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Insurance UK
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March 28, 2025
FCA Tests 'Targeted Support' Model With 12 Finance Firms
The Financial Conduct Authority said Friday it has given 12 companies until April to give targeted support to consumers, an experiment ahead of a new regulatory model that will fill the gap between general guidance and advice for pensions and investments.
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March 27, 2025
Huawei Defeats Widow's Delayed Claim Over Unpaid OT
A former Huawei employee's widow can't pursue the company for allegedly discriminating against her husband because she waited too long to launch her case, an employment tribunal has ruled.
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March 27, 2025
6 Insurers Penned £5B-Plus In Pension Deals In 'Record' 2024
Six insurers wrote over £5 billion ($6.5 billion) each in pension deals for the first time in 2024, Lane Clark & Peacock LLP said Thursday, highlighting a risk transfer market "firing on all cylinders" with new entrants increasing competition.
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March 27, 2025
EU Insurer Watchdog Urges Full Buffer Requirement In Crypto
The European Union's insurance watchdog on Thursday advised the EU's main executive body to impose on insurers a 100% capital buffer requirement for all crypto-asset investments.
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March 27, 2025
InvestAcc Group To Buy AJ Bell Pension Unit For £25M
Investment platform company AJ Bell said Thursday it will sell its pensions administration arm to InvestAcc Group Ltd. for £25 million ($32.5 million), amid a business restructure.
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March 27, 2025
UK Aims To Boost Competitiveness With Derivative Rule Cuts
Britain's two largest finance watchdogs Thursday proposed extending exemptions to margin requirements to cover unfavorable price movements for traders of some derivatives contracts, looking to keep the U.K. globally competitive.
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March 27, 2025
Gov't Urged To Review State Pension Ahead Of Tax 'Cliff Edge'
The U.K. government must reform the state pension or face a "bizarre tax cliff edge" where benefits exceed personal allowance thresholds, experts warned.
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March 27, 2025
Pension Watchdog Vows To Improve Internal Pay Gaps
White, heterosexual men continue to earn more money on average than their colleagues at The Pensions Regulator, data published by the retirement watchdog shows.
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March 26, 2025
Claims Firm Beats Whistleblower's Fraud Case
A claims manager didn't blow the whistle on forged signatures at an insurance claims handler because he had waited until his resignation day to alert senior management, an employment tribunal has ruled.
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March 26, 2025
UK Accounting Firms Warned On Capital Restructuring
The Financial Reporting Council has instructed audit firms that are considering a capital restructuring to engage with the watchdog "at an early stage" and with "full candor."
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March 26, 2025
Insurers Could Pick Up Bill For Replacing Dangerous Cladding
Britain's professional indemnity insurance market could be forced to pick up a significant portion of the £22.4 billion ($29 billion) bill for replacing flammable cladding from buildings, an underwriter warned.
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March 26, 2025
Gov't Expands UK Fraud Strategy With Focus on Scammers
Fraud Minister David Hanson announced at a summit on Wednesday that work has started on an expanded fraud strategy, with a focus on combating scams enabled by artificial intelligence, according to the Home Office.
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March 26, 2025
FCA Presses London Insurers Into Misconduct Training
The scandal-hit London insurance market has drawn up a training program for staff after pressure from the Financial Conduct Authority, a group of trade bodies said.
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March 26, 2025
UK Insurer Beam Buys Commercial Lines Broker KDH
Beam Insurance Solutions has acquired commercial lines broker KDH, as The Broker Investment Group-backed company strengthens its presence in the U.K.'s Midlands and targets hitting £22 million ($28 million) in gross written premiums by the end of 2025.
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March 26, 2025
Most DC Savers In Plans With 'Productive Asset' Investment
Almost nine in 10 defined contribution pension savers are in schemes that invest in at least one "productive asset" class, such as infrastructure, Britain's retirement watchdog has said.
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March 25, 2025
Chubb Settles £3M Building Defect Claim With Housing Assoc.
An affordable housing association has agreed to settle the £3.1 million ($4 million) claim it brought against Chubb European Group SE and other insurers to cover the costs of fixing a string of defects in a building project in northwest London.
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March 25, 2025
Aviva Pays Out £1.9B In Protection Claims In 2024
Insurance giant Aviva said on Tuesday that it paid out more than £1.89 billion ($2.45 billion) on almost 62,000 individual and group protection claims in 2024.
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March 25, 2025
Howden To Buy Pensions Adviser Barnett Waddingham
Insurance broker Howden Group said on Tuesday that it is acquiring U.K. professional services consultancy Barnett Waddingham to provide the group with expertise in pensions and fuel its continued global expansion.
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March 25, 2025
Ex-National Grid Worker Partially Wins Appeal In Pension Row
A London court has ruled that a former National Grid employee can forge ahead with a claim accusing the energy company of failing to give him a fresh opinion about its decision to deny him a pension over his ill health.
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March 25, 2025
Quarter Of Pension Schemes Still Have 'Nondigital' Data
The U.K. retirement saving watchdog said it has warned pension schemes that are failing to meet data standards, as one in four providers still have consumer information in a paper format.
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March 25, 2025
FCA Issues Regulatory Reform Plan To Promote UK Growth
The Financial Conduct Authority unveiled a five-year plan on Tuesday to encourage more risk-taking by business, part of a wider effort to fire up the economy.
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March 25, 2025
FCA Boss Presses Pro-Reform MPs For Clarity On Risk
The chief executive of the Financial Conduct Authority called Tuesday on MPs pressing for regulatory reform for clarification of how much risk is acceptable in the pursuit of growth as he warned of a potential rise in money laundering and property defaults.
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March 24, 2025
A&O Shearman Dials In £10B Pension Deals For BT Scheme
One of the U.K.'s largest private-sector pension funds said it had offloaded £10 billion ($13 billion) in longevity risk to two reinsurers, in a deal steered by A&O Shearman and Willkie Farr & Gallagher LLP.
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March 24, 2025
EU To Ease Financial Benchmark Rules For Administrators
European Union negotiators approved on Monday an amended regulation on financial benchmarks to ease the burden on small and medium-sized firms that operate as administrators. Â
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March 24, 2025
Global M&A Rebound Drives Insurance Boom, UK Broker Says
Insurers are seeing growing demand from businesses for protection from risk connected to mergers and acquisitions, amid a global recovery in deal making in 2024, a survey by Marsh McLennan has found.
Expert Analysis
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
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How Proposed EU Class Action Directive Could Affect Insurers
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.
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UK Group Data Breach Claims Pose Big Financial Risks
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
As part of the debate prompted by my recent ¼«ËÙÈü³µ guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
A recent ¼«ËÙÈü³µ guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.
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What To Expect During The Brexit Transition Period
While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.
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Opinion
Legal Prediction Is Demanding But Not Impossible
The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.