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Plan To Recast £2.5T Pensions Sector Raises New Risks

The government unveiled a set of reforms Tuesday designed to tap the U.K.'s £2.5 trillion ($3.2 trillion) pension sector for investment in new technology startups — but experts say the shakeup could lead to an uncertain future for millions of workers saving for retirement.
December 08, 2023
EU Policymakers Clear Way For Passing Of Landmark AI Act

European Union policymakers on Friday reached an agreement on rules that would put guardrails on businesses' use of artificial intelligence, removing the final major barrier to the bloc enacting the world's first comprehensive law to tackle the potential risks posed by AI systems.
December 08, 2023
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen Tesla drive patent proceedings against technology company InterDigital, Genesis band members say That's (not) All in a breach of contract claim against Virgin Records, and betting giant Entain play its hand in a claim over its acquisition of BetCity last year. Here, Law360 looks at these and other new claims in the U.K.
December 08, 2023
Union Probes Boots Pension Age Change After £4.8B Deal

A British trade body is investigating the lawfulness of a change to the Boots Pension Scheme that means members are no longer entitled to an unreduced pension from age 60 following a £4.8 billion ($6 billion) deal the pharmacy chain struck.
December 08, 2023
Pensions Insurer Invests £30M In UK Housing Association

Pension Insurance Corp. PLC has said that it has loaned an additional £30 million ($37.5 million) to a provider of U.K. social housing, the Heart of Medway housing association.
December 08, 2023
Ireland's Insurance Reforms Lead To Drop In Injury Payouts

Personal injury payouts by Ireland's statutory body fell to the lowest value in 16 years in 2022, partly because of recent reforms to the way claims are handled in the country, the board that deals with the claims has said.
December 08, 2023
UK To Clarify Financial Advice Guidelines For Consumers

The Financial Conduct Authority and HM Treasury launched a public consultation on Friday to seek input on three proposals to make it easier for individuals with modest investments to get affordable advice on personal finance.
December 07, 2023
MPs Criticize Slow Progress Of Financial Services Reforms

Senior MPs said on Friday that government reforms to make the U.K.'s financial services more innovative and competitive have progressed too slowly and had little economic impact.
December 07, 2023
Fla. Fairfield Inn Must Arbitrate Hurricane Damage Fight

A Florida federal judge ordered the owner of a Fairfield Inn in Tampa to arbitrate its hurricane damage dispute in New York with its insurers, saying the property owner's argument that arbitration unfairly favored insurers was irrelevant since the dispute involved a foreign underwriter.
December 07, 2023
Regulator Prioritizes Pensions Safeguards In M&A Deals

The Pensions Regulator on Thursday warned it would use enforcement powers to protect defined benefit scheme members should an employer become involved in a merger or acquisition that causes material harm to a retirement savings plan.
December 07, 2023
Financial Watchdogs Eye Boost To Oversight Of Outsourcing

Britain's financial watchdogs put forward proposals on Thursday to tighten the oversight of so-called critical third parties, saying the new framework would ensure companies that perform outsourced services for businesses in the sector are properly regulated.
December 07, 2023
Skadden, Clifford Chance Steer Admiral Deal For RSA Biz Unit

Insurance giant Admiral PLC said Thursday it has bought a section of the personal lines portfolio of rival RSA Insurance Group Ltd. for up to £115 million ($144.7 million), in a deal guided by Clifford Chance LLP and Skadden Arps Slate Meagher & Flom UK LLP.
December 07, 2023
PE Firm Agrees To £48M Sale Of Broker To Rival Insurer

B.P. Marsh said Thursday that it has agreed to sell insurance broker CBC Partnership to competitor Specialist Risk Group for £47.7 million ($60 million), as the U.K. private equity firm seeks to make significant returns on its investment.
December 07, 2023
UK Pension Superfund Sector Needs Clearer Regulation

The first-ever superfund pensions transaction was completed in the last week of November. But experts have told Law360 that regulatory problems mean that the deal is unlikely to open the floodgates to more transactions.
December 06, 2023
UK Insurers Seek To Stop €425M Venezuelan Suits Abroad

Two British insurers urged a London appeals court on Wednesday to block Venezuela from pursuing €425 million ($460 million) claims over a sunken vessel in other countries, arguing that state immunity doesn't cover anti-suit injunctions.
December 06, 2023
Audit Watchdog Discloses Upcoming Supervisory Focal Areas

