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Featured
UK Biz Interruption Ruling Unlikely To Stem Tide Of Litigation
Even though the U.K. Supreme Court ruled overwhelmingly in favor of policyholders in its landmark business interruption insurance decision Friday, lawyers say litigation over pandemic coverage is likely to continue amid fights over exactly how much insurers are willing to pay out.
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September 27, 2022
Insurers, Art Exhibitor Settle Forgery Coverage Fight
An art exhibitor and a group of European insurers have settled their dispute over insurance payments amid an investigation into paintings seized by the Italian government in 2017 under suspicions of forgery, according to an order dismissing the case Tuesday.
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September 27, 2022
Barrister, Insurer Settle £50M Tax Claims With Investors
A senior barrister and his insurer have reached a settlement with more than 100 investors in a £50 million ($53.9 million) film finance tax scheme seeking compensation for the losses they sustained when they had to foot large tax bills.
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September 27, 2022
UK Better Off With Strong Financial Rules, Watchdog Says
An executive director of the Prudential Regulation Authority said Tuesday that the U.K. economy had more to gain from having a financial regulatory system with strong rules than from weakening its standards to attract businesses to London.
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September 27, 2022
FCA Considers Relaxing Rules On Financial Advice
The U.K.'s financial watchdog proposed Tuesday to review the amount of regulation it places on financial advice in a bid to balance businesses' competitiveness with consumer protections.
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September 27, 2022
Pensions Biz Fights Suit Over 'Unsuitable' SIPP Choices
Pensions company Carey has hit back at a lawsuit from 20 individuals with self-invested personal pensions, saying that it owed them no duty to consider the suitability of high-risk schemes that made no returns.
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September 27, 2022
How Removing Bank Bonus Caps Could Trigger Legal Fallout
The government's removal of a cap on bankers' bonuses could unleash new and bigger legal challenges from disgruntled bank employees as an unexpected consequence of a broader post-Brexit plan to tear up regulations for financial services.
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September 27, 2022
Regulator Pushing For Diversity On Pension Trustee Boards
The U.K. retirement savings watchdog announced on Tuesday that it plans to improve diversity and inclusion across senior management in the pensions sector.
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September 26, 2022
Herbert Smith Offering Legal Course Certificate Via NFT
Herbert Smith Freehills LLP announced on Monday that it would again provide a course on burgeoning technologies such as the metaverse and non-fungible tokens, or NFTs, with the addition of a new certificate transferred as an NFT.
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September 26, 2022
UK Law Firm TLT Launches New In-House Legal Tool
U.K. law firm TLT LLP has launched a new online platform that allows in-house legal teams to track and manage their workflow, automate processes and capture data that can be used to improve their performance.
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September 26, 2022
UK Plan To Boost Penalties For Lawyers Sparks Concern
The U.K. government's second economic crime bill of the year sent shockwaves through the British legal profession, with leading trade bodies warning the proposal to eliminate fining caps would harm attorneys.
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September 26, 2022
Bar Council Calls On Gov't To Improve Legal Panels' Diversity
The Bar Council urged the U.K. government Monday to improve the diversity of the barristers included on its legal panels to represent it in court amid "unambiguous evidence" that advocates from Black, Asian and other ethnic minorities are being "systematically underrepresented."
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September 26, 2022
UK Pensions Watchdog Warns Employers Over Admin Errors
The retirement savings watchdog warned employers on Monday not to make administrative errors on pension enrollment, as it published figures revealing it has issued more than 15,000 fines for breaches in six months.
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September 26, 2022
Atty Struck Off Over Role In $164M Pump-And-Dump Scheme
A London tribunal removed a Swiss attorney convicted in the U.S. for his part in a $164 million international pump-and-dump stock scheme from the roll of solicitors on Monday.
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September 26, 2022
FCA Urges Better Wind-Down Practices From Brokers
The Financial Conduct Authority has called on general insurance brokers to strengthen their wind-down plans, after its sample study of the market's liquidity arrangements for potential collapses raised concerns about their handling of risk matters.
