The FCA’s review of firms’ progress on implementing the Consumer Duty contains some important guidance for firms to follow in the lead up to 31 July 2023. Key areas to focus on Effective prioritisation – firms need to prioritise appropriately, focussing on reducing the risk of poor consumer outcomes and assessing areas where firms are furthest away from … Read more

2022 proved to be as busy for insurance firms and regulators as we predicted last January. Yet more change can be expected in 2023. In Brexit-related news, the Treasury is taking forward plans to change the UK’s Solvency II regime. Its announcement coincided with the Autumn statement, signifying the importance attributed to Solvency II reforms … Read more

A second edition of our text on class actions in England and Wales, co-authored by Herbert Smith Freehills lawyers, has been published in the UK by Sweet & Maxwell. It has been edited by Damian Grave, Maura McIntosh and Gregg Rowan with an entirely new chapter on insurance co-authored by Greig Anderson and Sarah Irons. … Read more

The FCA has published the final rules and guidance and accompanying non-Handbook guidance relating to the new Consumer Duty (the Duty). While the nature and scope of the Duty remains largely unchanged in most areas, the final rules and guidance contain some significant changes and clarifications relating to how the Duty will apply. Changes in … Read more

Judgment was handed down by Zacaroli J today in McClean & Others v Thornhill [2022] EWHC 457 (Ch). The decision will be of interest to professional liability insurers, legal practitioners, and litigation funders, particularly those involved in tax-related professional negligence claims. Read more

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2021 which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the insurance and reinsurance market. Read more

After a year of upheaval for the UK insurance sector in 2021, there seems little prospect of 2022 being any quieter. From a regulatory perspective, 2021 began with the end of the Brexit transition period.  And while firms operating in UK insurance markets have been insulated from the full impact of Brexit during 2021, this … Read more

The Court of Appeal has handed down its decision in ABN Amro Bank N.V. v Royal & Sun Alliance Insurance plc and others [2021] EWCA Civ 1789.  At first instance, the court had found that an “unusual” and “unprecedented” clause provided credit risk cover in an all risks marine cargo policy. Most of the decision … Read more