Insurance UK

  • February 28, 2024

    MPs Launch Inquiry Into Effectiveness Of Russia Sanctions

    Parliament's Treasury Select Committee on Thursday said it is launching a parliamentary inquiry into whether Britain's sanctions against Russia have been effective in hampering the Kremlin's ability to finance its war with Ukraine.

  • February 28, 2024

    Insurer To Pay £15K To End Abuse Payout Row With Ex-Vicar

    The Church of England's main insurer has agreed to pay £15,000 ($18,950) in a settlement to resolve a dispute over a former vicar's liability for money the insurer paid to settle victims' claims after he was convicted of child abuse.

  • February 28, 2024

    Bogus Insurance Claim Lawyer Seeks To Overturn Striking Off

    A solicitor who made a false insurance claim over a road traffic accident urged a court on Wednesday to restore him to the profession, saying that a tribunal did not consider the "exceptional circumstances" of the case.

  • February 28, 2024

    Profit Warnings Rise For Pension Scheme Sponsors

    One in five U.K.-listed companies with a defined benefit pension scheme issued a profit warning in 2023, according to research published by EY-Parthenon, marking a year that "exceeded levels" seen at the peak of the financial crisis.

  • February 28, 2024

    Pension Bodies Call For Investment Regulation Overhaul

    The government must boost levels of pension savings, consolidate funds and offer new opportunities for investing in illiquid assets if it wants the sector to contribute to U.K. growth, two trade bodies have said.

  • February 28, 2024

    FRC Plans To Review Code For Asset Managers

    Britain's accounting watchdog announced it will carry out a fundamental review of the Stewardship Code and revise its rules for investors where necessary to help promote U.K. competitiveness.

  • February 28, 2024

    St James's Place Sets Aside £426M For Potential Client Refunds

    One of the U.K.'s largest wealth managers said Wednesday that it has set aside £426 million ($540 million) for potential refunds to clients that have complained they did not receive financial advice they paid for.

  • February 27, 2024

    Global Pension Assets Total $55T In 2023, Broker Says

    Global pension assets rose by 11% to reach $55.7 trillion in 2023, according to research published by broker WTW, showing a rebound from weaker economic performance across the previous year. 

  • February 27, 2024

    Financial Ombudsman Braced For APP Fraud Claims

    Britain's financial dispute-resolution body told a cross-party group of members of Parliament on Tuesday it is braced for an avalanche of extra claims later this year when banks must recompense victims duped into transferring money to fraudsters.

  • February 27, 2024

    Insurance Body Launches Guide For 'Responsible' AI Use

    British insurers should consider who is accountable for any artificial intelligence systems they use to ensure that they are using the technology responsibly, according to a guide published Tuesday by a trade body.

  • February 27, 2024

    FCA To Start Naming Finance Firms Under Investigation

    The Financial Conduct Authority said on Tuesday that it plans to publicly name the firms it probes and publish information about its investigations at an earlier stage to increase the deterrent effect of its enforcement actions.

  • February 27, 2024

    British Pensions Sector Backs FCA 'Advice Gap' Review

    The U.K. pensions industry has thrown its support behind a sweeping review designed to plug a growing advice gap among workers approaching retirement.

  • February 27, 2024

    UK Insurers Call For Extension Of 'Whiplash' Injury Tariff

    Insurers said on Tuesday that they will campaign for changes to personal injury rules as part of a wider effort to curb spiraling hikes in the price of premiums.

  • February 26, 2024

    Insurance M&A Hits 10-Year Low Amid Political Uncertainty

    The number of global mergers and acquisitions among insurers was at its lowest level for a decade in 2023, according to research published on Monday by Clyde & Co. that shows companies are reacting cautiously to heightened geopolitical risks.

  • February 26, 2024

    Ex-Managing Partner Must Pay £210K Costs In Bias Claim

    A former managing partner of a law firm has lost his latest bid to avoid paying costs, after a tribunal blocked him from relitigating rulings that he hid information while off work with cancer to claim income protection insurance and a share of its profits.

  • February 26, 2024

    UK Unveils Plan For £1.4T Surplus In Pension Sector

    The government has said it is exploring proposals to allow companies to tap into the £1.4 trillion ($1.8 trillion) defined benefit pension sector, but trade bodies and consultants warned that the plan could undermine the security of savers.

