Insurers calls on government to expand pensions ‘auto-enrolment’ scheme June 21, 2022 The Association of British Insurers (ABI) has called on the government to to expand its pensions “auto-enrolment” scheme, following a review of the policy’s successes since it came into force a decade ago. The ABI said the government should set out plans to expand its auto-enrolment policy, which requires employers to automatically enroll all staff [...]
An online sales tax would be a small hassle for Amazon, but a hard blow for our shops June 21, 2022 The Treasury is considering whether to introduce an online sales tax (OST) as a “means to rebalance the taxation of the retail sector between online and in-store retail”. A decision is expected in autumn – probably as part of the Chancellor’s Budget. If the government has any sense, it will run a mile from taking [...]
Value of litigation funders’ war chests hits record highs as investors seek to bankroll UK class actions June 20, 2022 THE value of UK litigation funders “war chests” has hit record highs of £2.2bn, as investors are increasingly bankrolling class-action lawsuits in a bid for higher returns. The value of assets held by third-party litigation funders, for use in bankrolling cases, has increased ten-fold over the past decade, having doubled in the past three [...]
Centrica slams Ofgem after regulator hesitates over ringfencing June 20, 2022 Centrica boss Chris O'Shea has reignited calls for the ringfencing of consumer balances, and has urged Ofgem to speed up reforms.
Exclusive: We need a business mindset shift and new tools to get us there, says City insider June 20, 2022 ESG commitments for 2030 are high on the boardroom agenda, but are we asking the right questions? The big money question is, even if we meet our sustainability targets, does that secure the social conditions and environmental resources that we will need for businesses to operate in the future? Across the City, a viewpoint on [...]
Insurance giant Axa calls for clarity on self-driving cars June 16, 2022 French insurer Axa has called on the government to offer greater clarity around autonomous vehicles to support the rollout of self-driving cars. The French insurance firm called on the government to put in place laws that enable the deployment of self-driving vehicles, as it said lawmakers should work with the insurance sector to “pave the [...]
UK small businesses being priced out of cyber insurance by high premiums and cost-of-living crunch June 16, 2022 The UK’s small businesses are increasingly being priced out of cyber insurance policies, due to sky-high premiums and the cost-of-living crunch. Almost a third (29 per cent) of companies with fewer than 250 staff cancelled their cyber insurance policies last year, as part of efforts to cut costs, research from GlobalData shows. A further 17.3 [...]
Brexit offers opportunity to unlock City’s potential, MPs say June 16, 2022 Brexit offers an opportunity for lawmakers to throw off the shackles of legacy EU regulation that has held back the City, according to a report by a group of cross-party MPs published today. The UK can tweak the regulatory regime inherited from Brussels or design an entirely new system to boost the Square Mile’s banks, [...]
Solvency II shakeup will boost UK insurers’ competitivity, Bank of England exec says June 15, 2022 A high-ranking exec from the Bank of England’s (BoE’s) financial services watchdog has said the government’s plans to overhaul Solvency II will boost the insurance sector competitivity. Charlotte Gerken, executive director of insurance at the BoE’s Prudential Regulation Authority (PRA), said the government’s plans for reforms of Solvency II will increase the UK insurance sector’s [...]
Specialist insurer PIC buys out House of Fraser pensions scheme for £600m June 14, 2022 Specialist insurer Pension Insurance Corporation (PIC) bought out the House of Fraser pensions scheme, in a deal worth £600m, following the department store chain’s collapse in 2018. The British insurer will take over control of the pension scheme, which was formed in 2013, for ex who worked at House of Fraser, and its two subsidiaries [...]