Insurance UK

FCA Set To Get Enforcement Boost From New Fraud Offense

The new "failure to prevent" fraud offense that comes into force in September will indirectly boost the Financial Conduct Authority's opportunities for enforcement against corporate senior managers, countering its recent retreat from plans to "name and shame" companies it is investigating, lawyers say.

Broken piggy bank with coins money isolated on white background

Tariff Wars Cloud UK Plan To Harness Pensions For Growth

The U.K. government has laid out plans for Britain's £3 trillion ($4 trillion) pensions sector to unleash more retirement assets into the real economy to boost growth and jobs — but a series of market shocks from proposed global trade tariffs have overshadowed reform plans.

Doubts Grow Over Impact Of UK Capital Market Deregulation

Government efforts to revitalize the country's sluggish economy by stripping away regulatory burdens on financial markets have raised concerns among lawyers that consumers might be exposed to more risk, amid doubts that the steps can stimulate broader U.K. economic output.

Gov't Growth Priority Forces FCA To Reassess Consumer Risk

Moves by the U.K. government to force the financial watchdog to back economic growth with more relaxed regulatory controls could expose consumers to harm, leaving regulators with no clear idea of what risk levels would be politically tolerable.

April 29, 2025
UK Treasury Appoints 4 New FCA Board Members

HM Treasury said Tuesday it has appointed four new members to the board of the Financial Conduct Authority.
April 28, 2025
Hogan Lovells Leads Royal London's College Pension Buy-In

The College of Law's retirement scheme has agreed to an £85 million ($114 million) buy-in with Royal London, the U.K.'s largest mutual life, pensions and investment company announced Monday.
April 28, 2025
Watchdog Warns Of Significant Errors In Digital Reporting

The accounting watchdog warned Monday that some companies listed on the London Stock Exchange are making significant errors in their digital annual reports through incorrect tagging.
April 28, 2025
Gov't Urged To Act On Critical Pension Switching Delays

The government must step in to mandate faster retirement saving transfers, a pensions provider warned Monday, saying that in some cases customers have been left waiting three years for the process to complete.
April 28, 2025
Compensation Program Declares Pensions Adviser In Default

A pensions adviser has been declared in default after receiving five claims against it, the Financial Services Compensation Scheme confirmed Monday.
April 28, 2025
Italy's Mediobanca Offers €6.3B For Rival Banca Generali

Italian investment bank Mediobanca SpA said Monday that it plans to buy a domestic rival, Banca Generali SpA, for €6.3 billion ($7.1 billion), heating up consolidation in the country's banking sector.
April 25, 2025
UK Law, Accounting Bodies Queried On Poor SAR Records

The anti-money laundering unit of the Financial Conduct Authority has told legal and accounting professional bodies to justify their failure to check the quality of suspicious activity reports by their member firms.
April 25, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen pub operator Stonegate sue insurance broker Marsh, a human rights lawyer sued for defamation by Russian businessman Ovik Mkrtchyan, and British toy-maker The Character Group reignite an employment dispute with a former finance director. Here, Law360 looks at these and other new claims in the U.K.
April 25, 2025
Gov't Repaid £1.4B In Pension 'Overtaxation' Since 2015

The U.K. government was forced to pay back £44 million ($58.6 million) in the first quarter to people who have been charged too much tax on pension withdrawals, bringing the total repaid to date to £1.4 billion.
April 25, 2025
Aegon Defeats Worker's Contract Claim After Work Transfer

Aegon has beaten an unfair dismissal claim brought by a former Nationwide employee who resigned after his job transferred to the insurer, arguing that changes to his work conditions left him no choice but to quit.
April 25, 2025
Gov't Pays Out £805M Over Historical State Pension Shortfalls

The government has said that the amount it has paid out so far in state pension shortfalls has risen to £804.7 million ($1.1 billion), in what experts describe as a scandal that has shaken public confidence in the benefits system.
April 24, 2025
Ardonagh Group Acquires Swiss Broker SRB Assekuranz

The Ardonagh Group, a British insurance broker, said Thursday that it has acquired Zurich-based SRB Assekuranz Broker AG in a move to expand its MDS Group division.
April 24, 2025
Pensions Watchdog Admits Lessons On Superfund Approvals

The Pensions Regulator admitted on Thursday that it could have done better in its approval process for new superfunds, and has vowed to better support innovation in the market.
April 24, 2025
FCA To Simplify Capital Rules For Investment Firms

The Financial Conduct Authority set out proposals on Thursday to simplify rules on the types of funds that investment firms must hold to cover their losses, as the watchdog seeks to support U.K. growth after Brexit.
April 24, 2025
Walker Morris Steers £28M Pension Deal For Metals Trader

A U.K. stainless steel and alloy metal trader's pension plan has agreed a £28 million ($37.3 million) buy-in with Just Group, the financial services firm said Thursday, securing the benefits of almost 100 deferred members and about 80 retirees.
April 24, 2025
Gov't Floats Fix For Spiraling Number Of Small Pension Pots

