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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.
December 06, 2023
Audit Watchdog Discloses Upcoming Supervisory Focal Areas

Britain's accounting watchdog on Wednesday said climate risk and some specific industries will be among its regulatory priorities in the financial year beginning April, with a focus on compliance with corporate reporting and audit quality inspections.
December 06, 2023
Increasing Climate Breakdown Set To Trouble Insurer Profits

An expected increase in natural catastrophe events could dent the profitability of the global insurance sector going forward and increase the cost of customer premiums, a group of international regulators for the sector warned Wednesday.
December 06, 2023
Greenberg Traurig Hires Finance Pro From Weil

Greenberg Traurig LLP has bolstered its London banking and finance practice by hiring a lawyer from Weil Gotshal & Manges LLP.
December 06, 2023
Russia Acting To Avoid Sanctions, UK Finance Firms Warned

The National Crime Agency issued an alert to British financial firms on Wednesday that Russia is going through intermediary countries to gain access to goods and services despite sanctions imposed by the U.K. after its 2022 invasion of Ukraine.
December 06, 2023
Financial Ombudsman Weighs Fees For Claims Co. Cases

The Financial Ombudsman Service said on Wednesday that it is considering charging fees for cases brought by claims companies and law firms on behalf of consumers in the next financial year.
December 06, 2023
FCA Proposes Toughening Money Market Funds Regime

The Financial Conduct Authority on Wednesday proposed post-Brexit rules to make money market funds more resilient to avoid central bank interventions, as during the dash-for-cash in the early pandemic.
December 06, 2023
MPs Target Gov't For Underpaid Pensions, Overpaid Benefits

The U.K. government needs to show that state pension payments are accurate after errors left thousands of people short of an average of £5,000 ($6,300), a parliamentary committee said in a report released Wednesday.
December 05, 2023
Retailer Wins £2.3M In Warehouse Blaze Underinsurance Row

An insurance broker must pay an online baby gifts retailer £2.3 million ($2.9 million), after the High Court ruled its advice left the retailer underinsured and out of pocket when a fire destroyed a warehouse it operated from.
December 05, 2023
Ashurst Steers £18M Pension Deal For Med. Device Co.

Medical device manufacturer Haag-Streit UK offloaded £18 million ($22.7 million) of its pension liabilities with insurer Aviva, advisers said Tuesday, in a deal steered by Ashurst LLP.
December 05, 2023
Housing Association Inks £60M Deal With Pensions Provider

Retirement specialist Just Group said it has covered £60 million ($76 million) of pension liabilities for Hyde Group in a move to completely remove the retirement risks from the housing association.
December 05, 2023
Defined Benefit Pension Transfer Take-Up Rates 'Plummeting'

Just 3% of savers given a quote to transfer out their defined benefit pension took up the offer in the first three months of 2023, a retirement savings consultancy has said — the lowest rate since it began collecting figures in 2014.
December 05, 2023
FCA's 'Disgraceful' Response To Ruling Knocks Credibility

The Financial Conduct Authority's "disgraceful" response to a recent legal setback in a key enforcement case risks diminishing its reputation — adding to the pain of a critical costs judgment that lawyers say could prompt the watchdog to rethink how it approaches cases.
December 04, 2023
Global Body Issues Third-Party Financial Risks Toolkit

A global standards setter unveiled on Monday a comprehensive toolkit designed to strengthen the ability of financial institutions to manage risks arising from providers of third-party services and to boost the resilience of the global financial system.
December 04, 2023
Med Insurer Beats Racial Profiling Claim Over Employee's Hat

A former health care consultant for private medical insurer Bupa was not racially discriminated against when he was told to remove his hat when arriving at work, an employment tribunal has found, ruling he was not unlawfully dismissed or victimized in the time leading up to his sacking.
December 04, 2023
Pension, Insurance Funds' UK Shares Holdings Hit New Low

The proportion of U.K.-listed shares held by pension and insurance funds hit a historical low in 2022 at 1.6% and 2.6% respectively, the Office for National Statistics said Monday.
December 04, 2023
Half Of Law Firms Have Ditched 'Whiplash' Injury Claims

More than half of law firms in the personal injury sector have dropped road traffic "whiplash" injury claims nearly two years after the government introduced controversial civil justice reforms, according to a survey published Monday.
December 04, 2023
FCA Proposes Tough Rules For Selling Overseas Funds In UK

