Insurance UK

  • April 22, 2024

    FCA Defends Response To British Steel Pension Scandal

    The Financial Conduct Authority on Monday said it took "appropriate regulatory action" amid complaints over its handling of the British Steel Pension Scheme transfer scandal and would not uphold any of the grievances it has received over its approach.

  • April 22, 2024

    Pension Lifeboat Says Gov't Plans Could Create £10B Finance

    The pensions compensation fund said that plans to give it a new role as a consolidator of smaller retirement schemes could result in an additional £10 billion being plowed into U.K. growth assets.

  • April 22, 2024

    FCA Urged To Halt Plan To Publicize Enforcement Probes

    The Financial Conduct Authority's plan to name the firms it probes and publish information about investigations at an earlier stage risks an unjustified departure from the "fundamental principle" of being innocent until proven guilty, a House of Lords committee warned in a letter published Monday.

  • April 19, 2024

    Insurers Push To Arbitrate Hurricane Damage Case

    An arbitrator should decide whether a Louisiana property owner's hurricane damage claims must be arbitrated, a group of surplus lines insurers argued in urging the Second Circuit to reject a New York district court's reliance on the circuit's precedent to find the arbitration clause at issue unenforceable.

  • April 19, 2024

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

    This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.

  • April 19, 2024

    Car Insurance Still 'Historically High' Despite Price Dip

    British motorists are still paying "historically high prices" for car insurance despite the cost of cover falling by 5% on average during the first quarter of 2024, broker WTW has said.

  • April 19, 2024

    Gov't Urged To Drop Plans For Small UK Pension Pots

    The government must abandon its controversial plans to tackle the proliferation of small pension pots and instead revisit a solution that was passed into law a decade ago, a consultancy said Friday.

  • April 19, 2024

    EU Firms Say Strict ESG Rules Risk Chasing Off Clients

    Large banks have warned the European Union's banking regulator that its proposed guidelines for managing sustainability risks are too demanding and could drive clients away to banks outside the bloc.

  • April 18, 2024

    Insurers Face Appeal Over Refusal To Cover Bribery Loss

    A holding company took its fight for an insurance payout to the Court of Appeal on Thursday, urging justices to force its insurers to cover its claim for losses it sustained when its acquisition of a construction contractor went south due to bribery and corruption allegations.

  • April 18, 2024

    City Pushes For UK Regulators To Be Globally Competitive

    A body representing U.K. financial services called Thursday for a new post-Brexit international framework to compare regulators' performance and their impact on competitiveness.

  • April 18, 2024

    'Long Journey Ahead' On Dashboard Readiness, LCP Says

    Pension scheme trustees must finalize plans to be ready for the launch of a long-awaited dashboard program designed to connect savers with lost pots, a consultancy has said, warning that many still have a "long way to go."

  • April 18, 2024

    Insurance Broker Jensten Builds £170M Acquisition War Chest

    Private equity-backed insurance broker Jensten Group said Thursday it has secured £170 million ($211 million) in funding for a series of planned acquisitions.

  • April 18, 2024

    Direct Line Allots £100M For Auto Customer Compensation

    Direct Line has set aside £100 million ($125 million) to compensate customers who might not have received a fair valuation for their written-off vehicles, amid a broader push by the Financial Conduct Authority to ensure better practice in the sector.

  • April 18, 2024

    Insurer Group Warns Of Creating State Pensions Consolidator

    The U.K. trade body for insurers said on Thursday that turning the Pension Protection Fund into a state-backed consolidator for smaller retirement plans would be a major and unjustified intervention.

  • April 18, 2024

    Pensions Ombudsman Probing 6 Multimillion Pound Scams

    The pensions arbitration body has told MPs that it is currently investigating 425 possible retirement scams, including six that are similar in scope to the Norton Motorcycle scandal. 

  • April 17, 2024

    Firefighter, Doctor Unions Lose Appeal Over Pensions Swap

    Trade unions representing firefighters and doctors lost an appeal Wednesday to help their members recover losses resulting from a change to pension plan rules after justices concluded that HM Treasury had the right to pass the cost on to scheme members.

