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Insurance UK
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February 14, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Spice Girls star Mel B's ex-husband bring a defamation claim against the publisher of The Sun, a hotel sue a former director convicted of embezzling its funds for breach of fiduciary duty, and comedian Russell Brand face a sexual abuse claim. Here, Law360 looks at these and other new claims in the U.K.
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February 14, 2025
Zurich Has Key Defense Trimmed In Dental Spa Fire Claim
A London court has ruled that the company operating a dental practice in Leeds did not misrepresent itself in a policy with Zurich, and the insurer cannot claim it withheld insolvency-related information to deny cover for losses stemming from a fire.
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February 14, 2025
Gowling, Squire Patton Pilot £50M Pension Deal For Textile Biz
A German textiles company has offloaded £50 million ($63 million) of its U.K. pension liabilities to insurer Just Group PLC, advisers said Friday, in a deal steered by Gowling WLG and Squire Patton Boggs LLP.
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February 14, 2025
5 Questions For Spencer West Partner Karl Foster
The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
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February 14, 2025
Chair Of UK Pensions Watchdog Steps Down After 4 Yrs
The chair of the retirement savings watchdog has confirmed that she will step down in July, departing after four years in the job.
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February 14, 2025
EU Watchdog Probes Bloc-Wide Fund Manager Compliance
The European Union's financial markets regulator on Friday launched a bloc-wide probe with national regulators on compliance and internal audit functions of fund managers.
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February 14, 2025
Single Pensioners Face Retirement Shortfall, Insurer Says
Single pensioners in Britain on a full state pension have to make up an annual shortfall of almost £2,900 ($3,500) if they want to achieve a minimum retirement living standard, analysis published Friday by a retirement specialist company suggests.
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February 13, 2025
MPs Call On Minister To Respond On Pensions Inflation Rules
The U.K. government has been urged by senior MPs to respond to calls for reform that will allow retirement benefits for older pensioners to rise with inflation.
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February 13, 2025
Pension Insurers Invest £178B In UK Assets, Trade Body Says
Providers of bulk and individual annuities invested £178 billion ($222 billion), or 65% of their assets, in the U.K. in 2023, the Association of British Insurers said on Thursday.
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February 13, 2025
FCA's Pension Support Reform Needs Work, Industry Says
Britain's pension industry on Thursday signaled its support for proposals floated by the Financial Conduct Authority to allow retirement savings providers to offer better support to workers ahead of retirement, but said more detail was needed before plans go live.
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February 13, 2025
FCA Files Criminal Charges Against Financial Adviser
The Financial Conduct Authority said Thursday it has charged an independent financial adviser with multiple criminal offenses that resulted in more than £2.3 million ($2.9 million) in losses for clients.
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February 13, 2025
Gov't Urged To Act On Growing Number Of Small Pension Pots
The number of small pension pots in the U.K. rose by two million between 2020 and 2023, a think tank has said, as it urged the government to urgently intervene for consolidation.
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February 12, 2025
AIG Largely Beats Claim Over Failed Italy Property Scheme
AIG is not liable to pay the bulk of nearly €3.5 million ($3.6 million) to investors in a failed Italian real estate project, as a judge found Wednesday that the insurance policy of a defunct Italian firm does not cover negligent advice by its predecessor.
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February 12, 2025
UK Annuity Sales Hit Record After Pension-Freedom Reforms
Pension annuity sales in Britain reached £7 billion ($8.7 billion) in 2024, figures published Wednesday by the Association of British Insurers show, marking a 34% increase on the previous year.
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February 12, 2025
Financial Ombudsman's Sudden Exit Draws MP Scrutiny
A cross-party group of MPs is scrutinizing the sudden and unexplained resignation of the chief executive of Britain's Financial Ombudsman Service after failing to get answers from the body's board.
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February 12, 2025
Watchdog Warns Pension Providers Over Climate Lethargy
The U.K. retirement savings watchdog issued a warning to pension providers Wednesday after campaigners found the sector to be dragging its heels on climate action.
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February 12, 2025
Pension Holders OK With AI Customer Support, Survey Shows
U.K. retirement savers are amenable to the use of artificial intelligence in customer services for pension provision, citing AI's advantages of round-the-clock availability, automation and improved accuracy, a study has found.
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February 12, 2025
QIC Denies COVID Cover For Franco Manca Owner
QIC Europe Ltd. has argued that it is not obliged to cover alleged losses sustained by the owner of a restaurant chain after it temporarily closed sites at the height of the COVID-19 pandemic because there were no cases of the virus "within the immediate vicinity" of the premises.
