Insurance UK

  • September 27, 2024

    Watchdog Targets Underperforming Pension Schemes

    Nearly one in five of the defined contribution pension schemes targeted by The Pensions Regulator as part of a regulatory improvement drive have chosen to wind up after the plans themselves concluded their schemes do not offer good value for customers.

  • September 27, 2024

    Gov't Could Target Pension Contributions In Tax Raid

    The U.K. government could introduce a new levy on employer pension contributions as a means of plugging a £22 billion ($29.5 billion) black hole in public finances, experts said Friday.

  • September 27, 2024

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

    This past week in London has seen Coca-Cola bring a trademark infringement claim against its former marketing director, Glencore face legal action by American Century ETF Trust, law firm Bishop Lloyd & Jackson defend itself against two solicitors it worked alongside during inquiries into Grenfell Tower, and a U.K. cruise line face a claim by a subsidiary of the sanctioned gambling platform GTLK.

  • September 27, 2024

    StanChart Seeks Approval For Rate Change In Libor Test Case

    Standard Chartered on Friday asked two judges to approve a change in the interest rate it pays on its preferred shares, in the first dispute to come before the High Court over the transition from the Libor benchmark.

  • September 27, 2024

    Annuity Buyers Encouraged To Shop Around For Best Deal

    Annuity buyers should shop around to secure the best value deals, Just Group said Friday, highlighting recent figures that show large numbers of savers purchasing from their existing pension provider despite more competitive offers being available.

  • September 27, 2024

    Insurance To Fall As Motor Injury Rate Is Cut In Scotland, NI

    Insurance premiums could fall for motorists in Scotland and Northern Ireland after the Government's actuary department tweaked a formula for calculating damages for major injury claims.

  • September 26, 2024

    'Positive' Pension Investing Said To Drive Saver Engagement

    Greater investment by pension schemes in assets like affordable housing or clean energy infrastructure would boost saver engagement and overall contributions, Legal & General has said.

  • September 26, 2024

    Eversheds-Led Insurer Strikes 3rd Reinsurance Deal In UK

    Global life insurance group Resolution Life said Thursday that it has completed its third reinsurance transaction in the U.K. in a deal guided by Eversheds Sutherland, bringing the total liabilities that it manages in the country to $3.5 billion.

  • September 26, 2024

    Brits Raid Pension Pots Amid Cost-Of-Living Surge

    The Financial Conduct Authority on Thursday reported a 20.6% rise in total pension scheme withdrawals by U.K. savers to £52.1 billion ($69.6 billion) in the financial year ended in March, compared to £43.2 billion the previous year.

  • September 26, 2024

    FCA Chair Never Considered Resignation Over Whistleblowers

    The chair of the Financial Conduct Authority said Thursday that it did not cross his mind to resign over allegations of having mishandled whistleblowing reports.

  • September 26, 2024

    FCA Plans New Measures On Non-Financial Misconduct

    The Financial Conduct Authority said Thursday that it will set out new policies on non-financial misconduct such as sexual harassment before the end of 2024, as an executive at the watchdog warned that "cultural issues" remain a problem at companies.

  • September 26, 2024

    EU Mulls Greater Protection For Pensions From Market Risk

    Retirement savings plans across Europe should improve their management of liquidity risk and governance procedures to protect themselves against market volatility, the bloc's insurance and pensions watchdog said on Thursday.

  • September 26, 2024

    BoE Plans To Fast-Track Insurance Special Purpose Vehicles

    The Bank of England on Thursday revealed plans to speed up the approval process for insurance special purpose vehicles used by insurers to manage risk, aimed at boosting the competitiveness of London's insurance market.

  • September 25, 2024

    More Oversight On Professional Pension Trustees Expected

    Half of the pension schemes in the U.K. are now under professional or sole trustee management for the first time, Lane Clark & Peacock has said, suggesting that growing numbers will lead to greater oversight from the retirement savings watchdog.

  • September 25, 2024

    Smaller UK Pension Deals Behind Record Numbers In 2024

    Smaller pension deals worth less than £100 million ($133.7 million) drove the "staggering" number of retirement savings de-risking transactions penned in the first half of the year, Lane Clark & Peacock LLP said Wednesday.

  • September 25, 2024

    Gov't Warned Over Risk Of 'Too Big To Fail' Pension Funds

    A government push toward the consolidation of retirement savings plans could create new megafunds that are anticompetitive and become "too big to fail," experts warned on Wednesday.

  • September 25, 2024

    Fraudulent UK Insurance Claims Topped £1B In 2023

    The trade body for British insurers reported Wednesday that fraudulent insurance claims in the U.K. exceeded £1.1 billion ($1.4 billion) in 2023, reflecting a 4% rise compared to the previous year.

  • September 25, 2024

    Insurers Forecast To Take €2.1B Hit From European Floods

    Flooding that hit central and Eastern Europe this September could cost insurers up to €2.1 billion ($2.4 billion), according to recent estimates by a subsidiary of one of the world's largest insurance brokers.

  • September 25, 2024

    Property Investment Trust Buys £78M UK Logistics Portfolio

    Real estate investment trust LondonMetric Property PLC said on Wednesday that it has bought six warehouses for £78 million ($104 million) from a pension fund listed on the London Stock Exchange.

  • September 24, 2024

    UK Gov't Brings Forward New Laws To Fight Welfare Fraud

    The British government said Tuesday it is getting ready to introduce a new bill in this parliamentary session to tackle social security fraud that could save taxpayers £1.6 billion ($2.1 billion) over the next five years.

  • September 24, 2024

    PRA Sets Date For Final Package Of Solvency II Rules

    The Bank of England said it would publish the final set of rules for its solvency reform of the insurance sector by mid-November.

  • September 24, 2024

    Most UK Financial Firms Are Risk-Averse About New Tech

    Financial services companies in the U.K. have delayed the adoption of new technology, such as artificial intelligence and machine learning, because they have concerns over risks, a survey by a professional services provider suggested on Tuesday.

  • September 24, 2024

    Pension Trustees Urged To Look At Insurers' Carbon Targets

    Trustees of retirement savings plans should look at how well insurers perform against their interim carbon-reduction targets when they choose a partner for a bulk annuities transaction, a consultancy has said.

  • September 24, 2024

    Nasdaq, Deutsche Boerse Targeted In EU Antitrust Raids

    Nasdaq and Deutsche Boerse said Tuesday that they are among the financial services firms being investigated by the European Commission over alleged violations of EU competition laws in derivatives trading.

  • September 24, 2024

    Half Of Local Gov't Pension Plans Have No Net-Zero Target

    Half of the local government pension schemes in Britain have yet to set a net-zero emissions target, according to a report published Tuesday, which reveals that just 49% of local authority retirement funds have committed to a strategy.

Expert Analysis

  • A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias

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    In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.

  • Rebuttal

    Legal Industry Should Pursue AI Prediction Progress

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    As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • 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.

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