Insurance UK

  • March 14, 2024

    Clara Takes Debenhams Pension Scheme In Landmark Deal

    All 10,400 members of the retirement savings plan of collapsed retailer Debenhams will have their promised pension benefits restored after Clara-Pensions announced Thursday it would take on the scheme in the U.K.'s second-ever superfund transaction.

  • March 14, 2024

    Insurers Launch Fire Safety Project In Response To Grenfell

    McGill and Partners Ltd. has established a fire safety program, designed to expand insurance capacity for buildings with combustible cladding, in response to the deadly 2017 fire at the Grenfell Tower flats in West London.

  • March 14, 2024

    EU Renews US Insurance Market Equivalence For 10 Years

    The European Union will continue recognizing U.S. insurance regulations as equivalent to its own for another 10 years, the European Commission said Thursday.

  • March 14, 2024

    Advisers Want Tax Reduction For Pensions, Aegon Says

    Many British financial advisers want the government to reduce taxes as part of pension reforms following the next general election, insurance firm Aegon UK said Thursday.

  • March 21, 2024

    DWF Hires Clyde & Co. Pro David Wynn As New Partner

    DWF LLP has bolstered its global insurance practice by hiring David Wynn as a new partner from Clyde & Co. LLP, where he headed the global legacy solutions practice for the past 10 years.

  • March 14, 2024

    Insurer Completes Full Construction Co. Pension Scheme Deal

    Insurer Just Group said on Thursday that it has completed a £37 million ($47.3 million) buy-out of a pension scheme sponsored by a leading engineering and construction company, finishing the process that it started in 2013.

  • March 14, 2024

    CMS Leads Rothesay £6B Buy Of Scottish Widows Portfolio

    Pension insurer Rothesay Life said Thursday that it will buy Scottish Widows' £6 billion ($7.7 billion) portfolio of bulk annuities from Lloyds Banking Group PLC, in a transaction guided by CMS Cameron McKenna Nabarro Olswang LLP.

  • March 13, 2024

    Pensions Watchdog Workers Call Off Strike, Agree To Pay Deal

    Some 400 workers at The Pensions Regulator suspended their strike action after agreeing to a pay increase aligned with guidelines set for government employees, the watchdog said Wednesday.

  • March 13, 2024

    Norton Pension Scam Victims Receive Initial £9.4M Redress

    Former employees of Norton Motorcycles received £9.4 million ($12 million) into their pension schemes from the Fraud Compensation Fund this week, an independent trustee told a group of senior MPs on Wednesday.

  • March 13, 2024

    Gordons, Pinsent Masons Steer Academy Buy Of Allianz Unit

    Academy Insurance Services has agreed to acquire the Premierline commercial insurance arm of insurance giant Allianz in the U.K. for an undisclosed amount in a deal guided by Pinsent Masons LLP and Gordons LLP.

  • March 13, 2024

    'Significant' Gaps Remain In UK Pension Provision, FCA Says

    Automatic enrollment should be recognized as a success, but gaps around the retirement saving provision remain, the Financial Conduct Authority's chief executive said Wednesday, raising questions about Britain's current and future pension landscape.

  • March 13, 2024

    Bond Market Seeks Mix Of FCA Proposals On Trade Reporting

    U.K. and European trade bodies jointly laid out their preferences on Wednesday for a U.K. regulatory framework for publishing bond trading data based on elements of two potential models proposed by the Financial Conduct Authority.

  • March 13, 2024

    Insurer Direct Line Snubs £3.2B Improved Ageas Bid

    British insurer Direct Line on Wednesday said it had rejected an improved £3.2 billion ($4.1 billion) offer from Belgian rival Ageas because it still "significantly undervalues" the group.

  • March 12, 2024

    Civil Servants Appeal For 2nd Shot At Age Bias Challenge

    Twenty civil servants argued Tuesday that they were not given a fair shot at their claim that a redundancy compensation scheme was unjustifiably biased against older staff.

  • March 12, 2024

    Staffer Who Sent Sex Doll To Boss Unfairly Axed By Tech Biz

    A tech company unfairly fired an employee who sent their manager a sex doll, an employment tribunal ruled, although it also rejected the staffer's bid for £16 million ($20.6 million) in damages and their request to be reinstated.

  • March 12, 2024

    £100B Of UK Pension Surplus Could Be Returned To Sponsors

    An estimated £100 billion ($128 billion) could boost British businesses and workers over the next decade if retirement savings plans continue to run on after the point at which they're fully funded, a consultancy said Tuesday.

  • March 12, 2024

    UK Pension Deals Hit Record-Breaking £50B In 2023

    The total value of pension transfer deals in the U.K. hit a record-breaking £50 billion ($64 billion) in 2023, Hymans Robertson said Tuesday, with the number of transactions also eclipsing previous highs.