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February 12, 2025
Gowling Steers £250M Pension Deal For Machinery Co.
A U.K. machinery dealership has passed £250 million ($311 million) of its pension liabilities to Standard Life, the insurer said Wednesday, in a deal advised by law firm Gowling WLG.
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February 11, 2025
Audit Watchdog Signals More Support For Stewardship Code
Britian's audit watchdog on Tuesday said there are now 297 companies signed up to its stewardship code as it looks to finalize the latest iteration of the regime for investors this year.
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February 11, 2025
Insurers Ask EU Watchdog To Ease Up On Mass-Lapse Cover
Europe's insurance federation has warned the European Union's industry regulator to refrain from applying overly rigid requirements on reinsurance protection for insurers if many policyholders cancel cover quickly.
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February 11, 2025
Pension Providers Step Up Illiquid Investments In UK
The largest defined contribution pension providers are aiming to allocate up to 40% of their illiquid portfolios to U.K. assets, a consultancy said Monday, after years of pressure from the government to encourage more domestic investment in long-term projects.
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February 11, 2025
Gender Pension Gap Set To Keep Rising, Analysts Predict
Some 23% of men aged 16 and above are actively contributing to their work-place defined contribution pension plans, compared with only 19% of women, a financial services consultancy said Tuesday, adding to fears that the retirement savings gap between the genders is growing.
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February 11, 2025
Pension Schemes 'Healthier' Since 2022 Bond Crisis
More than half of the pension schemes in Britain are likely to "run on" because of improvements in funding since the liquidity crisis caused by a bond market crash three years ago, a professional services company has said.
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February 10, 2025
Haulage Co. Seeks To Shift Crane Damage Liability To Insurer
A British haulage company has said that its insurer must pay out to cover £1.26 million (£1.56 million) claimed by the owner of a property in an Essex industrial estate if it is found liable for damage caused by a crane one of its employees operated.
The Biggest Developments In Insurance In 2024
The financial watchdog has come under pressure this year from the Labour government to tackle the cost of insurance, which has soared because of rising claims caused by the ongoing repercussions from Brexit and the war in Ukraine.
FCA's 2024 Consumer Focus Still Has Firms Guessing
The Financial Conduct Authority shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.
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.
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.
Editor's Picks
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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.
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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.
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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
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Important Changes To Note In Accountant Ethics Code Update
The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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What 2025 Holds For UK, EU Restructuring And Insolvency
European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
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How GCs Can Protect Cos. From Geopolitical Headwinds
Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
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Navigating PRA's Data Request For Crypto-Asset Exposure
The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
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Key Points From FCA Financial Crime Guide Updates
The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.
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Why Nonfinancial Misconduct Should Be On Firms' Radar
Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.
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Insider Info Compliance Highlights From New FCA Guidance
The Financial Conduct Authority's recent guidance to companies on identifying inside information clarifies the regulator's expectation of case-by-case assessment, helpfully highlighting that abuse of U.K.-regulated markets can arise earlier than some might think, say lawyers at Sullivan & Cromwell.
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Interpreting Newly Released Consumer Fraud Complaints Data
The Financial Ombudsman Service’s latest complaint data focuses on scams and customer service, and demonstrates that as fraud is becoming rapidly more complex, financial regulators need to acknowledge that technology is here to stay and work together with firms to protect consumers, say lawyers at RPC.
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Anticipating The UK's Top M&A Trends In 2025
Conversations with market participants are focusing on five key questions about 2025's transactional markets, ranging from issues of artificial intelligence, to the boom in takeovers and increased regulatory scrutiny, says Layla D’Monte at King & Spalding.
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Hawaii Climate Insurance Case Is Good News For Energy Cos.
The Hawaii Supreme Court's recent ruling in a dispute between an oil company and its insurers, holding that reckless conduct in the context of activities that can cause climate harms is covered by liability policies, will likely be viewed by energy companies as a positive development, say attorneys at Fenchurch Law.
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The EU AI Act's Impact On Global Financial Regulation
The European Union’s new Artificial Intelligence Act, representing lawmakers’ first comprehensive attempt to regulate AI and giving special attention to the financial services sector, hopes to influence global legal and regulatory frameworks to maintain access to the EU market, say lawyers at Goodwin.
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FCA Survey Results Reveal Rise In Nonfinancial Misconduct
After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.
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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.
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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.
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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.