  • April 17, 2024

    FCA Warns Of 'Waterbed Effect' In Action On Premium Finance

    The Financial Conduct Authority said on Wednesday it is concerned about a "waterbed effect" if it leans on insurers over premium finance, which could see prices rise for other policyholders elsewhere.

  • April 17, 2024

    Insurers Deny Liability In €403M Nord Stream Pipeline Claim

    Two insurers have argued that the damage caused to two Baltic Sea gas pipelines hit by explosions is not covered under their policies with the lines' operator, and they are therefore not liable for over €403 million ($429 million) claimed to cover repairs.

  • April 17, 2024

    UK Savers Report £2B Lost From Pensions Since 2019

    The compensation program for financial services said Wednesday that thousands of U.K. savers have reported losing almost £2 billion from pension schemes that went bankrupt since 2019.

  • April 17, 2024

    Standards Setter Proposes Steps To Boost Non-Bank Liquidity

    A global standards setter proposed on Wednesday new measures to enable non-bank financial firms such as hedge funds or insurers to better support their derivatives or securities positions in stressed markets.

  • April 17, 2024

    Construction Co. Settles £5M Bathroom Fault Insurance Claim

    A major construction company has settled its £5.1 million ($6.3 million) claim against four insurers that allegedly failed to cover the costs of repair damage caused by faulty bathroom floor designs.

  • April 17, 2024

    Regulator Urged To Act Over Insurance Financing Deals

    The financial watchdog should step in to prevent insurers from charging "eye-watering" borrowing fees for customers that pay for their premiums monthly, a consumer group reported Wednesday.

  • April 16, 2024

    Cigna Denies Insurer's Claim For PPI Complaints Indemnity

    Cigna hit back at insurer PA (GI) Ltd.'s claim to recover its costs of dealing with missold payment protection insurance for healthcare cover, saying that it is not entitled to any compensation.

  • April 16, 2024

    Pensions Industry Backlash Grows Over New Reporting Rules

    The U.K.'s pension watchdog is facing mounting pressure from retirement industry trade bodies to back down from its new reporting obligations for schemes.

  • April 16, 2024

    UK Pension Transfer Numbers Continue To Decline

    The number of savers transferring from defined benefit to defined contribution pension schemes dropped by 32% in the financial year that ended in March 2023, according to figures published Tuesday by the Financial Conduct Authority.

Expert Analysis

  • UK Policyholders Can Expect Better COVID Claims Handling

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    The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.

  • A Recovery Option For Lenders With Planes Stuck In Russia

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    For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • 4 Key Skills For An Effective Attorney Coaching Conversation

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    As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

  • FCA Pension Scheme Case Highlights Issues Ripe For Reform

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    The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.

  • What An Organization Can Do To Protect Its Supply Chains

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    In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

  • How Counsel Can Effectively Lead Data Breach Investigations

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    More businesses are expecting in-house counsel to lead cybersecurity incident responses, so lawyers should work on asking external responders the right questions, managing ransom negotiations to gain time and information, and communicating with regulators to avert or limit penalties, say Oliver Price and Kevin Hughes at FTI Consulting.

  • What EU Oil Spill Insurance Ruling Means For UK Arbitration

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    A recent European Court of Justice opinion in an insurance dispute related to the 2002 sinking of oil tanker MV Prestige provides clarity on the priority of cross-border judgments and arbitral awards, and indicates that EU member state civil judgments will be given precedence over U.K. arbitral awards — with exceptions, says David Vaughan at Collyer Bristow.

  • UK Claim Limitation Ruling Is A Tentative Win For Insurers

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    A U.K. county court's recent decision in Rashid v. Direct Savings reduces the limitation period for third parties to make direct claims against insurers, potentially providing insurers with a defense that was not previously apparent, if the decision is upheld on appeal, says Robert Morris at RPC.

  • Why Risk-Based Employee Conduct Policies Are Advisable

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    In establishing employee conduct policies, companies should consider the extent to which they are exposed to certain types of risk, such as bribery and corruption, as establishing clear written standards offers a step toward avoiding criminal liability, says Steve Melrose at Bellevue Law.

  • A Trusted Cybersecurity Framework Is Imperative For Lawyers

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    The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.

  • The New EU Data Act Proposal Raises Several Questions

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    In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.

  • Preparing For FCA's New Appointed Representative Rules

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    The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.

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