  • March 12, 2024

    Gov't To Give Banks More Time To Investigate Payment Fraud

    HM Treasury on Tuesday published draft legislation giving banks more time to investigate suspected fraud on payments, giving them a better chance of stopping thieves.

  • March 12, 2024

    AI Attacks Pose Critical Threat To Businesses, Lloyd's Says

    Artificial intelligence will empower cybercriminals and potentially increase the frequency and sophistication of digital attacks, Lloyd's of London warned in a report published Tuesday.

  • March 12, 2024

    FCA's New Greenwashing Rules Lack Clarity, City Firms Warn

    City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.

  • March 11, 2024

    Insurers Sued For €403M Over Nord Stream Pipeline Damage

    The operator of two Baltic Sea gas pipelines hit by explosions has sued its insurers for more than €403 million ($440 million) to cover damage intended to "sabotage a politically significant pipeline" supplying natural gas from Russia to Western Europe.

  • March 11, 2024

    New Treasury Review Of AML Rules To Cast Wide Net

    The U.K. Treasury said Monday that a new review on the effectiveness of anti-money laundering regulations will have a broad scope, encompassing more than 100,000 businesses, including law firms.

  • March 11, 2024

    MPs To Hear From Administrators In Norton Pension Scandal

    A parliamentary committee said Monday that it will weigh whether victims of pension fraud can receive compensation faster as the first part of its probe into the retirement savings scandal at Norton Motorcycle Co.  

  • March 11, 2024

    Global Standards-Setter Sets Deposit Insurance Review

    The International Association of Deposit Insurers said Monday that it will focus its 2024 efforts on updating the rules for deposit insurance, including studying how it works, collecting more data on it and helping members improve their systems.

  • March 11, 2024

    FCA Fines British Steel Pensions Firm, Bans Advisers

    The finance watchdog said Monday that it has hit a financial advice company with a fine and banned two former employees after discovering failures by the business when it put through £90 million ($115 million) of retirement savings transfers for members of the British Steel Pension Scheme.

Expert Analysis

  • FCA Consumer Duty Shows Shift In Retail Financial Services

    Author Photo

    The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.

  • Pandemic Rent Ruling Is A Blow To Commercial Tenants

    Author Photo

    The recent U.K. Court of Appeal decision in London Trocadero v. Picturehouse demonstrates that even exceptional COVID-19-related circumstances will not induce courts to interfere with a previously considered allocation of risk between parties or imply terms in a contract, says Gurpreet Sanghera at Simkins.

  • Building Inspector Insurance And Its New Relaxed Rules

    Author Photo

    The U.K. government recently opened up the market for approved building inspector insurance in the aftermath of the 2017 Grenfell Tower tragedy, but it does not appear to have considered the impact this may have on homeowners and developers, say Alan Stone and Jonathan Carrington at RPC.

  • New Corporate Insolvency Data Reveals Unexpected Results

    Author Photo

    For a variety of reasons there has been a slower than anticipated increase in U.K. corporate insolvency figures in recent months, although there may be a time lag between economic difficulties and sentiment among investors, lenders and business owners, and it is likely that numbers will rise in the autumn, says Jeremy Whiteson at Fladgate.

  • How The Latest Trends In Litigation Funding Are Developing

    Author Photo

    With investors looking for alternative assets that can achieve returns and claimants likely to be cash poor in the current economic downturn, the signs are that the litigation funding market is not only here to stay, but is set to expand, says Simon Thomas at Baker & Partners.

  • Pros And Cons Of Regulating Finance Sector's Third Parties

    Author Photo

    Recent proposals by the U.K. Treasury could lead to regulation of those designated as critical third parties in finance, and legislation will be needed to ensure technology suppliers are not deterred from participating in the financial services markets, say attorneys at Addleshaw Goddard.

  • UK Online Safety Bill Delayed, But Firms Should Still Prepare

    Author Photo

    Despite delays and content providers' concerns regarding the impact on their profitability, it appears certain that the Online Safety Bill will be enacted in one form or another, mirroring proposals in the EU and U.S., so tech firms must prepare for a new regulatory framework that will require them to tackle illegal and harmful content on their services, say attorneys at Dechert.

  • A Look At The Solvency II Insurance Sector Proposed Reforms

    Author Photo

    It is hoped that the proposed reforms of Solvency II will not only ensure policyholder protection and a successful insurance industry, but that released capital will be invested in long-term infrastructure and green projects, yet there are questions and even concerns surrounding potential changes and what their impact might be, says Dónal Clark at Kennedys.

  • 4 Ways M&A Deals Are Changing

    Author Photo

    There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.

  • The Digital Markets Act: Key Implementation Issues To Watch

    Author Photo

    The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.

  • New FCA Listing Rules May Start Regulatory Shift On Diversity

    Author Photo

    Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.

  • Examining UK Commission's Corporate Crime Reform Ideas

    Author Photo

    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

    Author Photo

    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

    Author Photo

    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

    Author Photo

    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Insurance UK archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!