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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.
November 01, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen two industry magnates take on the Gambling Commission, Ordinance Survey hit with a claim from a Swiss GPS maker, and China's largest oil company PetroChina face a claim from a Polish documentary maker. Here, Law360 looks at these and other new claims in the U.K.
November 01, 2024
Gov't Criticized For No Women's Pensions Redress In Budget

The Labour government said Friday it does not know when it will begin compensating women affected by historic failings in their state pensions, after attracting criticism over the absence of a redress scheme in its inaugural budget earlier this week.
November 01, 2024
Insurance Giant Ardonagh To Acquire UK Broker Rowett

Insurance investment company Ardonagh Group has bought regional intermediary Rowett Insurance Broking, boosting its agriculture business.
November 01, 2024
Insurers Braced For Major Losses On Spain Floods

Insurers are likely to face their costliest single-loss event in Spain because of the extreme flooding that has swept the country this week, according to a report by Aon PLC.
November 01, 2024
Goldman Sachs-Backed Broker Expands In UK Regions

Insurance broker Clear Group has bought A-One Insurance Group — its largest-ever acquisition — as it seeks to expand its presence in the English regions.
October 31, 2024
Gov't Urged To Reform Tax Charges On Pension Scam Victims

The government should prioritize reform to ensure that victims of pension scams are no longer hit with massive tax bills, an industry body said Thursday.
October 31, 2024
Vanguard Group Scores 2nd Win In Battle Against Rival TM

Vanguard Group convinced European officials to nix a trademark for "Vanguard Reinsurance" after its Lebanese rival failed to provide any evidence that it had genuinely used the sign to market insurance services.
October 31, 2024
HCR Steers £7M Pension Deal For Engineering Co.

Research equipment maker Armfield Ltd. has offloaded £7 million ($9 million) of pension liabilities to insurer Just Group PLC, an adviser said Thursday, in a deal guided by HCR Hewitson.
October 31, 2024
FCA Bans 2 Financial Advisers For Pension Transfer Failings

Two financial advisers connected to the British Steel retirement savings plan scandal have been hit with a lifetime ban from offering pension transfer advice in the future, the City watchdog said Thursday.
October 31, 2024
Reeves To Face MPs As Budget Enters Approval Process

Chancellor Rachel Reeves is due to be grilled by senior MPs on Nov. 6 after she presented the Labour government's first Budget for 14 years, which features a £40 billion ($52 billion) tax package that has raised concerns of new pressure on businesses and retirement savers.
October 31, 2024
Gov't Transfers £1.5B To Former Miners' Pension Scheme

The government unveiled on Thursday a transfer of £1.5 billion ($1.9 billion) to pensions belonging to 112,000 former mine workers, resulting in a 32% increase in their annual pension payouts and undoing an "historic injustice."
October 30, 2024
Insurers Say EU Court Misunderstood €855M Oil Spill Case

Marine insurers argued at a London appellate court Wednesday that a European decision blocking them from using arbitration to stop the enforcement of a €855 million ($928.5 million) Spanish judgment over a huge oil spill off the coasts of Spain and France was partly based on a factual misunderstanding.
October 30, 2024
Cripps Steers BP Marsh's Buy Of Stake In Lloyd's Broker

Private equity firm B.P. Marsh and Partners PLC announced Wednesday that it has acquired a 30% interest in Lloyd's broker SRT & Partners for £2.5 million ($3.2 million) in equity and loans, in a deal guided by Cripps LLP and Nockolds Solicitors Ltd.
October 30, 2024
Last UK Gov't 'Did Not Share' Spending Info With Watchdog

The independent fiscal watchdog said Wednesday that the last Conservative administration had failed to disclose public spending information, adding that it would have resulted in a "materially different" forecast for government spending if it had been given the data.
October 30, 2024
Pension Pros Say Shutting Inheritance Tax Loophole Overdue

Retirement industry professionals said Wednesday that the budget announcement by the U.K. government that it would remove a loophole that allowed the transfer of more than £1 million ($1.3 million) of inherited pension wealth without paying inheritance tax was overdue.
October 30, 2024
Mortgage Adviser Not Unfairly Sacked Over Fraud Fears

A mortgage adviser who was sacked over concerns that he might have committed fraud by providing false information to lenders and insurers has lost his claim of unfair dismissal, as a tribunal ruled that his employer's decision to fire him was reasonable.
October 30, 2024
Labour Gov't Unveils £40B Tax Boost In First Budget

A £40 billion ($52 billion) tax package unveiled on Wednesday by Britain's new Labour government targets business and investors and aims to plug fiscal gaps with plans including higher levies on payrolls and capital gains.
October 29, 2024
La. High Court Says No Arbitration In Insurance Policies

Louisiana's top court has concluded that state law bars domestic insurers from looking to force a dispute with a policyholder into arbitration based on a clause contained in a foreign insurer's policy, ruling in an opinion that criticizes the Fifth Circuit's opposing stance on the issue.
October 29, 2024
Spain Resumes Bid To Enforce €855M Award On Insurers

Spain told an appeals court Tuesday that arbitration proceedings cannot block it from enforcing an €855 million ($925 million) Spanish judgment against marine insurers over a huge oil spill off the coasts of Spain and France.
October 29, 2024
SPG Steers £18M Buy-In Pension Deal For Housebuilder

Housebuilder St Modwen Properties Ltd. has offloaded £18 million ($23.4 million) of its pension liabilities with Just Group PLC, the insurer said Tuesday, in a transaction guided by Squire Patton Boggs LLP.
October 29, 2024
Allianz To Buy Digital Insurance Unit From Bâloise For $58M

Swiss insurer Bâloise Holding AG said Tuesday it will sell its portfolio holdings worth 50 million Swiss francs ($58 million) in a digital insurance subsidiary to Allianz Direct Versicherungs-AG.
October 29, 2024
Ex-Cardiff FC Director's Insurance Voided Over 'False' Claims

An insurance company and its agent have argued that their cancelation of a policy intended to cover the legal costs of a former director of Cardiff City Football Club was valid because he unfairly represented his risk when taking out protection.
October 29, 2024
CMS Guides £1.1B Pension Deal For Deutsche Bank Unit

A subsidiary of Deutsche Bank AG has offloaded £1.1 billion ($1.4 billion) of its pension liabilities with Legal & General Assurance Society, the insurer said Tuesday, in a transaction led by CMS Cameron McKenna Nabarro Olswang LLP and DLA Piper.
October 29, 2024
Goldman-Backed Clear Group Buys Lloyd's Broker

Insurance intermediary Clear Group said Tuesday it is entering the wholesale insurance market with the purchase of growing Lloyd's broker Lilley Plummer Risks.
October 28, 2024
Labour Budget Expected To Target Taxes At Biz, Investors

The U.K. government is set to unveil its budget statement Wednesday after months of hinting at higher taxes, and experts say businesses and investors are bracing to bear the brunt of the possible tax changes, such as through increases to capital gains and payroll taxes.

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

FCA's Broad Proposals Aim To Protect Customer Funds

The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
Modernizing UK Trade Settlement Standard: The Road Ahead

Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
A Look At UK, EU And US Cartel Enforcement Trends

The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
What Green Claims Directive Proposal Means For Businesses

With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
EU Reports Signal Greenwashing Focus For Financial Sector

Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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.