Insurance UK

Featured

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.
July 09, 2024
Global Standard Setter Guides Firms On Third-Party Risk

A global banking standard setter on Tuesday proposed new principles to guide banks and regulators on how to manage and supervise risks from services increasingly outsourced to external organizations due to technology growth.
July 09, 2024
Pensions Bill Unlikely In King's Speech, Aegon Says

Sweeping pension reform is unlikely to be included in the first King's Speech under Keir Starmer's newly elected government, pensions provider Aegon said Tuesday as it predicted that existing changes in retirement savings policy might take center stage.
July 09, 2024
FCA To Require Criminal Record Checks On New Firm Owners

The Financial Conduct Authority has proposed to require owners and controllers of financial firms applying for authorization to obtain criminal background checks.
July 09, 2024
Ex-Pensions Minister Timms Returns To DWP In New Gov't

Former pensions minister Stephen Timms has returned to the Department for Work and Pensions in the new Labour government, the ministry has said.
July 09, 2024
BBC Rebuffed In Effort To Cut Costs Of £20B Pension Scheme

An attempt by the British Broadcasting Corp. to reduce benefits for employees enrolled in its £19.8 billion ($25.4 billion) pension scheme has been rebuffed as the Court of Appeal ruled in favor of members on Tuesday.
July 08, 2024
Audit Watchdog Creates New Monitoring, Digital Functions

Britain's accounting watchdog said Monday it will create two new market functions to support enforcement and supervision as well as digital reporting, driving U.K. growth as part of its response to earlier government-led criticisms.
July 08, 2024
Reeves Sets Out Plans For Pensions Investing, Fiscal Review

HM Treasury will work to direct pensions investment to British businesses, create a national wealth fund and conduct a fiscal review into government finances, Rachel Reeves said in her first public speech as chancellor on Monday.
July 08, 2024
Pensions Watchdog To Probe Master Trust Investment Plans

The Pensions Regulator said on Monday that it will be ramping up its focus on the investment strategies of Britian's master trusts to ensure their plans and methods deliver best results for savers.
July 08, 2024
Aegon Begins €200M Share Buyback Program

Aegon NV began a share repurchase program worth up to €200 million ($220 million) on Monday, a move expected to lower the size of the Dutch pensions and insurance specialist's outstanding share capital.
July 08, 2024
NIG Sued By Asset Manager Over £4M Fire Destruction

Parker Asset Management Ltd. has sued a subsidiary of U K Insurance Ltd. for allegedly failing to honor an insurance policy after a fire destroyed one of the firm's commercial properties and resulted in a loss of about £4.2 million ($4.5 million).
July 08, 2024
Royal Mail Sets Date For New 'Third Way' Pension Plan

The operator of Royal Mail said Monday that it will launch a collective defined contribution retirement savings scheme for its workers after a series of laws and regulations cleared the way for the first pension plan of its kind in the U.K.
July 08, 2024
EU Plans To Cut Some Financial Reporting Requirements

The markets watchdog of the European Union proposed on Monday to combine and reduce regular information reporting requirements from credit ratings agencies, benchmark administrators and market transparency infrastructures.
July 05, 2024
EU Watchdog Sets Out Sustainability Reporting Expectations

The European Union's financial markets regulator on Friday set out its expectations on new sustainability reporting standards for large companies with shares listed on stock exchanges and their regulators.
July 05, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen collapsed sports television company Arena Television hit Bank of Scotland and Lloyds Bank with a claim, James Vorley, the Deutsche Bank metals trader convicted of fraud, sue his former employer, and journalist John Ware file a defamation claim against Pink Floyd band member Roger Waters and Al Jazeera Media Network. Here, Law360 looks at these and other new claims in the U.K.
July 05, 2024
Matrix KC Richard Hermer Tapped For Attorney General

Matrix Chambers' human rights barrister Richard Hermer KC will serve as the U.K.'s attorney general in a surprise appointment from newly-elected Prime Minister Keir Starmer late Friday.
July 05, 2024
Liz Kendall Tapped To Head Labour's DWP Amid Reform Talk

The new Labour government named Liz Kendall as Secretary of State for Work and Pensions on Friday as speculation grew about looming reforms to the U.K. benefits system.
July 05, 2024
Shabana Mahmood Named Labour's New Justice Secretary

Prime Minister Keir Starmer named former barrister Shabana Mahmood as the Labour government's new justice secretary on Friday following a sweeping victory in the U.K. general election.
July 05, 2024
Starmer Picks Reeves For Treasury To Steer Growth Aims

Prime Minister Keir Starmer has handed the reins of the U.K.'s fiscal and economic policy to Rachel Reeves, formally naming her as the next chancellor of the exchequer in the first of a round of cabinet appointments on Friday.
July 05, 2024
Starmer Starts Work As Cabinet Appointments Expected

Keir Starmer, the newly elected prime minister, promised change that focuses on the economy and wealth creation as he prepared on Friday to begin appointing cabinet ministers to form the Labour Party's first government since 2010.
July 05, 2024
Investment Cos. Ask New Gov't To Remove Disclosure Rules

A trade body urged the incoming Labour government on Friday to remove unfair cost disclosure rules for investment companies that put the sector at a competitive disadvantage.
July 05, 2024
Aegon Calls On Labour Gov't To Set Up Pensions Commission

Pensions provider Aegon Ltd. called on the new Labour government on Friday to establish an independent pensions and savings commission within its first 100 days in office after it won an overwhelming victory in the general election.
July 04, 2024
Major Pensions Shake-Up Likely After Labour Win

The U.K. pensions sector may have been sold the promise of political consensus — but the election of a new Labour government opens the door for a fundamental shift in policy for the industry over the longer term.
July 04, 2024
Labour Gov't To Prioritize Competitive Financial Regulation

The Labour government is expected to step up regulatory change to make the country's financial services more innovative and globally competitive, with centralized oversight of the watchdogs to ensure they help consumers and facilitate economic growth.
July 04, 2024
Labour's Big UK Election Win Clears Way For Tax Reform

Labour's victory in the U.K. general election clears the way for plans to raise taxes on the rich to close a widening spending gap, but it could also mean wider fiscal reform in the new government's first budget later this year.
July 04, 2024
Labour Sweeps Tories From Power In UK Election Rout

Keir Starmer was poised to become Britain's next prime minister on Friday after his Labour Party ousted Rishi Sunak's Conservatives in a landslide general election victory, ending 14 years of Tory government with a pledge of "national renewal."

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

What New UK Labour Gov't Is Planning For Financial Services

Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
Why Reperforming Loan Securitization In UK And EU May Rise

The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.
Exploring The EU's Draft Standards On Crypto Authorization

The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
How FCA Guidance Aligns With Global Cyberattack Measures

The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.
EU Anti-Greenwashing Guide Analyzed For Fund Managers

Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.
How Law Firms Can Handle Challenges Of Mass Claims

With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.
FCA Doubles Down On New Priorities With Target ID Plan

Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
Insurance Ruling Stresses High Hurdle To Fix Policy Wording

In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
Examining Senior Managers' Accountability For AI Use

With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
What Cos. Should Know About The EU Greenwashing Rules

The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
The Art Of Corporate Apologies: Crafting An Effective Strategy

Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
Dissecting Recent Developments Against The Misuse Of NDAs

The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
What To Know About The Russia-Stranded Plane Ruling

The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
3 Notable Pensions Reforms In Spring Budget

The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.