  • February 26, 2024

    EU Strengthens Investors' Protection On Investment Funds

    The European Union adopted new rules on Monday for investment funds that are designed to make the market integrate better and strengthen protection for investors.

  • February 26, 2024

    Addleshaw Goddard Hires Macfarlanes Pro For Wealth Team

    Addleshaw Goddard LLP has appointed former Macfarlanes LLP lawyer Laura Uberoi as partner and head of its newly created private wealth team in London.

  • February 23, 2024

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

    This past week in London has seen Tesco target competing retailer Lidl with a copyright claim as they battle in the Court of Appeal over the design of Tesco’s Clubcard, the directors of a taxi business sue the creator of an AI route mapping app for professional negligence, Global Aerospace Underwriting Managers tackle an aviation claim by an Irish investment company, and Robert Bull hit with a general commercial contracts claim by Hancock Finance.

  • February 23, 2024

    Ex-Telecoms Execs Deny Knowledge Of Bribery In £11M Sale

    Three former directors of a telecommunications company allege that a cloud-technology business owes them more than £1.5 million ($1.9 million) left unpaid after it bought their business, while denying claims that they failed to disclose ongoing legal disputes that subsequently devalued the shares.

  • February 23, 2024

    Allianz To Launch €1B Buyback, Boost 2023 Dividend

    Allianz SE has announced a new share buyback program worth up to €1 billion ($1.1 billion), alongside plans to raise its dividend as it looks to increase its returns to shareholders.

  • February 23, 2024

    Swiss Watchdog Launches New Unregulated Fund Category

    The financial watchdog of Switzerland said on Friday that the Bern government will launch a new category of investment fund which will be exempt from regulation, in a bid to make the country more attractive for the sector. 

  • February 23, 2024

    Pensions Regulator To Rejig Oversight Of Workplace Schemes

    The Pensions Regulator has said it will create three new regulatory functions as part of a strategic overhaul it said would meet the demands of a changing marketplace of fewer, but larger schemes.

  • February 23, 2024

    Compensation Scheme To Cover £38M Pensions Transfer Cost

    The Financial Services Compensation Scheme has said that it has put up £38 million ($48 million) so that clients of a failed pension provider would not take a hit when transferring their long-term savings elsewhere.

  • February 23, 2024

    FCA Fires Warning Shot Over City's Consumer Duty Failings

    The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.

Expert Analysis

  • A Rare Look At Judicial Interpretation Of LEG Exclusions

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    A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • Breaking Down The New UK Pension Funding Regs

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    Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • Employers Can 'Waive' Goodbye To Unknown Future Claims

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    The Scottish Court of Session's recent decision in Bathgate v. Technip Singapore, holding that unknown future claims in a qualifying settlement agreement can be waived, offers employers the possibility of achieving a clean break when terminating employees and provides practitioners with much-needed guidance on how future cases might be dealt with in court, says Natasha Nichols at Farrer & Co.

  • Acquisition Of AI Tech Poses Challenges For Media Industry

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    The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.

  • 3 Financial Services Hot Topics To Watch In 2024

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    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • Misleading Airline Ads Offer Lessons To Avoid Greenwashing

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    Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.

  • CMA Guidance Can Help Businesses Act On Climate Change

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    Guidance recently published by the Competition and Markets Authority, which explains how competition law applies to sustainability and climate change agreements, provides clarity for businesses seeking to collaborate and emphasizes the regulator’s open-door policy, says Andrew Maxwell at Freeths.

  • An Overview Of UK Short Selling Regulation Reforms

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    The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.

  • Key Points From Ireland's New Accountability Framework

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    The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.

  • Pension Industry Should Monitor Evolving ESG Issues In 2024

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    ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.

  • Looking Ahead At AI Regulation In The EU And UK

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    With AI regulation agreed upon in Europe and a U.K. regulatory authority on the horizon, organizations developing AI should consider deploying governance, addressing accountability and establishing internal guardrails to achieve a balanced approach to responsible innovation while managing risk, says Chris Eastham at Fieldfisher.

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