said its long-awaited funding code for defined benefit retirement savings plans has been laid before Parliament, marking what it called a "significant step."
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July 29, 2024
Zurich Invests $60M In Cyber Insurance Provider For SMEs
Swiss insurance giant Zurich has invested $60 million in Cowbell, a provider of cyberinsurance for small businesses, the digital risk company said, amid growing industry concerns over cyberthreats.
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July 29, 2024
FCA Weighs Taking Protection From Some Insurance Clients
The Financial Conduct Authority proposed on Monday a change to the criteria of classifying a small business as a commercial insurance client by removing consumer protection rules from some firms when they buy insurance products.
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July 29, 2024
BMS To Acquire Rival UK Insurance Broker From PE Biz
Independent insurance and reinsurance broker BMS Group said Monday that it is set to purchase David Roberts & Partners Insurance Brokers Ltd. from Inflexion Private Equity Partners LLP.
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July 26, 2024
Virgin Loses Court Battle To Keep Pension Plan Changes
An appeals court has ruled that regulations on contracted-out retirement savings plans require written confirmation from a scheme's actuary for changes affecting beneficiaries' future rights, not just past benefits, rejecting Virgin Media's challenge to a decision voiding decades-old changes to one of its pensions.
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July 26, 2024
Ellex-Led ERGO To Buy €80M Baltic Biz Of European Insurer
European insurance heavyweight ERGO Group has agreed to acquire Norwegian nonlife insurer Gjensidige Forsikring ASA's Lithuania-based subsidiary ADB Gjensidige for €80 million ($87 million).
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July 26, 2024
FCA To Overhaul Prospectus Rules To Boost Capital Markets
The Financial Conduct Authority set out plans to shake up the U.K.'s prospectus regime Friday, including new rules for public offers and risk disclosures, to help boost the country's ailing capital markets.
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July 26, 2024
EU Banks Must Improve Cyberattack Protection, ECB Says
Lenders in the eurozone still suffer from "shortcomings" in fighting against and recovering from a severe — but plausible — cyberattack, the European Central Bank said Friday after it conducted a resilience stress test.
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July 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. band The 1975 face action by Future Sound Asia after its performance in Malaysia resulted in a festival's cancelation, Spectrum Insurance hit by The Motoring Organization following their dispute over information misuse, and a former police constable pursue defamation against a colleague for allegedly instigating a campaign of harassment against her. Here, Law360 looks at these and other new claims in the U.K.
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July 26, 2024
Fraudster Sentenced For Instagram Motor Insurance Scam
A man who made almost £18,000 by operating as a "ghost broker" and selling invalid car insurance policies on Instagram has been handed a suspended prison sentence of 24 months at a London court, City Police has said.
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July 25, 2024
Insurer Can't Link Secrets Suit To $47M Claim, Ex-Worker Says
A former worker for British insurance company Beazley urged a Florida federal court Thursday to toss claims alleging trade secrets theft, saying the company's suit doesn't show how he supposedly caused it to incur $47 million in damages from an arbitration case over a Brazilian thermoelectric plant.
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July 25, 2024
Audit Watchdog Sanctioned Firms £48M Last Year
The Financial Reporting Council revealed Thursday that it fined firms a total of £48.2 million ($62 million) in the financial year ended March 31, including a £21 million fine against auditor KPMG related to its accounting for construction giant Carillion prior to its collapse in 2018.
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July 25, 2024
Insurance Trade Bodies Launch Sustainability Data Standard
Two insurance trade bodies have released a resource designed to standardize the way underwriters ask clients about their sustainability data to address fragmented approaches across the industry.
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July 25, 2024
ITV Gets Regulatory Nod On Box Clever Pension Resolution
The Pensions Regulator said Thursday that it has inked a preliminary agreement with British broadcaster ITV to provide full pension benefits to members of the Box Clever retirement savings plan after a lengthy legal tussle.
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July 25, 2024
Labour Gov't Faces 'Tricky Balancing Act' On Policy Priorities
The Labour government faces a "tricky balancing act" in implementing policies that meet the financial needs of different generations, pensions provider Aegon said Thursday,
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July 25, 2024
Freeholders Face Homeowners' Action Over Insurance Fees
Freehold owners are facing a class action from leasehold homeowners for allegedly charging hidden commissions on building insurance premiums for years, the law firm bringing the claim has said.
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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.
Expert Analysis
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Questions Raised By UK Plan For ESG Ratings Providers
HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.
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Review Of Senior Managers Regime Provides Useful Insight
Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.
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Highlights Of The UK's New Economic Crime Plan
With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.
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How The LDI Crisis May Lead To Pensions' Negligence Claims
Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.
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5 Crypto Considerations For UK Policymakers
A recent consultation paper from the U.K.'s HM Treasury about digital asset regulation has been touted as a cause for celebration, and while the wheels have been put into motion, there is still a lot of work to do when it comes to correctly regulating the U.K.'s cryptocurrency industry, says Oliver Linch at Bittrex Global.
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Crypto-Asset Consultation Sets Out Direction Of Travel For UK
HM Treasury's phased approach in its recently published consultation on extending the U.K.'s future financial services regulatory regime for crypto-assets, although in many ways differing from parallel developments in the EU, is likely to be conducive to thoughtful policymaking, say attorneys at Cleary.
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EU Act Offers Financial Sector A Cybersecurity Framework
Although unlikely to be a complete solution to all risk management issues, the Digital Operation Resilience Act, effective from 2025, will increase regulatory pressure substantially in the EU financial sector and demand compliance with several new requirements, say attorneys at DLA Piper.
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Warranty & Indemnity Insurance Considerations For M&A
With increased competition and greater capacity leading to lower premiums and deal costs, warranty and indemnity insurance is now available to the wider M&A market, and may help to limit risk and help parties focus on other key elements of the transaction, says Alice Wooler at Birketts.
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4 Exercises To Quickly Build Trust On Legal Teams
High-performance legal teams can intentionally build trust through a rigorous approach, including open-ended conversations and personality assessments, to help attorneys bond fast, even if they are new to the firm or group, says Ben Sachs at the University of Virginia School of Law.
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Lessons To Be Learned From Twitter's Latest Hacking Scandal
Following the report of a recent data breach at Twitter, it is clearly vital for companies to adhere to best practices in data protection and IT security arrangements, including technical measures, and proper processes and procedures that mitigate risk and provide adequate training for staff, says Simon Ridding at Keller Postman.
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Preparing For EU's Pay Gap Reporting Directive
An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.
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Has The Liberalization Of Legal Services Achieved Its Aims?
Although there is still some way to go, alternative business structures are now an increasingly prominent feature of the legal services landscape, and clients can expect greater choice, improved quality and more manageable costs, as was intended by this shake-up of the profession's regulatory frameworks 15 years ago, says Dana Denis-Smith at Obelisk Support.
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5 Gen X Characteristics That Can Boost Legal Leadership
As Generation X attorneys rise to fill top roles in law firms and corporations left by retiring baby boomers, they should embrace generational characteristics that will allow them to become better legal leaders, says Meredith Kahan at Whiteford Taylor.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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What Slovak Labor Code Changes Will Mean For Employers
With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.