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September 26, 2022
Ireland Insurance Deal Rules 'Could Be Counterproductive'
A crackdown by the Irish finance regulator on intragroup transactions within insurance companies could prove counterproductive and might undermine the financial strength of the sector, a European trade body warned on Monday.
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September 26, 2022
Insurer LV Replaces Chief After Failed £530M PE Takeover
Liverpool Victoria said on Monday that it has appointed a new chief executive after the insurer's former top boss stepped down following a failed £530 million ($570 million) private equity takeover.
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September 23, 2022
Cybersecurity Firm Saepio Hires Former Mimecast Director
U.K.-based Saepio Information Security hired away Mimecast's account director for legal and accountancy to serve in the same capacity at the cybersecurity firm, Saepio confirmed to Law360 on Friday.
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September 23, 2022
Funders Eye Equity Stakes In UK Law Firms
Private financiers are increasingly looking at taking equity stakes in law firms using alternative business structures, in a bid to deliver hefty returns for their investors.
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September 23, 2022
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen investors in a Disney film financing scheme look for a fairytale ending against HSBC, a scuppered Forex company sue a card payments provider in a breach of contract claim, and Boots Opticians eye up a commercial contracts claim against NHS England. Here, Law360 looks at these and other new claims in the U.K.
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September 23, 2022
Whirlpool Denies Liability Over Apartment Block Blaze
Appliances manufacturer Whirlpool has hit back at a London borough, saying it does not have to pay out £1.3 million ($1.4 million) after a tumble-dryer caught fire in a residential tower building because the accident was not the result of a defective design.
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September 23, 2022
Gov't Sets Out Health Service Pensions Fix To Retain Staff
Britain has announced plans to reform the National Health Service pension rules as it seeks to retain more experienced doctors in its system, but the proposals have been dismissed as merely "sticking plasters" by a clinicians' organization.
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September 23, 2022
Irish Central Bank Warns Of Growing Home Under-Insurance
Almost one in six policyholders in Ireland do not have sufficient cover on their home insurance, the country's financial watchdog said on Friday as it told insurers to write to customers to warn them about the risks they face.
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September 23, 2022
Watchdog Urges EU Insurers To Improve Crisis Coverage
The European Union insurance watchdog has urged companies in the bloc to ensure they continue to offer cover in the event of natural catastrophes and financial meltdowns, telling them to align their rules on how to handle crises.
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September 23, 2022
Insurers Settle Suit Over Coverage For $1B Ponzi Scheme
An international corporate services company has settled with its insurers over a lawsuit in which it sought to be indemnified for costs for suits accusing it of being negligent when auditing a business involved in a $1 billion Ponzi scheme.
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September 23, 2022
Gov't Vows To Unlock Pensions Investment In Economy
The government announced on Friday that it will bring forward plans to allow retirement savings plans to invest more widely in illiquid assets as it aims to improve economic growth — even as the country enters into recession.
Editor's Picks
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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.
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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.
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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
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The New EU Data Act Proposal Raises Several Questions
In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.
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Preparing For FCA's New Appointed Representative Rules
The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.
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Opinion
A Better Gov't Response To Pensions Misselling Is Needed
To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.
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A Review Of The New UK Financial Services And Markets Bill
In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.
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How Greenwashing Litigation Is Affecting Financial Services
A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.
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FCA Consumer Duty Shows Shift In Retail Financial Services
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.
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Pandemic Rent Ruling Is A Blow To Commercial Tenants
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.
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Building Inspector Insurance And Its New Relaxed Rules
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.
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New Corporate Insolvency Data Reveals Unexpected Results
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.
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How The Latest Trends In Litigation Funding Are Developing
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.
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Pros And Cons Of Regulating Finance Sector's Third Parties
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.
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UK Online Safety Bill Delayed, But Firms Should Still Prepare
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.
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A Look At The Solvency II Insurance Sector Proposed Reforms
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.
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4 Ways M&A Deals Are Changing
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.
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The Digital Markets Act: Key Implementation Issues To Watch
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.