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Insurance UK
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February 11, 2025
Audit Watchdog Signals More Support For Stewardship Code
Britian's audit watchdog on Tuesday said there are now 297 companies signed up to its stewardship code as it looks to finalize the latest iteration of the regime for investors this year.
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February 11, 2025
Insurers Ask EU Watchdog To Ease Up On Mass-Lapse Cover
Europe's insurance federation has warned the European Union's industry regulator to refrain from applying overly rigid requirements on reinsurance protection for insurers if many policyholders cancel cover quickly.
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February 11, 2025
Pension Providers Step Up Illiquid Investments In UK
The largest defined contribution pension providers are aiming to allocate up to 40% of their illiquid portfolios to U.K. assets, a consultancy said Monday, after years of pressure from the government to encourage more domestic investment in long-term projects.
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February 11, 2025
Gender Pension Gap Set To Keep Rising, Analysts Predict
Some 23% of men aged 16 and above are actively contributing to their work-place defined contribution pension plans, compared with only 19% of women, a financial services consultancy said Tuesday, adding to fears that the retirement savings gap between the genders is growing.
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February 11, 2025
Pension Schemes 'Healthier' Since 2022 Bond Crisis
More than half of the pension schemes in Britain are likely to "run on" because of improvements in funding since the liquidity crisis caused by a bond market crash three years ago, a professional services company has said.
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February 10, 2025
Haulage Co. Seeks To Shift Crane Damage Liability To Insurer
A British haulage company has said that its insurer must pay out to cover £1.26 million (£1.56 million) claimed by the owner of a property in an Essex industrial estate if it is found liable for damage caused by a crane one of its employees operated.
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February 10, 2025
Gov't Prompted To Prioritize Fighting Economic Crime
The U.K. government was urged by a financial services group on Monday to spend more on fighting economic crime and to require that tech companies contribute to fraud reimbursement.
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February 10, 2025
Pension Deal Adviser Isio Buys Rival Broking Specialist
Pension advisory business Isio Group Ltd. has formally confirmed its acquisition of rival insurance and risk settlement specialist K3 Advisory Ltd. for an undisclosed fee.
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February 10, 2025
Gov't Introduces Reforms To UK Terrorism Reinsurer
The government rubber-stamped a deal with the U.K.'s state-backed terrorism reinsurer on Monday that it said will minimize the risk to the taxpayer of any future loss.
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February 10, 2025
BoE Sets Out Pro-Growth Priorities For Finance Infrastructure
The Bank of England this year will focus on regulating financial market infrastructures to help underpin growth, as it benefits from technology such as artificial intelligence, a senior BoE official said Monday.
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February 10, 2025
Ombudsman To Charge Claims Firms For Dispute Referrals
The Financial Ombudsman Service has said that it will impose a charge on claims companies for referring disputes as it attempts to deal with a surging caseload.
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February 10, 2025
Direct Line Directors Back £3.7B Aviva Acquisition Deal
The directors of Direct Line Insurance Group PLC said Monday that they unanimously recommend that shareholders back the £3.7 billion ($4.6 million) cash and stock takeover offer tabled by Aviva.
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February 07, 2025
FCA Doubles Withdrawals, Changes To Misleading Ads In 2024
The Financial Conduct Authority said Friday its interventions led to authorized businesses withdrawing or amending 19,766 misleading advertisements in 2024 — up from 10,008 the previous year.
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February 07, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Investec Bank PLC sue two diamond tycoons, London florist Nikki Tibbles file a claim against an "imitator company," a direct descendant of the Cartier family launch a claim, and a Coronation Street actor hit footballer Joe Bunney with a defamation claim. Here, Law360 looks at these and other new claims in the U.K.
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February 07, 2025
Blowback From Name And Shame Plan Hurts FCA Credibility
An embarrassing rebuke for the City watchdog's controversial proposal to "name and shame" companies under investigation for financial misconduct at an early stage has undermined its regulatory credibility as well as efforts to boost London's competitiveness as a financial center.
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February 07, 2025
Goldman-Backed Clear Expands In Ireland With Broker Buy
Insurance broker Clear Group has said it has bought Phelan Caswell Insurances Ltd. to broaden its footprint in the Irish market — following a string of other purchases by the U.K. company.
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February 07, 2025
EU Finance Watchdog Seeks Ways To Ease Reporting Burden
The European Securities and Markets Authority unveiled plans on Friday to streamline and reduce the reporting burden for the financial sector as it aims to cut down on costs and complexity.
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February 07, 2025
Pension Plans Urged To Eye Bulk Annuity Sustainability
The U.K. retirement savings watchdog has told pension trustees to weigh sustainability guidelines when they enter into a bulk annuity deal.
