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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.
October 07, 2024
Putin Helped Airlines Survive, Insurers Say In Stranded Jets Trial

The Russian government did not order the country's private airlines to retain aircraft after Western sanctions were imposed, a group of insurers argued at trial Monday, but instead facilitated the necessary conditions for its aviation industry to survive.
October 07, 2024
Firm's Boss Misled Insurer Over Suspended Lawyer, SRA Says

The solicitors' watchdog told a disciplinary tribunal Monday that the boss of a law firm misled insurers to cover up employing a lawyer who was banned from handling client accounts.
October 07, 2024
Investors Urge UK Pension Reforms To Boost Returns

Investors have urged the U.K. to adopt new pension reforms designed to improve how pension schemes invest and operate following a call for evidence as the government carries out a review of pensions investment.
October 07, 2024
Underwriter Rejects €1.6M Contract Cancellation Claim

A German underwriter has said it is not liable for €1.6 million ($1.75 million) in damages claimed by a Liechtenstein-based insurer that alleges it failed to end contracts correctly, saying it did not have a duty to record their termination.
October 07, 2024
Watchdog Now Orders Banks To Pay Back APP Fraud Victims

The Payment Systems Regulator said Monday that new rules will provide world-leading protections to consumers who have been tricked into sending money to fraudsters through the banking system.
October 04, 2024
SFO Seizes £295K From Convicted Tycoon In $700M Fraud

Britian's financial crime enforcer has seized £295,000 ($386,000) from a convicted fraudster imprisoned three times in connection with an international metal trading scam that defrauded lenders worldwide out of nearly $700 million more than two decades ago.
October 04, 2024
Former TUI Pilot Loses Health Insurance Employment Claim

A former TUI Airways Ltd. pilot did not have the right to receive permanent health insurance benefits until the state pension age of 66 because his contractual retirement age was 65, an employment tribunal has ruled.
October 04, 2024
AXA Adds New Platform For Measuring Climate Risks

Consultancy AXA Climate has officially rolled out a platform to help industrial companies with strengthening their sustainability reporting requirements and measuring the effects of climate-related risks on their sites, expanding its climate offering to a wider range of organizations.
October 04, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen GMB Union sued by the makers of Tetley Tea after a staff walkout in September, boxer Mike Tyson hit with legal action from a marketing company and the Met Police face a misuse of private data claim from a woman who had a relationship with an undercover police officer. Here, Law360 looks at these and other new claims in the U.K.
October 04, 2024
Injury Claims Made Through Irish Board Rose 10% In 2023

Personal injury claims made to the Irish government grew 9.8% in 2023 over the previous year, the Injuries Resolution Board said Friday, citing a rise in road traffic accident claims.
October 03, 2024
Putin Seized Planes In Political Act, Insurers Say At UK Trial

A group of aviation insurers are fighting to limit potential payouts for aircraft stranded in Russia, telling a London court on Thursday that orders from Russian President Vladimir Putin kept hundreds of Western-owned planes from being returned to their lessors in a political act after sanctions were imposed.
October 03, 2024
New UK Anti-Fraud Law Could Fuel Prosecution Of Individuals

The new "failure to prevent fraud" offense that is likely to take effect in 2025 was written to target large companies that do not have internal controls to prevent such crime, but lawyers are warning clients that bosses will be expected to help pursue individual fraudsters
October 03, 2024
Pension Co. Expects Greater Investment Plan Detail In Budget

More detail on how the British government plans to generate greater investment from the £800 billion ($1.05 trillion) defined contribution sector into the economy seems "highly likely" to feature in the upcoming autumn Budget, PensionBee has said.
October 03, 2024
Herbert Smith-Led WTW Buys Stake In Wealth Manager

Insurance group Willis Towers Watson PLC said Thursday that it has acquired a minority stake in U.K. wealth manager Atomos, following an alliance between the companies since 2022.
October 03, 2024
EU Finance Bodies Seek Clarity On Cybersecurity Compliance

Financial trade bodies across the European Union have urged regulators to clarify critical requirements under the Digital Operational Resilience Act, which is set to come into effect in January, saying they are not clear on how the cybersecurity legislation applies to them.
October 02, 2024
UK To Give Banks New Powers To Combat Fraudsters