The U.K. government unveiled plans on Thursday to tackle the growing number of small forgotten pension pots, in a move that could boost savings for workers and save the retirement industry hundreds of million of pounds.
April 23, 2025
Insurance Group JMG Buys 3 UK Brokers To Boost Presence

Insurance Group JMG Group said Wednesday that it has acquired three British brokers to integrate them with three of its own subsidiaries in a bid to strengthen its presence in the country.
April 23, 2025
Pension Watchdog Clarifies Rules On Superfund Deals

The U.K. retirement savings watchdog said Wednesday that it wants to smooth out "friction points" that may be holding back further transactions in the burgeoning pensions superfund market.
April 23, 2025
Childcare Act Expansion Could Boost Pension Pots By £1.2B

More parents reentering the workforce because of expanded childcare provisions in the U.K. could increase the retirement pots of savers by £1.2 billion ($1.6 billion), a pension provider said Wednesday.
April 23, 2025
Gov't Insurance Tax Revenue Rises To £8.9B In 12 Months

The U.K. government earned a record £8.9 billion ($11.8 billion) through taxing insurance premiums in the financial year to April, official figures revealed on Wednesday.
April 22, 2025
Gov't Delays Police Disability Benefit Reform

The Home Office said Tuesday that it will not introduce immediate reforms to benefits available to police officers who are injured in the line of duty, despite concerns that current rules might put officers with mental health conditions at a disadvantage.
April 22, 2025
Sidley Steers Admiral's Sale Of US Insurance Biz

Admiral Group PLC said Tuesday it has agreed to sell its U.S. motor insurance business to private investment firm J.C. Flowers & Co. for an undisclosed cash amount.
April 22, 2025
Pensions Bill For UK Businesses Shrinks Over 5 Years

The amount that businesses have had to plow into distressed pension funds has shrunk over the past five years because of rapid improvements in funding, a consultancy said Tuesday.
April 22, 2025
Aviva Study Reveals 'Concerning Gap' In Pensions Knowledge

Only a third of savers in the U.K. can correctly identify a defined benefit or defined contribution pension plan, according to a study published by Aviva on Tuesday.
April 22, 2025
Helvetia, Baloise Merge To Form 2nd-Largest Swiss Insurer

Swiss insurers Helvetia and Baloise said on Tuesday that they plan to merge in a move to create the second-largest insurance group in Switzerland, taking approximately 20% of the domestic market.

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

How UK Proposals Would Simplify Fund Manager Regime

The ongoing HM Treasury consultation and Financial Conduct Authority call for input on the future regulation of alternative investment fund managers indicate that deliberate steps are being taken to make the AIF regime more suitable for the U.K. market, with the aim of encouraging growth and competitiveness, says Leonard Ng at Sidley.
FCA's Regulatory Plans Signal Cause For Cautious Optimism

The Financial Conduct Authority’s latest strategy document plans for less intrusive supervision, a more open and collaborative approach, and a focus on assertive action where needed, outlining a vision of deepened trust and rebalanced risk that will be welcomed by all those it regulates, says Imogen Makin at WilmerHale.
What Latest FCA Portfolio Letter Means For Payments Firms

Charlotte Hill at Charles Russell discusses the Financial Conduct Authority’s recent portfolio letter to CEOs of payments firms, outlining the regulator’s expectations, and the steps that these companies may now need to take to ensure compliance and operational effectiveness.
What's Next After FCA Drops Troubled 'Name And Shame' Plan

A closer look at the Financial Conduct Authority's recent decision to toss its widely unpopular proposal changing the test for announcing enforcement investigations may reveal how we got here, why the regulator changed course, and where it’s headed next, say lawyers at Hogan Lovells.
New UK Order Offers Welcome Clarity To Crypto Staking Rules

The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.
How EU's Anticoercion Tool May Counter New US Tariffs

The never-before-used anticoercion instrument could allow the European Union to respond to the imposition of U.S. tariffs, potentially effective March 12, and gives EU companies a voice in the process as it provides for consultation with economic operators at different steps throughout the procedure, say lawyers at Crowell & Moring.
What To Know About Compliance As EU AI Act Takes Effect

Raj Shah at Mishcon de Reya explains how recently effective provisions of the European Union Artificial Intelligence Act, which concern prohibited AI practices and AI literacy, will affect both providers and users of AI systems, and suggests steps that companies can take now to plug any compliance gaps.
Rethinking 'No Comment' For Clients Facing Public Crises

“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
Market Infrastructure Regs Aim To Reinvigorate EU Trading

The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
Important Changes To Note In Accountant Ethics Code Update

The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
What 2025 Holds For UK, EU Restructuring And Insolvency

European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
How GCs Can Protect Cos. From Geopolitical Headwinds

Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
Navigating PRA's Data Request For Crypto-Asset Exposure

The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
Key Points From FCA Financial Crime Guide Updates

The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.
Why Nonfinancial Misconduct Should Be On Firms' Radar

Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.