The Insolvency Service (IS), acting on behalf of the Secretary of State for Business and Trade, commenced disqualification proceedings against five former non-executive directors (NEDs) of Carillion plc in January 2021, following the compulsory liquidation of the Carillion Group in January 2018. Last month on the eve of trial, the IS discontinued its disqualification proceedings … Read more

In the next step in its drive to boost diversity and inclusion (D&I) in regulated firms, the Financial Conduct Authority (FCA) published Consultation Paper 23/20 at the end of September setting out its proposals on new regulatory framework in respect of D&I in the financial sector (FCA CP). At the same time, the Prudential Regulation Authority (PRA) published its own proposals (PRA CP18/23) for PRA-regulated firms (together, the Consultations). Read more

The PRA’s latest consultation on reforming the UK’s insurance regulatory regime proposes a number of changes to the matching adjustment rules. This is the second PRA consultation to follow the UK Government’s Solvency II review, which confirmed that the post-Brexit Solvency II framework should be better aligned to the structural features of the UK insurance … Read more

Climate change is at the forefront of global news and politics, but it is not just an issue for politicians, policy makers and those working in the energy or environmental fields. Climate change is one of the most significant challenges for business that has ever existed. It is one of the few issues that can … Read more

In the latest instalment of his insurance column for Practical Law, Grant Murtagh draws together some political and regulatory developments to focus on a potentially significant shift in the approach to investments by life insurers and pension funds in the UK. In particular, Grant focuses on the impact that these regulatory changes could have on … Read more

On 2 August 2023 HM Treasury published the response to its January 2023 consultation on a new Insurer Resolution Regime (IRR). In its consultation HM Treasury set out its proposal for legislative requirements that would give regulators additional tools and powers to manage the failure of (re)insurers in an orderly manner (to “resolve” an entity) … Read more

June saw the second-ever reported judgment in a claim under a Warranty & Indemnity (W&I) insurance policy handed down by the English Courts: Finsbury Foods Plc v Axis Corporate Capital Ltd & Ors [2023] EWHC 1559 (Comm) (the first being Ageas (UK) Ltd v Kwik-Fit (GB) Ltd [2014] EWHC 2178 (QB)). Given the lack of … Read more

The judgment in the appeal of Quadra Commodities S.A. v XL Insurance Company SE and Others [2023] EWCA Civ 432 sheds some light on determining whether there is an insurable interest under a policy of insurance. Read more