Insurance UK

  • July 12, 2024

    Fix AML Defenses Or Face Fines, German Banking Group Told

    Germany's financial watchdog warned the Solaris SE digital banking group on Friday that it faces regulatory penalties if it does not shore up its defenses against money laundering.

  • July 12, 2024

    Gov't Urged To Set Up Comp Program For Pension Failings

    Women who lost out after the government failed to tell them that their retirement age had changed have called for the "swift implementation" of a compensation program by the new pensions minister.

  • July 11, 2024

    Labour Urged To Represent All Generations In Policy Planning

    The new Labour government must ensure that its policy agenda reflects the needs of all generations, pensions provider Aegon said on Thursday, saying its research suggests that under-50s are more positive about their long-term financial planning than those who are older.

  • July 11, 2024

    New Pensions Minister Warned Against 'Hasty Decisions'

    The new pensions minister, Emma Reynolds, should not rush into major policy changes after she inherited a bulging in-tray from her predecessor, a trade body said on Thursday.

  • July 11, 2024

    Gowling Builds £35M Pension Deal For Civil Engineers

    A trade body for engineers has handed £35 million ($45 million) of its pensions liabilities to insurer Aviva PLC, advisers have said, in a buy-in transaction designed to cut risk that was guided by Gowling WLG.

  • July 11, 2024

    ABI, Insurtech Trade Group Agree To Cooperate On Innovation

    The Association of British Insurers has said it has signed a memorandum of understanding with a trade group for insurance technology companies to support and promote innovation on artificial intelligence, open finance, data ethics and operational resilience.

  • July 11, 2024

    FCA Overhauls Share Listing Rules To Boost LSE

    The Financial Conduct Authority unveiled a "significant" revamp of its share listings regime on Thursday, a move to help the London Stock Exchange provide corporate financing and stay competitive with other global financial centers. 

  • July 10, 2024

    BoE Sets Out Life Insurance Stress Test Plan

    The Bank of England's regulatory arm on Wednesday said its planned stress test next year of life insurers in the bulk purchase annuity market will capture "both current and emerging" risks in the growing and active sector.

  • July 10, 2024

    FCA Beats Applicant's Claim Over Noise Aversion Condition

    The Financial Conduct Authority did not fail to accommodate a job applicant with a sound sensitivity condition, an employment tribunal has ruled after finding the agency did everything it could to mitigate her condition.

  • July 10, 2024

    Kirkland Guides Canada Pension Plan on €550M Tech Stake

    Canada Pension Plan Investment Board said Wednesday that it has invested €550 million ($595 million) for a stake in European technology company Team Blue in a deal steered by Linklaters, Macfarlanes and Kirkland & Ellis.

  • July 10, 2024

    Gov't Appoints Minister For Both Treasury And DWP

    The new Labour government has appointed a minister spanning HM Treasury and the Department for Work and Pensions, a move that analysts said could indicate a more joined-up approach to pensions policy.

  • July 10, 2024

    Aviva Completes £249M Deal, Returns To Lloyd's

    Aviva PLC said on Wednesday that it has completed the acquisition for £249 million ($319 million) of insurance group Probitas, including its Lloyd's of London platform, which marks its return into the specialist market after more than two decades.

  • July 10, 2024

    Hellenic Bank To Buy French Insurer's Greek Biz For €182M

    Hellenic Bank of Cyprus said Wednesday that it will buy the Cypriot and Greek insurance operations of French insurer CNP Assurances for €182 million ($197 million) to strengthen its insurance services.

  • 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.

Expert Analysis

  • Why Ukraine Aircraft Insurance Case Failed To Take Off In UK

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    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.

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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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.

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