The Court of Appeal has today allowed an appeal from Mr Justice Snowden’s refusal to approve the transfer of some 370,000 annuities from The Prudential Assurance Company Limited to Rothesay Life plc. The court has confirmed that there were errors in Mr Justice Snowden’s approach to the exercise of the court’s discretion on insurance business … Read more

For most people, life and work have changed fundamentally since the Covid-19 crisis began and there are concerns that the crisis could still worsen again. Most areas of the world’s economy have been profoundly affected too, and the Fintech sector is no exception. Fintech has been both an epicentre of the crisis – and has … Read more

The FCA has published a consultation paper (CP20/20) describing its approach to the authorisation of international firms.  In the context of Brexit, the FCA’s comments will be relevant to firms (including insurers and insurance intermediaries) who have established EEA hubs to mitigate the loss of passporting rights, while continuing to conduct some of their activities … Read more

Re Legal and General Assurance Society Ltd and another company [2020] EWHC 2299 (Ch) On 7 September 2020, the mature-savings business (the “Business”) of Legal and General Assurance Society Limited (“LGAS”) transferred to ReAssure Limited (“ReAssure”). That transfer was the result of an agreement signed in December 2017, under which ReAssure agreed to purchase the … Read more

With UK/EU deal negotiations in the balance and a no-deal scenario still possible, a panel of experts from Herbert Smith Freehills, the Financial Conduct Authority and McCann FitzGerald (for the Ireland perspective) will review the current state of play on Brexit and what comes next for the regulation of cross-border financial services. The webinar will take place between 2-3pm on 23 July 2020. Read more

Aspen Underwriting Ltd & Ors v Credit Europe Bank NV [2020] UKSC 11 In Aspen Underwriting Ltd & Ors v Credit Europe Bank NV (full judgment available here), the Supreme Court recently held that the High Court of England and Wales did not have jurisdiction to hear claims of fraudulent misrepresentation and/or restitution made by … Read more

Endurance Corporate Capital Limited v Sartex Quilts & Textiles Limited [2020] EWCA Civ 308 The Court of Appeal recently dismissed the insurer’s appeal in Endurance Corporate Capital Ltd v Sartex Quilts and Textiles Ltd (click here for the full judgment). Upholding the first instance decision of David Railton QC sitting as a deputy High Court … Read more