Insurance UK

  • January 23, 2024

    Injured Tourist Says Irwin Mitchell Wrongly Told Her To 'Relax'

    A woman who called an Irwin Mitchell helpline following a life-changing accident abroad told the Court of Appeal Tuesday that the law firm breached a duty of care by failing to advise her to alert a tour operator to her claim.

  • January 23, 2024

    Gov't Collects £2.1B From Insurance Premium Tax

    The U.K. government collected £2.1 billion ($2.7 billion) in insurance premium tax in the last quarter, HM Revenue & Customs said Tuesday, as customers continue to feel the effects of rising insurance costs.

  • January 23, 2024

    Gov't Warned Lifetime Pension Proposal Is 'Major Distraction'

    Government plans to introduce a lifetime pension provider model represent a "major distraction" from more urgent retirement savings reforms, a consultancy has said, echoing wider concerns in the sector over the proposed shake-up.

  • January 23, 2024

    UK Biz Registry Rules Tighten Against Economic Crime

    Britain's business registry said Tuesday it aims to introduce tougher reporting rules for businesses as part of the fight against economic crime such as fraud and money laundering.

  • January 23, 2024

    UK Watchdog Floats Rules On Solvent Exit For Insurers

    The Bank of England set out new requirements Tuesday for insurers to draw up plans to exit the market without going bust.  

  • January 23, 2024

    Businesses Chase Liberty Mutual For COVID Relief

    A pub landlord and seven other business owners have claimed that Liberty Mutual Insurance wrongly refused to cover them for disruption caused by the COVID-19 pandemic to their businesses.

  • January 22, 2024

    Kennedys Lands In Fort Lauderdale With 10th US Office

    Global insurance law giant Kennedys announced Monday the opening of its 10th office in the U.S. with the creation of a four-attorney outpost in Fort Lauderdale, Florida.

  • January 22, 2024

    MoFo Adds Sanctions Expert From Deutsche Bank As Partner

    Morrison Foerster LLP has hired an expert in sanctions compliance as a partner to its national security group in London as the firm looks to bolster its practice during a period of geopolitical turmoil.

  • January 22, 2024

    Broker Predicts UK Pension Deal Market Will Hit £80B In 2024

    The U.K. is likely to see £80 billion ($102 billion) in deals involving pension schemes offloading their liabilities to insurers in 2024, a broker predicted on Monday, saying improved retirement savings funding may make it another record year.

  • January 22, 2024

    UK Insurers Covered €120B Of Russian Oil At Sea, Report Says

    The U.K. insurance sector provides cover to around a third of Russian oil shipments, according to a think tank report, in spite of sanctions introduced following the invasion of Ukraine nearly two years ago.

  • January 22, 2024

    Accounting Watchdog Revises Rules In Bid To Boost Growth

    Britain's accounting regulator confirmed changes to the U.K. Corporate Governance Code on Monday that it said will help promote economic growth after it watered down its original proposals.

  • January 22, 2024

    Judge Tosses Civil Servants' 'Vexatious' Age Bias Claim

    Twenty civil servants backed by their union have failed to resuscitate claims that provisions in their pension scheme were age discriminatory, after a tribunal ruled that it was vexatious to pursue litigation as another panel had already settled the issue.

  • January 19, 2024

    BoE, FCA Brought Into MPs' Probe Of Fujitsu Gov't Contracts

    A parliamentary committee said Friday it is seeking details on contracts between Fujitsu and 21 government agencies, including the Bank of England and financial regulators, after the company's faulty Horizon accounting system was found to be behind the Post Office IT scandal.

  • January 19, 2024

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

    The past week in London has seen a bankrupt English local council bring a construction claim against property maintenance company Axis, a Cypriot cheese trade protection body appeal a UK IPO decision granting trademark registration for "Grilloumi" and employees of supermarket giant Morrison’s shop around for compensation in a claim over equal pay. Here, Law360 looks at these and other new claims in the U.K.

