More Law & Regulation – Page 106
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TPR raises bar with mastertrust code of practice
A new authorisation code requiring mastertrusts to demonstrate their financial sustainability may force a number of providers from the market, experts have speculated.
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CWU members vote for Royal Mail deal
The Communication Workers Union has announced that its members have overwhelmingly voted in favour of a deal with Royal Mail over pensions and pay.
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Industry welcomes FCA transfer advice rules
The Financial Conduct Authority has published new rules on pension transfer advice following its research that showed a high proportion of advice was not suitable. It is also seeking views on contingent charging among others. The industry has welcomed the additional clarity provided in this area.
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NewsSelf-employed do not trust pensions, experts say
Self-employed workers lack confidence in pensions partly because of questions over their affordability, according to experts.
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Can schemes still justify active management?
The average active fund manager cannot outperform their benchmark net of fees, and according to the Competition and Markets Authority, the average investment consultant cannot reliably identify those managers who do. Can an average trustee board reasonably keep the faith in active management?
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PwC probed on Carillion fees and conflicts
MPs have grilled PwC partners on fees and the safeguards the accountancy firm put in place to prevent conflicts of interest arising from its various roles regarding collapsed contractor Carillion.
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Government lowers mastertrust authorisation fees
The government has announced that proposed fees for mastertrust schemes seeking authorisation have been revised downwards.
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UK sees launch of first superfund
The UK is seeing the launch of its first so-called superfund, designed to consolidate defined benefit schemes, with an initial £500m of capital subject to transaction approvals.
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DB white paper promises tougher fines and consolidation drive
Employers who wilfully or recklessly put their defined benefit pension schemes at risk are in the firing line of new punitive fines announced in a government policy statement released on Monday.
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Govt says it has learnt from BSPS saga
Lessons "can and will be" learnt from the British Steel Pension Scheme events, the government has said, but stands by the outcome involving a regulated apportionment arrangement and new pension scheme.
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TPR and FCA seek input for joint strategy
The Pensions Regulator and the Financial Conduct Authority are jointly calling for input on regulating the pensions and retirement sector.
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NewsFines for DB negligence leave industry split
Employers who wilfully or recklessly put their defined benefit pension schemes at risk are in the firing line of new punitive fines announced in a government policy statement released on Monday.
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Women push for equal pay settlement to be made pensionable
Former and current female employees of Glasgow City Council are pushing for pensions to be included as part of an equal pay settlement, as parties opt for negotiation over litigation.
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Canary Wharf govt hub to include ombudsman but not FCA
The Pensions Ombudsman has said it is moving offices from London Victoria to a newly renovated "government hub" in London's financial district Canary Wharf on April 3 this year. This follows a previous announcement by the Financial Conduct Authority that it will move from Canary Wharf to Stratford in north east London this year.
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Field urges FCA to cast net wider on transfer advice
The Work and Pensions Committee has urged regulators “to get their houses in order now” to protect pension scheme members from another mis-selling scandal.
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Govt 'tempted' by latest Royal Mail CDC proposals
The Department for Work and Pensions is “tempted” to lay regulations facilitating the creation of collective defined contribution schemes, following a recent breakthrough by the team drafting proposals on behalf of Royal Mail.
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Govt creates taskforce to boost private social impact investment
Theresa May has commissioned an industry taskforce on social impact investment, led by vice-chair of Allianz Global Investors Elizabeth Corley.
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Shadow work and pensions secretary 'stood down'
The Labour Party’s shadow work and pensions secretary, Debbie Abrahams, has been forced to leave her role over allegations reportedly related to claims over her behaviour.
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IDWG chair calls for reform by April
PLSA Investment Conference 2018: Chris Sier, chair of the Financial Conduct Authority’s Institutional Disclosure Working Group, has called for the introduction of reforms promoting asset management transparency by the beginning of April.
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Cold-call ban needs hefty fines to work, experts say
The government's decision to speed up its ban on cold calls and emails related to pensions must be supported by credible regulations and deterrent fines if consumers are to be protected, industry commentators have said.