Britain's accounting watchdog on Wednesday said climate risk and some specific industries will be among its regulatory priorities in the financial year beginning April, with a focus on compliance with corporate reporting and audit quality inspections.
December 06, 2023
Increasing Climate Breakdown Set To Trouble Insurer Profits

An expected increase in natural catastrophe events could dent the profitability of the global insurance sector going forward and increase the cost of customer premiums, a group of international regulators for the sector warned Wednesday.
December 06, 2023
Greenberg Traurig Hires Finance Pro From Weil

Greenberg Traurig LLP has bolstered its London banking and finance practice by hiring a lawyer from Weil Gotshal & Manges LLP.
December 06, 2023
Russia Acting To Avoid Sanctions, UK Finance Firms Warned

The National Crime Agency issued an alert to British financial firms on Wednesday that Russia is going through intermediary countries to gain access to goods and services despite sanctions imposed by the U.K. after its 2022 invasion of Ukraine.
December 06, 2023
Financial Ombudsman Weighs Fees For Claims Co. Cases

The Financial Ombudsman Service said on Wednesday that it is considering charging fees for cases brought by claims companies and law firms on behalf of consumers in the next financial year.
December 06, 2023
FCA Proposes Toughening Money Market Funds Regime

The Financial Conduct Authority on Wednesday proposed post-Brexit rules to make money market funds more resilient to avoid central bank interventions, as during the dash-for-cash in the early pandemic.
December 06, 2023
MPs Target Gov't For Underpaid Pensions, Overpaid Benefits

The U.K. government needs to show that state pension payments are accurate after errors left thousands of people short of an average of £5,000 ($6,300), a parliamentary committee said in a report released Wednesday.
December 05, 2023
Retailer Wins £2.3M In Warehouse Blaze Underinsurance Row

An insurance broker must pay an online baby gifts retailer £2.3 million ($2.9 million), after the High Court ruled its advice left the retailer underinsured and out of pocket when a fire destroyed a warehouse it operated from.
December 05, 2023
Ashurst Steers £18M Pension Deal For Med. Device Co.

Medical device manufacturer Haag-Streit UK offloaded £18 million ($22.7 million) of its pension liabilities with insurer Aviva, advisers said Tuesday, in a deal steered by Ashurst LLP.
December 05, 2023
Housing Association Inks £60M Deal With Pensions Provider

Retirement specialist Just Group said it has covered £60 million ($76 million) of pension liabilities for Hyde Group in a move to completely remove the retirement risks from the housing association.
December 05, 2023
Defined Benefit Pension Transfer Take-Up Rates 'Plummeting'

Just 3% of savers given a quote to transfer out their defined benefit pension took up the offer in the first three months of 2023, a retirement savings consultancy has said — the lowest rate since it began collecting figures in 2014.

Editor's Picks

Litigation Funding Demand Rises As Pandemic Suits Percolate

More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Reforms Abroad For Litigation Funders Raise Questions In UK

Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
Coronavirus: The Latest EU Court Closures And Restrictions

UPDATED March 22, 2021, 10:35 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.

Expert Analysis

PPI Ruling Spells Trouble For Financial Services Firms

The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
DC Ruling Provides Support For Builders Risk Claim Recovery

To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.
Navigating The Novel Challenges Facing The Legal Profession

The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
New Fixed Costs Rules May Have Unforeseen Consequences

The recent changes to fixed recoverable costs, which were intended to reduce costs and increase certainty, have profound implications for civil claims, but may unintentionally prompt more litigation and reduce access to justice as lawyers leave the market, says Paul Squires at Sedgwick Legal.
Sustainable Finance Consultations May Signal Key Changes

The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.
Deal Over Jets Stranded In Russia May Serve As Blueprint

In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
What The Auto-Enrollment Law Means For UK Workforce

In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
Protecting The Arbitral Process In Russia-Related Disputes

Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.
RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.
Key Takeaways From ICO Report On Workforce Monitoring

The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.
Firms Should Prepare For New DEI Reporting Requirements

While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.
Shifting From Technical To Clear Insurance Contract Wordings

Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.
Recent Trends In European ESG-Related Shareholder Activism

New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.
How Insurance Policies Can Cover Generative AI Risks

As concerns rise about the new risks that businesses face as a result of generative artificial intelligence tools, such as AI-facilitated hacking and intellectual property infringement, policyholders should look to existing insurance policies to cover losses or damages, says Josianne El Antoury at Covington.
Breaking Down The UK's Draft Updates To Prospectus Regime

While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.