  • January 19, 2024

    EU Watchdog Proposes Stablecoin Guidance For Crypto Rules

    Europe's banking regulator on Friday proposed guidelines to combat fraud, cyber and compliance risks where firms issue stablecoins pegged to several currencies or else commodities, under new blocwide crypto-assets market rules.

  • January 19, 2024

    FCA Able To Insist On Office Work In Manager's Claim

    The Financial Conduct Authority has beaten a manager's bid to continue working full-time remotely, as the Employment Tribunal ruled that the regulator "clearly established" that her performance would suffer — even though she had been doing so successfully for more than two years.

  • January 19, 2024

    Pension Surplus Rules Could Bring Change For Deals Market

    The pensions deal market could be reshaped this year by changes to how companies are able to use surpluses from their savings plans, consultancy Mercer Ltd. has said.

  • January 19, 2024

    Gov't Urged To Rethink 'Pot For Life' Pension Reforms

    The government has been urged to reconsider its plan to introduce a retirement savings "pot for life" for workers, as finance experts said on Friday the reforms are the wrong measures introduced at the wrong time.

  • January 18, 2024

    Advisers See Rising Demand After Pension Tax Reforms

    Almost half of U.K. financial firms offering retirement advice have seen demand for retirement planning rise as a result of changes to the pension tax allowance, according to research published Thursday.

  • January 18, 2024

    EU Sets Stricter AML Regulations, Includes Crypto-Assets

    European Union policymakers unveiled a provisional agreement Thursday on new stricter anti-money laundering rules that would comprehensively harmonize requirements and improve national approaches to regulation and law enforcement.

  • January 18, 2024

    Pensions Body Warns UK Gov't Over 'Pot For Life' Reforms

    The U.K. government's proposed fix for the spiraling number of small pension pots in existence risks creating "more problems than it solves," retirement savings experts warned on Thursday.

  • January 18, 2024

    Owners Of Ship Detained By Indonesian Navy Fight For $37M

    The owners of a merchant ship seized by the Indonesian navy told a High Court trial Thursday that their efforts to recover $37 million from six insurers is a "classic case" of a claim for constructive total loss.

  • January 18, 2024

    Depressed Broker Forced To Quit Due To Unfair Treatment

    A manager at an insurance broker was constructively dismissed and discriminated against because of her depression and anxiety, a tribunal has ruled, finding that bosses no longer valued her after a mental health absence.

  • January 18, 2024

    Life Insurers Likely To Pass On Interest, Fitch Says

    Fitch Ratings has said it expects U.K. life insurers will pass on the interest they earn from customer cash balances instead of banking it to avoid harm to their reputations and being named and shamed by the Financial Conduct Authority.

  • January 17, 2024

    Pension Scheme Trustees To Pay £35K After £14M Fraud

    Two pension scheme trustees convicted of helping a fraudster con hundreds of savers into transferring almost £14 million ($18 million) out of their retirement pots were ordered to repay £35,000 following confiscation proceedings in London on Wednesday. 

Expert Analysis

  • 4 Ways M&A Deals Are Changing

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    There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.

  • The Digital Markets Act: Key Implementation Issues To Watch

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    The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.

  • New FCA Listing Rules May Start Regulatory Shift On Diversity

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    Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.

  • Examining UK Commission's Corporate Crime Reform Ideas

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    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • How The Rise In Ransomware Is Affecting Business Insurance

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    Following an unprecedented rise in global ransomware attacks, with insurance companies scaling back coverage and increasing premiums, policyholders should consider these trends and take certain steps to mitigate risks, say Marialuisa Gallozzi and Josianne El Antoury at Covington.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

  • A Landmark UK Enforcement Case For Crypto-Assets

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    HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.

  • Emerging Economic Effects From Russia-Ukraine War

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    While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.

  • Unexplained Wealth Orders' Role In UK Dirty Money Bill

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    A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.

  • How EU Proposal Would Affect Corporate Sustainability Duties

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    The European Commission recently released its proposal for a directive on corporate sustainability, human rights and environmental due diligence, that, if adopted, will have a substantial impact on the external corporate regulation and the internal corporate governance of the largest companies operating in the EU, says François Holmey at Carter-Ruck.

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