The U.K. government said Thursday it is introducing new laws enabling banks to extend investigations of suspected fraudulent payments.
October 02, 2024
Parliamentary Ombudsman Probes Pensions Injustice

The independent complaints body for government departments has launched an inquiry into historical injustices in state pensions that could lead to hundreds of millions of pounds being paid out in compensation to women who were affected, a consultancy said Thursday.
October 02, 2024
'Petsure' Name Infringes 'Vetsure' TM, Appeals Court Says

A pet insurance company has convinced an appeals court that shoppers would likely confuse its "Vetsure" trademark with its rival's "Petsure" name, given the conceptual similarity between the two.
October 02, 2024
AerCap Battles Insurers Over Stranded Jets As Trial Begins

There is "no scope" for major insurers to refuse billion-dollar claims for planes seized by Russian airlines, lawyers for major lessor Aercap told the High Court on Wednesday on the first day of a trial that is likely to be a test case for other claims.
October 02, 2024
Hogan Lovells Leads Royal London's 1st £30M Pension Deal

The Royal London Mutual Insurance Society Ltd. completed its first full scheme buy-in with the £30 million ($39.8 million) acquisition of The Retreat York Pension Scheme in a deal guided by Hogan Lovells and Wrigleys Solicitors, its adviser K3 Advisory said Wednesday.
October 02, 2024
Insurer Saga In Talks With Ageas On Partnership

Travel and insurance company Saga PLC confirmed on Wednesday that it is in talks with Ageas, a Belgian-French insurer, over a potential partnership for its insurance business.
October 02, 2024
Reed Smith Steers £140M Pension Deal For Insurance Biz

Aviva PLC has covered £140 million ($186 million) of pension liabilities for insurance group Thomas Miller & Co. Ltd. to secure the benefits of all members of the retirement savings plan, the companies said Wednesday.
October 01, 2024
Insurers Set For Mega-Trial Over 'Lost' Planes Stuck In Russia

A multibillion-dollar trial between the biggest aircraft lessors in the world and their insurers over hundreds of planes stranded in Russia kicks off in London on Wednesday in a case that could have wide ramifications for the insurance and reinsurance sector.
October 01, 2024
Lloyd's Says Forgery Sinks Claim Over Ship Struck In Ukraine

Lloyd's of London's Belgian unit has denied owing a wealth advisory business $3.7 million to cover alleged losses after a ship was struck by a mine, claiming the vessel at the time was trading in Ukrainian waters so it wasn't covered under the insurance policy.
October 01, 2024
Insurer Warns Over 43% UK Gender Pension Gap

The U.K. is seeing an emerging gender pension gap, with women having slightly more than half the retirement savings of men by the time they reach later life, an insurer warned Tuesday.

Editor's Picks

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.
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.
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

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.
What Green Claims Directive Proposal Means For Businesses

With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
EU Reports Signal Greenwashing Focus For Financial Sector

Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
Embedding Consumer Duty: 6 Areas Firms Should Prioritize

The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
Insuring Lender's Baseball Bet Leads To Major League Dispute

In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.
What Steps Businesses Can Take After CrowdStrike Failure

Following last month’s global Microsoft platform outage caused by CrowdStrike’s failed security software update, businesses can expect complex disputes over liability resulting from multilayered agreements and should look to their various insurance policies for cover despite losses not stemming from a cyberattack, says Daniel Healy at Brown Rudnick.
What To Expect From Labour's Pension Schemes Bill

The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
What EU Opinion May Mean For ESG Product Classification

The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
Insurance Rulings Show Court Hesitancy To Fix Policy Errors

Two recent Court of Appeal insurance decisions highlight that policyholders can only overcome policy drafting errors and claim coverage if there is a very obvious mistake, emphasizing courts' reluctance to rewrite contract terms that are capable of enforcement, says Aaron Le Marquer at Stewarts.
EU Investment Fund Standards Offer Welcome Clarity

The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
10 Ways To Manage AI Risks In Service Contracts

With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.
Unpacking The New Concept Of 'Trading Misfeasance'

In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
Key Takeaways From Proposed EU Anticorruption Directive

The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
Tips For Implementing EU Sustainability Reporting Guidance

Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
Why Ukraine Aircraft Insurance Case Failed To Take Off In UK

In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.