Insurance UK

  • May 07, 2024

    Banks, Regulators Holding Back SMEs, Lawmakers Say

    A parliamentary committee urged the financial watchdogs on Wednesday to review their approach to helping small and midsized businesses gain access to money, arguing that banks are making it "needlessly tougher" to take out loans and unfairly closing accounts of legitimate companies.

  • May 07, 2024

    Ombudsman Wants Pressure On Gov't On Female Pensions

    The public sector ombudsman said Tuesday that it took the unusual step of issuing its report on systemic failures on women's state pension to Parliament because it was concerned that more retirees would die before the government acted on compensation.

  • May 07, 2024

    Pension Schemes Weigh Halting Employer Contributions

    Sustained improvements in funding levels for private sector pensions in the U.K. means that many defined benefit schemes are considering stopping contributions from sponsors to avoid overfunding, PwC has said.

  • May 07, 2024

    EU Watchdog Mulls Opening Funds To Riskier Investments

    The European Union's markets watchdog called Tuesday for market views on whether to expand the range of assets in which the most widely used type of investment fund can legally invest, to include crypto-assets as well as risky shares and bonds.

  • May 07, 2024

    FCA Bans Investment Firm's Ex-CEO For Misleading Clients

    The Financial Conduct Authority has fined the former chief executive of a London-based investment firm for misleading clients about cash held by the group and handed him a ban, according to a statement published Tuesday.

  • May 07, 2024

    PwC, EY Hit With Fines Over LC&F Audit Failures

    The Financial Reporting Council said Tuesday that it has handed out fines totaling approximately £10 million ($12.5 million) to PwC, EY and a third accounting firm for failures during audits they carried out on London Capital & Finance before the investment company's high-profile collapse.

  • May 03, 2024

    SRA Warns Law Firms On Improper Practices In Mass Claims

    The Solicitors Regulation Authority voiced concerns on Friday about law firms and legal professionals that handle mass claims involving financial services or products, saying that some are running up costs before they have even been instructed to act.

  • May 03, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen rapper Ivorian Doll hit with a copyright claim, private members club Aspinalls file a claim against a Saudi sheikh, and Motorola Solutions file a claim against the British government on the heels of its dispute over losing a £400 million ($502 million) government contract. Here, Law360 looks at these and other new claims in the U.K.

  • May 03, 2024

    EU Regulators To Report AML Suspects To Central Database

    The European Union's banking watchdog has said that national regulators can start reporting information on named individuals to the bloc's centralized anti-money laundering database from May, in a step further strengthening the fight against financial crime.

  • May 03, 2024

    Pensions Watchdog Targets More Scheme Consolidation

    The Pensions Regulator detailed on Friday 22 "priority outcomes" that will drive its work for the next three years, with policies reflecting its vision of "fewer, larger schemes" in the market, which a trade body described as ambitious.

  • May 03, 2024

    Hiscox To Begin Second Tranche Of $150M Share Buyback

    Hiscox Ltd. said on Friday that it has launched the second portion of a $150 million share buyback program as it aims to return excess cash to its investors after the global insurer reported record profits for 2023.

  • May 03, 2024

    Reed Smith Steers £136M Pension Deal For Savings Plan

    Insurer Just Group has taken on £136.3 million ($171.2 million) in liabilities from a retirement savings plan, advisers said, in a transaction steered by Reed Smith LLP. 

  • May 03, 2024

    Motor Insurance Complaints Surge 18% In A Year

    Complaints to Britain's finance watchdog about car and motorcycle insurance jumped by 18.2% during the second half of 2023 compared with the same period a year earlier, a consultancy group said on Friday.

  • May 03, 2024

    Financial Adviser Convicted In Axiom Legal Fund Fraud Case

    A former financial adviser was convicted on Friday of siphoning £5.8 million ($7.3 million) from an investment fund using secret commission payments as part of a legal financing fraud.

  • May 02, 2024

    Insurers Don't Have To Cover Deal Soured Over Bribery Woes

    A London appeals court on Thursday rejected a holding company's bid to overturn a ruling that found its insurers were not liable for losses it suffered when its acquisition of a construction contractor went south after bribery and corruption allegations.