The Financial Conduct Authority proposed tough new rules on Monday that would enable asset managers to sell overseas funds to U.K. retail investors if the Treasury finds they are regulated to the same standard.
December 01, 2023
La. Judge Won't Nix Arbitration Order In $11M Hurricane Row

A Louisiana federal judge has denied a bid by attorneys who missed a deadline to rescind his order tossing two defendants and forcing arbitration in a case over more than $11 million in hurricane damage to an apartment complex, ruling that their arguments lack merit anyway.
December 01, 2023
EU Cyber Resilience Act Moves Closer To Becoming Law

The European Council and the European Parliament have reached a political agreement on the Cyber Resilience Act, which will introduce tougher rules for digital goods and services coming into the European Union.
December 01, 2023
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Lenovo Group and LM Ericsson embroiled in a patent dispute, Jaguar Land Rover face legal action from a number of employees over contract breaches, and Dexia Credit file another swaps claim with property administrator Patrimonio del Trentino. Here, Law360 looks at these and other new claims in the U.K.
December 01, 2023
Gov't Identifies £500M In Underpaid State Pensions

The U.K. government said it has identified almost £500 million ($631.6 million) in underpaid state pensions as it works to correct historical shortfalls in a saga one expert dubbed "particularly tragic."
December 01, 2023
Claims Prevention Biz Raises £1M Through Shares Placing

Ondo InsurTech PLO said it has raised £1.08 million ($1.4 million) by issuing new shares to investors through a placing aimed at boosting its funding for technology projects and business expansion.
December 01, 2023
FCA Redress Rules 'Would Burden Pension Advisers'

Rules recently floated by the Financial Conduct Authority, which would ensure that investment firms have enough money set aside to compensate clients, will place a significant burden on advisory firms in the pension transfer market, an actuarial consultancy said on Friday.
December 01, 2023
Travers Aids Rothesay To Secure Thales UK Pension Liabilities

Pension insurance company Rothesay said Friday that it has covered £2.7 billion ($3.4 billion) of liabilities to fully insure the U.K. pension of Thales SA, the French aerospace and security giant.
November 30, 2023
Insurers Say Texas School's Storm Arbitration Belongs In NY

Insurers for a Texas public school district urged a New York federal judge not to toss their petition asking the court to appoint an umpire in a $10 million hurricane damage dispute, saying the court has jurisdiction over the matter per the parties' arbitration agreement.

Editor's Picks

Litigation Funding Demand Rises As Pandemic Suits Percolate

More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Reforms Abroad For Litigation Funders Raise Questions In UK

Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
Coronavirus: The Latest EU Court Closures And Restrictions

UPDATED March 22, 2021, 10:35 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.

Expert Analysis

PPI Ruling Spells Trouble For Financial Services Firms

The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
DC Ruling Provides Support For Builders Risk Claim Recovery

To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.
Navigating The Novel Challenges Facing The Legal Profession

The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
New Fixed Costs Rules May Have Unforeseen Consequences

The recent changes to fixed recoverable costs, which were intended to reduce costs and increase certainty, have profound implications for civil claims, but may unintentionally prompt more litigation and reduce access to justice as lawyers leave the market, says Paul Squires at Sedgwick Legal.
Sustainable Finance Consultations May Signal Key Changes

The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.
Deal Over Jets Stranded In Russia May Serve As Blueprint

In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
What The Auto-Enrollment Law Means For UK Workforce

In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
Protecting The Arbitral Process In Russia-Related Disputes

Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.
RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.
Key Takeaways From ICO Report On Workforce Monitoring

The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.
Firms Should Prepare For New DEI Reporting Requirements

While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.
Shifting From Technical To Clear Insurance Contract Wordings

Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.
Recent Trends In European ESG-Related Shareholder Activism

New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.
How Insurance Policies Can Cover Generative AI Risks

As concerns rise about the new risks that businesses face as a result of generative artificial intelligence tools, such as AI-facilitated hacking and intellectual property infringement, policyholders should look to existing insurance policies to cover losses or damages, says Josianne El Antoury at Covington.
Breaking Down The UK's Draft Updates To Prospectus Regime

While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.