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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.
November 27, 2023
No 2nd Shot For Complex In Hurricane Case, Agent Says

Insurance agent AmRisc LP has asked a Louisiana federal court not to allow an apartment complex a second chance to oppose the agent's dismissal from an $11 million Hurricane Ida damage coverage dispute, claiming it had no valid excuse to miss a filing deadline.
November 27, 2023
Climate Groups Say Lloyd's Net-Zero Plans Too Cautious

Plans recently outlined by Lloyd's of London to help insurers transition to a net-zero economy over the next three years are risk-averse and lack bravery, climate campaigners have said, calling the plans "one long sustainability get-out clause."
November 27, 2023
Watchdog Finds Investment Firms Not Ready For Stress

The Financial Conduct Authority said Monday that investment companies are inadequately prepared to mitigate harm in times of financial market distress or serious corporate problems.
November 27, 2023
Insurer CPP To Sell 51% Stake In Indian Co. For £5.1M

Insurance products provider CPP Group PLC said on Monday it has agreed to sell its 51% stake in an Indian business process management company for £5.1 million ($6.4 million), as it looks to focus on insurance technology.
November 27, 2023
Latham Adds Two Akin Private Credit Partners In London

Latham & Watkins LLP said on Monday that it has hired two partners from Akin Gump Strauss Hauer & Feld LLP to boost its private credit expertise in London, as the war for talent among elite U.S. law firms in the British capital intensifies.
November 27, 2023
Aviva To Buy Canadian Auto Insurer Optiom For £100M

Aviva PLC said Monday it has inked a deal to buy car replacement insurance firm Optiom for approximately £100 million ($126 million) to expand further into the Canadian market.
November 27, 2023
FCA Bans 2 Pension Advisers Over Poor British Steel Advice

The Financial Conduct Authority said Monday that it has banned two pension professionals from giving retirement savings advice over the "careless and incompetent" guidance they gave to members of the British Steel Pension Scheme.
November 24, 2023
UK Funds Get Green Light To Trade Assets As Digital Tokens

A U.K. government technology group unveiled on Friday a blueprint that asset managers can now use to convert funds into tokenized assets, boosting the international competitiveness of the investment sector.
November 24, 2023
Lloyd's Outlines Net-Zero Transition Roadmap For Insurers

Lloyd's of London has outlined plans for how it will help insurers transition to a net-zero economy over the next three years, including steps it says it will take to support member firms with their climate strategies.
November 24, 2023
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen Glencore face a claim from collapsed hedge fund Eton Park in the wake of its bribery scandal, the ex-CFO of Peppa Pig and Teletubbies toymaker bring data protection proceedings against the employment barrister who represented him at tribunal, and Delta Airlines check in to fresh trademark proceedings against hotel chain Marriott. Here, Law360 looks at these and other new claims in the U.K.
November 24, 2023
Robust Training Crucial For Audit Sampling, Watchdog Says

Audit firms must ensure that auditors are sufficiently trained and have enough guidance to support them when they make decisions during evidence gathering, Britain's accounting watchdog said on Friday.
November 24, 2023
Baker McKenzie Steers Boots On £4.8B Pensions Mega Deal

Pharmacy chain Boots has handed £4.8 billion ($6 billion) of its pension liabilities to Legal & General Retirement Institutional, the insurer said Friday, in a deal steered by Baker McKenzie, Sackers, Slaughter and May and Simmons & Simmons.
November 24, 2023
3 Firms Guide £4B Pension Deal To Secure Co-op Liabilities

Pension insurance company Rothesay said on Friday that it has covered £4 billion ($5 billion) of liabilities for British mutual retailer the Co-operative Group, in the final step to removing financial risk from the scheme.
November 24, 2023
FCA Sees Big Tech Competition Threat to Finance Firms

The Financial Conduct Authority raised renewed concerns on Friday that Big Tech could gain market power and hinder competition by holding data that is not available to finance firms.
November 24, 2023
Insurance Handler Forced To Quit Over Equal Pay Dispute

An insurance handler at a brokerage firm deserved the same salary as her male colleague and was constructively dismissed when her bosses refused to level the playing field, a tribunal has ruled.
November 23, 2023
Rental Car Driver Bids To Widen Accident Insurance Payouts

A motorist urged Britain's highest court on Thursday to extend what costs can be recovered under a car hire agreement in an appeal that could have major implications for the way in which insurers pay out on accident claims.
November 23, 2023
Gov't Seeks Powers For Access To Bank Data In Fraud Fight

The U.K. government published on Thursday its plans to expand data-gathering powers to fight benefit fraud and the financing of terrorism as part of its long-awaited data protection bill.
November 23, 2023
Pensions Consolidator To Launch By 2026, UK Gov't Says

The government has said it wants to push ahead with plans for the Pension Protection Fund to become the U.K.'s first public sector consolidator for defined benefit retirement plans.
November 23, 2023
Design Works Were Compliant, Insurer Says In Building Spat

Chubb European Group has denied that design works on a building project in England did not comply with regulations and said it is not liable to pay the owner of the development £3.1 million ($3.9 million) to cover the cost of repairs.
November 23, 2023
Accounting Watchdog Gets New Gov't Remit For Growth

The government has given the Financial Reporting Council a revised remit to contribute to the growth and competitiveness of the U.K. economy — and told it to remove rules that are no longer proportionate.
November 23, 2023
Insurer Royal London Buys 'Later-Life' Mortgage Businesses

Royal London Mutual Insurance Society Ltd. said Thursday that it has raised its stake in two mortgage companies aimed at retired borrowers to 100%.
November 22, 2023
Energy Company Appeals Over Employees' Rights Waiver

An energy company asked Scotland's top court Wednesday to validate a settlement that barred a former employee from bringing an age discrimination claim, a decision that would overturn a significant ruling that similar settlements were prohibited.
November 22, 2023
UK Makes Biz Investment Tax Breaks Permanent

The U.K. government revealed plans on Wednesday to make the temporary tax breaks for business investment permanent in 2024, while also cutting National Insurance contributions for most workers.
November 22, 2023
FCA To Set Rules For Value-Based Work Pension Framework

The Financial Conduct Authority will proceed with rules for a value-for-money framework on most workplace pensions, expecting fair value across products under its Consumer Duty, the regulator said Wednesday.
November 22, 2023
Derivative Bodies Want BoE Info On Clearing House Reforms

Global derivatives associations urged the Bank of England on Wednesday to give them more details on its proposals to keep clearing operations functioning under severe stress by cutting payouts such as bonuses and dividends.

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

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.
4 Compliance Considerations Under FCA Consumer Duty

Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.