  • May 02, 2024

    Financial Watchdog Boss Summoned Over Plan To ID Targets

    The head of the Financial Conduct Authority has been summoned to explain to lawmakers why he has not responded to their request to pause the watchdog's controversial plan to name the firms it probes amid mounting criticism that doing so could harm those later found innocent.

  • May 02, 2024

    PPF Says Norton's Pensions Top-Up Payments Starting Soon

    The pensions compensation program has confirmed that former employees of Norton Motorcycles will get top-up payments soon, after they were left financially disadvantaged when an executive siphoned off funds from a staff retirement savings plan.

  • May 02, 2024

    Hiscox, Lancashire Predict Loss From Baltimore Bridge

    British-listed insurers Hiscox and Lancashire Holdings confirmed Thursday they will likely face a financial hit from the collapse of the Francis Scott Key Bridge in Baltimore.

  • May 02, 2024

    Engineering Co. Fights For $10M Insurance Payout On Appeal

    A French engineering company relaunched its fight on Thursday for a $10.4 million insurance payout to cover damage caused when a ship crashed into an oil platform, arguing on appeal that a lower court misinterpreted the wording of its policy.

  • May 01, 2024

    FCA Opposes Paying Ex-Julius Baer Manager's Legal Costs

    The U.K.'s Financial Conduct Authority urged a London appellate court Wednesday to overturn a tribunal's decision to make it pay part of a former Julius Baer employee's legal costs, saying the tribunal unfairly ruled that the FCA had unreasonably not called witnesses who were overseas.

  • May 01, 2024

    Trade Body Amends Insurer Comms Guide After FCA Rules

    The Lloyd's Market Association said Wednesday it has amended its guidance for how its trade body members should communicate insurance concepts to consumers to reflect recent regulatory changes, including advice around the Financial Conduct Authority's new consumer duty regime.

  • May 01, 2024

    Industry Dissatisfaction Grows Over Pension Policy Reform

    Two-thirds of pension professionals have been unhappy with the direction of retirement savings policy in the past six months, finance experts said Wednesday, adding that an "influx of policies" is overwhelming industry resources.

  • May 01, 2024

    Pension Scam Group's Future Hit By Lack Of Volunteers

    A voluntary body that works against pensions scams said on Wednesday that it is considering winding up its operations and is concerned that a fall in volunteer numbers might jeopardize its effectiveness.

  • May 01, 2024

    FCA's Investigation Regime May Tarnish Unnamed Individuals

    Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.

  • May 01, 2024

    Pension Body Warns On Gov't Equity Investment Plan

    U.K. government plans to impose public disclosures on pension funds would increase the burden on the industry and harm savers by encouraging investment in low-return businesses, according to an industry paper published Wednesday.

Expert Analysis

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

  • Opinion

    Legal Prediction Is Demanding But Not Impossible

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    The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.

  • Surefire Marketing Methods To Build Your Legal Practice

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    Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.

  • Mandatory Mediation May Lie Ahead For England And Wales

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    The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.

  • Key Risks And Developments For UK Law Firm Culture In 2020

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    In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.

  • Cos. Can Start Preparing Now For Immigration Beyond Brexit

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    Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.

  • #MeToo Pressure On UK Businesses Is Set To Rise

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    Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.

  • Opinion

    UK's Insurer Investigations May Not Help Policyholders

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    The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.

  • The Outlook For Autonomous Vehicles In The UK And US

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    As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.

  • Brexit's Impact On London As A Top Int'l Arbitration Seat

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    Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.

  • Post-Brexit UK Likely To Conform With EU On Human Rights

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    In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.

  • The Evolution Of GDPR Enforcement Across The EU

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    With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.

  • Series

    Why I Became A Lawyer: Being There For Families In Trouble

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    My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.

  • 3 Ways To Leverage Vulnerability For Lawyer Well-Being

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    Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.

  • Zurich Case Brings Clarity To Complex Contempt Proceedings

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    The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.

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