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The FSA has published an update on firms’ progress toward meeting the December 2008 deadline of the Treating Customers Fairly initiative (TCF). The initiative is part of the FSA’s move towards principles based regulation and seeks to encourage firms to change their behaviour toward customers. …
Read More UK: FSA Update on Firms’ Progress Towards Achieving the Outcomes of Treating Customers Fairly

On 3 July 2008 Helen Clark attended the Institute of International Shipping & Trade Law Symposium on the prospective reform of marine and commercial insurance held at Lloyd’s. The Symposium provided an opportunity for further debate of the Law Commission’s proposals (contained in Consultation Paper 1) for the reform of English law on misrepresentation and non-disclosure, breach of warranty and the role of intermediaries pre-contract, with an emphasis upon business rather than consumer insurance. 

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Read More UK Insurance Contract Law Reform: Lloyd’s/Institute of International Shipping & Trade Law Symposium

In Bedfordshire Police Authority (BPA) v. David Constable (sued on his own behalf and on behalf of all other members of Syndicate 386 at Lloyd’s) (the Syndicate) [2008] EWHC 1375, BPA sought a declaration that the Syndicate be liable to indemnify it in respect of BPA’s potential liability under the Riot (Damages) Act 1886. …
Read More UK: Court Considers Meaning of “Damages”

BIBA has formally responded to the FSA’s DP on transparency, disclosure and conflicts of interest in the commercial insurance market (See: BIBA press release). 

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Read More UK: The British Insurance Brokers’ Association (BIBA) Has Responded to the FSA’s Discussion Paper (DP) on Transparency

In a report published by the Treasury Select Committee on 19 June 2008, the UK City watchdog, the Financial Services Authority (FSA), was heavily criticised for not providing a “robust enough framework” to manage the conflicts of interest inherent in proprietary life funds. …
Read More UK: FSA Heavily Criticised by Government Committee for Lack of Protection for Life Fund Policies

On 11 June 2008, the All Party Parliamentary Group on Insurance and Financial Services held a meeting focused on consumer insurance law, at which it considered the responses to the Law Commission’s Consultation  Paper (CP) on “Misrepresentation, Non-Disclosure and Breach of Warranty by the Insured” (See: Press Release: 13 June 2008). Responses were received from consumer groups, academics, brokers and lawyers, as well as from insurers. …
Read More UK: Reforming Consumer Insurance Law

In the case of (1) Ramco Ltd (2) Resource Industries Ltd v Weller Russell & Laws Insurance Brokers Ltd LTL 17/6/2008, David Donaldson QC  held that a broker was liable for failing to obtain “insurance coverage which clearly and indisputably meets its clients’ requirements.” Resource Industries Limited (RIL) was a company which traded in surplus army stock. 

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Read More UK: Broker Liable for Failing to Meet Client’s Requirements