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Insurance UK
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January 23, 2025
Gov't Floats Tweak To Pension Tax As £49M Returned
The government confirmed Thursday that it will close a controversial loophole that has resulted in retirees being overtaxed to the tune of £1.3 billion ($1.6 billion) over the past decade.
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January 23, 2025
5 Questions For Katten Partner Nathaniel Lalone
The Digital Operational Resilience Act has set tough new rules for financial businesses in the European Union to prevent disruptions in digital services from external providers. Here, Nathaniel Lalone, of Katten Muchin Rosenman LLP, tells Law360 about how the act could have an impact on some financial entities in Britain.
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January 22, 2025
Tyson Foods' Insurer Can Sue Over Fire Payout In England
Tyson Foods' captive insurer can pursue litigation against a reinsurer in England for payouts following a fire at one of the food giant's Alabama plants, after a London court found the companies had chosen the English jurisdiction to take priority over arbitration in New York.
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January 22, 2025
Steakhouse Settles With QIC Europe Over COVID-19 Payout
A steakhouse restaurant chain has reached a settlement with its insurer in a multimillion-pound dispute over its business interruption policies in connection with the national lockdowns imposed during the COVID-19 pandemic.
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January 22, 2025
UK Gov't To Tap Into Bank Accounts Of Benefits Fraudsters
Benefits cheats who fail to reimburse taxpayers could have cash owed taken directly from their bank accounts, as part of the U.K. government's plan to launch the "biggest fraud crackdown in a generation."
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January 22, 2025
UK Gov't Maintains Pensions Enrollment Earning Trigger
The government has said it will retain the current earnings threshold at which workers are automatically enrolled into pension plans, despite an intention to reform the rules.
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January 22, 2025
UK Insurance Premium Tax Haul Up 10%, Hits Record £6.7B
The U.K. government raised a record £6.7 billion ($8.3 billion) in insurance premium tax in the first nine months of the financial year ending March, up 10% from the corresponding period a year earlier, according to HMRC figures released Wednesday.
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January 21, 2025
La. Judge Lifts Arbitration Order In $7M Ida Damage Case
A Louisiana federal judge lifted a stay and vacated an order to arbitrate a $7 million Hurricane Ida damage claim against domestic surplus insurers, ruling that a recent decision from Louisiana's top court represents an "'intervening change in the controlling law.'"
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January 21, 2025
Royal London Data Boss Loses Early Battle Over Redundancy
A data privacy lead can't revive a bid to reinstate his job until trial because he failed to provide an employment tribunal with any new evidence showing that the Royal London Mutual Insurance Society made him redundant by punishing him.
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January 21, 2025
Climate-Related Financial Reporting 'Inconsistent,' FRC Says
Britain's audit watchdog on Tuesday said the quality of the first round of mandatory climate-related finance disclosures by large British businesses was "inconsistent," but is set to mature as companies adapt to the requirement.
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January 21, 2025
Insurers Fight To Slash COVID Biz Interruption Claims
Insurers sought on Tuesday to drastically scale back payouts for hospitality businesses closed during COVID-19 pandemic lockdowns five years ago, in a test case that could have a much wider impact on hundreds of other policyholders.
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January 21, 2025
Investment Bosses Lose Appeal Of £37M Fraud Convictions
Two directors of an ethical-investment scheme failed to overturn their convictions for defrauding investors out of £37 million ($45.5 million), as a London appeals court ruled Tuesday that the charges against them were clear and well understood at trial.
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January 21, 2025
Moderate Retirement Pension Gap Rises To More Than £31K
U.K. households face a £31,500 ($38,700) average pension shortfall compared with the amount needed for a moderate standard of living in retirement, according to a report by Hargreaves Lansdown published on Tuesday.
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January 21, 2025
Reach Newspaper Group To Fill £5M Hole In Pension Fund
Publisher Reach PLC has confirmed it will plug a £5 million ($6.2 million) funding gap in one of its retirement saving plans after it discovered a "historical error" during preparations for a pension buyout.
