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Insurance UK
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June 04, 2025
Most UK Pension Plans Mulling Surplus Use, LCP Says
Most defined benefit pension plans are either actively considering or already planning to use their retirement plan surplus amid government rule changes, according to consultancy Lane Clark & Peacock.
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June 04, 2025
Sustained Investment Needed For Flood Resilience, ABI Warns
The Labour government must commit to "substantial and sustained investment" to improve flood resilience across the U.K., the Association of British Insurers has said.
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June 04, 2025
Lloyd's Broker Faces 2027 Trial Over $3M Bribery Scheme
A Lloyd's of London broker is scheduled to stand trial in 2027 over allegations it failed to prevent its associates in the U.S. from bribing an Ecuadorian official in exchange for lucrative reinsurance contracts worth $38 million.
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June 04, 2025
Pensions Watchdog Floats 'Endgame' Guidance For Providers
The U.K.'s retirement savings watchdog has laid out new guidance for pension plans approaching their endgame after the government floated new laws last week that would allow surplus extraction.
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June 04, 2025
Police Crack Down On UK Insurance 'Ghost-Broking' Fraud
The financial crime police unit has said it has carried out a national campaign to target the rise of "ghost-broking" fraud, which is on the rise fueled by social media.
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June 03, 2025
Kennedys' Revenues Top £400M In New Record For Firm
Kennedys said Wednesday that it has posted revenues of more than £400 million ($540.8 million), a figure that smashed the previous year's total as the firm recorded growth for the 11th consecutive year.
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June 03, 2025
Insurer Seeks £34M From Cigna For Missold PPI Complaints
PA (GI) Ltd. said it is entitled to recover from Cigna more than £34 million ($46 million) it has spent dealing with missold payment protection insurance claims, arguing at trial on Tuesday that it dealt with those complaints in the "fairest" and "most cost-effective" way.
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June 03, 2025
New FCA Enforcement Guide Revises Rules On Case Publicity
The Financial Conduct Authority on Tuesday released its revised enforcement guide, setting out additional circumstances when it may publicize investigations.
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June 03, 2025
FRC Simplifies Reporting Rules For UK Asset Managers
The accounting regulator published its updated 2026 UK Stewardship Code on Tuesday, pruning back the reporting burden by between 20% and 30% for many large asset managers and investment groups.
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June 03, 2025
Aviva Warns Over Fire Risk Amid Rising UK Temperatures
Insurance giant Aviva warned British homeowners on Tuesday to be vigilant about the risk of fire to their homes and gardens as the country looks likely to experience the warmest spring for a century.
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June 03, 2025
UK Retirement Costs Drop As Energy Prices Ease
The estimated cost for a minimum standard of living in retirement has fallen for both one- and two-person households, a trade body for the sector said Tuesday, driven largely by a "substantial reduction" in U.K. energy costs.
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June 02, 2025
FCA Pledges Action On Insurers Over Client Harm Complaints
The Financial Conduct Authority has said it will act where it finds general insurers harm consumers following a complaint by Which?, the advocacy group, which includes a petition signed by 170,000 consumers.
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June 09, 2025
Shoosmiths Hires Worldpay Deputy GC To Drive Fintech Push
Shoosmiths LLP said on Monday that it has hired a senior lawyer at payments giant Worldpay as it looks to continue expanding its presence in financial services and technology, two key sectors for the firm.
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June 02, 2025
AI Use Soars Among UK Cos. Despite Rising Cyber-Risks
More than 90% of U.K. businesses are either looking at or already using artificial intelligence tools, despite a vast number believing that cyberthreats are on the rise, according to research by insurer QBE released Monday.
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June 02, 2025
Gov't Told To Provide Timeline On Private Sector Dashboards
The U.K. government must publish a roadmap for the introduction of private sector pension "dashboards," a trade body said Monday, warning that officials will fail to hit targets for public engagement without making the service widely accessible.
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June 02, 2025
Squire Patton Boggs Guides Royal London £22M Pension Deal
Waste management company London Waste Ltd. has secured its pension scheme through a buy-in transaction worth £22 million ($30 million) with Royal London Group, securing the savings of approximately 200 members of the London Waste Ltd. Pension Scheme.
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June 02, 2025
FCA Pushes Mutual Fund Managers For Faster Settlements
The Financial Conduct Authority has said mutual fund managers should take steps now to speed up fund settlements under the Consumer Duty, in alignment with a planned faster settlement cycle for trades in shares and bonds.
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June 02, 2025
New Lloyd's CEO Pledges Openness To Boost Global Market
The newly appointed chief executive of Lloyd's of London said Monday that openness during his tenure will ensure that the specialist insurance marketplace is "the pre-eminent market for risk" in the world.
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May 30, 2025
UK Audit Regulator Finalizes Project To Unlock Financial Data
Britain's accounting regulator said on Friday that it has now completed an 18-month project designed to make structured financial data more accessible in the U.K.
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May 30, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Entain face yet more investor claims in the fallout from its bribery probe, UEFA face class action from Liverpool fans over chaos at the 2022 World Cup, and a venture capitalist sue journalists for misuse of his private information over a forged police report. Here, Law360 looks at these and other new claims in the U.K.
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May 30, 2025
FCA Names Ex-Pensions Minister Head Of Consumer Panel
The Financial Conduct Authority said Friday that it has appointed Chris Pond, a former work and pensions minister, as chair of an independent panel that advises the regulator on consumer issues.
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May 30, 2025
FCA Wins OK For £1M Fine On Pensions Transfer Pros
The finance watchdog said Friday that a tribunal has approved its decision to ban two financial advisers from working in financial services and impose approximately £1 million ($1.3 million) in fines over their pension transfers that put clients' retirement money at risk.
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May 30, 2025
Pension Credit Applications Rise 28% Since Winter Fuel Cut
The number of applications for pension credit in the U.K. increased 28% in the past year since the government said that it will ax winter fuel payments for millions of retirees, Department for Work and Pensions data shows.
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May 30, 2025
FCA To Review If Monthly Insurance Payments Penalize Poor
The Financial Conduct Authority has said that it will soon publish a long-awaited review into whether poorer customers are being penalized when they opt to pay their insurance premiums in monthly installments.
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May 30, 2025
Linklaters-Led Insurer To Take 15% Stake In UK Rival M&G
M&G PLC said Friday that it has agreed with Dai-ichi Life Holdings Inc. to sell it a 15% stake in the British financial group to create a long-term partnership with the Japanese insurer and help it expand in Europe.
Expert Analysis
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Bias Ruling Offers Guidance On Disqualifying Arbitrators
An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
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Insurance Policy Takeaways From UK Lockdown Loss Ruling
An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.
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What COVID Payout Ruling Means For Lockdown Loss Claims
While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases
The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
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Unpacking The Building Safety Act's Industry Overhaul
Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.
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A Rare Look At Judicial Interpretation Of LEG Exclusions
A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
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Decoding UK Case Law On Anti-Suit Injunctions
The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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Employers Can 'Waive' Goodbye To Unknown Future Claims
The Scottish Court of Session's recent decision in Bathgate v. Technip Singapore, holding that unknown future claims in a qualifying settlement agreement can be waived, offers employers the possibility of achieving a clean break when terminating employees and provides practitioners with much-needed guidance on how future cases might be dealt with in court, says Natasha Nichols at Farrer & Co.
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Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.