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February 07, 2025
Clifford Chance Helps L&G Sell US Insurance Biz For $2.3B
Legal & General said Friday that it will sell its U.S. protection insurance business to Meiji Yasuda, a Japanese insurer, for $2.3 billion in cash in a move to grow its pensions risk transfer business and allow it to reward shareholders.
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February 06, 2025
Allianz UK Detects £157M 'Record' Level Of Fraud In 2024
Allianz UK on Thursday said it uncovered a total of £157.24 million ($195.94 million) worth of insurance fraud in 2024 — a 10% year-on-year increase in part driven by the rising cost of living increasing the number of consumers turning to scams.
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February 06, 2025
Pension Funds Warned Of Impact Of Global Trade War
Pension providers should consider the potential impact on their funding levels of a global trade war in the coming months, a consultancy warned Thursday.
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February 06, 2025
UK Car Insurers Named And Shamed For Claims Delays
Two out of five car insurance customers experience delays in getting paid by their insurers, a U.K. consumer group said Thursday, as it urged the Financial Conduct Authority to crack down on poor claims handling.
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February 06, 2025
Global Commercial Insurance Rates Drop 2% In Late 2024
The average price of commercial insurance in global markets fell by 2% in the last three months of 2024, Marsh has said, marking the second consecutive quarterly decrease after seven years of rising rates.
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February 06, 2025
Weil Guides BCI's £1B Offer For Luxembourg Investor
Canadian asset manager British Columbia Investment Management Corp. plans to take investor BBGI Global Infrastructure SA of Luxembourg private in a cash deal worth £1 billion ($1.24 billion), the companies said Thursday.
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February 05, 2025
FCA Told To Shelve Controversial Investigation Plans
The Financial Conduct Authority should not go ahead with controversial plans to name firms under investigation at an earlier stage unless it can ensure the proposals sufficiently balance increased transparency and managing the potential risks to firms, a House of Lords committee said Thursday.
The Biggest Developments In Insurance In 2024
The financial watchdog has come under pressure this year from the Labour government to tackle the cost of insurance, which has soared because of rising claims caused by the ongoing repercussions from Brexit and the war in Ukraine.
FCA's 2024 Consumer Focus Still Has Firms Guessing
The Financial Conduct Authority shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.
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.
Plan To Recast £2.5T Pensions Sector Raises New Risks
The government unveiled a set of reforms Tuesday designed to tap the U.K.'s £2.5 trillion ($3.2 trillion) pension sector for investment in new technology startups — but experts say the shakeup could lead to an uncertain future for millions of workers saving for retirement.
Editor's Picks
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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.
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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.
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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
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Important Changes To Note In Accountant Ethics Code Update
The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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What 2025 Holds For UK, EU Restructuring And Insolvency
European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
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How GCs Can Protect Cos. From Geopolitical Headwinds
Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
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Navigating PRA's Data Request For Crypto-Asset Exposure
The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
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Key Points From FCA Financial Crime Guide Updates
The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.
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Why Nonfinancial Misconduct Should Be On Firms' Radar
Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.
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Insider Info Compliance Highlights From New FCA Guidance
The Financial Conduct Authority's recent guidance to companies on identifying inside information clarifies the regulator's expectation of case-by-case assessment, helpfully highlighting that abuse of U.K.-regulated markets can arise earlier than some might think, say lawyers at Sullivan & Cromwell.
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Interpreting Newly Released Consumer Fraud Complaints Data
The Financial Ombudsman Service’s latest complaint data focuses on scams and customer service, and demonstrates that as fraud is becoming rapidly more complex, financial regulators need to acknowledge that technology is here to stay and work together with firms to protect consumers, say lawyers at RPC.
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Anticipating The UK's Top M&A Trends In 2025
Conversations with market participants are focusing on five key questions about 2025's transactional markets, ranging from issues of artificial intelligence, to the boom in takeovers and increased regulatory scrutiny, says Layla D’Monte at King & Spalding.
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Hawaii Climate Insurance Case Is Good News For Energy Cos.
The Hawaii Supreme Court's recent ruling in a dispute between an oil company and its insurers, holding that reckless conduct in the context of activities that can cause climate harms is covered by liability policies, will likely be viewed by energy companies as a positive development, say attorneys at Fenchurch Law.
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The EU AI Act's Impact On Global Financial Regulation
The European Union’s new Artificial Intelligence Act, representing lawmakers’ first comprehensive attempt to regulate AI and giving special attention to the financial services sector, hopes to influence global legal and regulatory frameworks to maintain access to the EU market, say lawyers at Goodwin.
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FCA Survey Results Reveal Rise In Nonfinancial Misconduct
After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.