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January 27, 2025
Ashurst Expands Consulting Team With New UK Head
Ashurst said on Monday that it has hired a new chief for its risk advisory business in the U.K. as clients increasingly face challenges that require more than legal advice, with concerns about cybersecurity and environmental, social and governance matters at the top of their list.
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January 20, 2025
Florida Reinsurance Broker Launches London Offering
The reinsurance brokerage arm of Florida-based Baldwin Group has said it has entered the London market in what the business called a "major milestone."
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January 20, 2025
COVID Biz Insurance Litigation Returns With Test Case Appeal
A group of insurers will challenge test-case litigation over business interruption insurance in connection with the COVID-19 pandemic at the Court of Appeal in London on Tuesday, a hearing that lawyers say could have a long-term impact on disputes over cover.
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January 20, 2025
Gov't Urged To Act On Rising Pensioner Poverty
The government must take immediate and targeted action to halt growing poverty among the oldest in society, by supporting those failed by the means-tested benefits system and legacy state retirement savings plans, a left-wing advocacy group has said.
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January 20, 2025
BoE Backs Gov't Call For Growth-Friendly Regulation
The Bank of England's regulatory arm told the government in a letter published on Monday that it will support economic growth by simplifying some rules for banks and insurers.
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January 20, 2025
Gov't Gets Mixed Reception On Inheritance Tax Pension Plans
Proposals by the U.K. government to bring pension assets within the scope of inheritance tax will result in "numerous problems" and raise concerns in their current form, a trade body and consultants warned on Monday.
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January 17, 2025
Aegon Calls For State Pension 'Triple Lock' Rethink
Insurer Aegon on Friday said a rethink of the state pension "triple lock" policy would bring more "intergenerational fairness" after opposition leader Kemi Badenoch sparked debate this week by suggesting her party may consider reforming the commitment.
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January 17, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the family of the late chairman of Leicester City FC sue a helicopter manufacturer for £2.15 billion ($2.63 billion), Vivienne Westwood bring a copyright claim against the late designer's foundation and blockchain giant Tether file a new claim in its ongoing dispute with crypto trading firm Swan Bitcoin. Here, Law360 looks at these and other new claims in the U.K.
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January 17, 2025
EU Cancels Major Incident Report Guidance For Finance Firms
The European Union's banking watchdog said Friday it has canceled its guidelines on major incident reporting under payment services rules because of related requirements under a new regulation on how financial firms deal with technology risks.
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January 17, 2025
FCA Vows Regulatory Review As Gov't Pushes Growth Agenda
The Financial Conduct Authority said Friday it will strip back reporting requirements and overlapping regulation in a bid to reduce the burden on firms, after the government urged U.K. regulators to come up with ideas on how to boost economic growth.
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January 17, 2025
FCA Urged To Act Against High Insurance Claim Rejections
Britain's financial watchdog must step in to protect customers from unfair claims handling practices by insurers that feature high rejection rates, according to a consumer advocacy group.
Expert Analysis
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CMA Guidance Can Help Businesses Act On Climate Change
Guidance recently published by the Competition and Markets Authority, which explains how competition law applies to sustainability and climate change agreements, provides clarity for businesses seeking to collaborate and emphasizes the regulator’s open-door policy, says Andrew Maxwell at Freeths.
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An Overview Of UK Short Selling Regulation Reforms
The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.
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Key Points From Ireland's New Accountability Framework
The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.
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Pension Industry Should Monitor Evolving ESG Issues In 2024
ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.
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Looking Ahead At AI Regulation In The EU And UK
With AI regulation agreed upon in Europe and a U.K. regulatory authority on the horizon, organizations developing AI should consider deploying governance, addressing accountability and establishing internal guardrails to achieve a balanced approach to responsible innovation while managing risk, says Chris Eastham at Fieldfisher.
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Emerging Trends From A Busy Climate Litigation Year
Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.
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How Businesses Can Prepare For Cyber Resilience In 2024
With cybersecurity breaches one of the biggest threats to U.K. businesses and as legislation tightens, organizations should prioritize their external security measures in 2024 and mitigate risks by being well-informed on internal data protection procedures, says Kevin Modiri at Nelsons.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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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.
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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.
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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.
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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.
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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.
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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.