Regulation
Andrew Bailey: BoE readying further 'unprecedented' response to coronavirus crisis
The Bank of England (BoE) is "ready to do more" to fight the economic consequences of the coronavirus pandemic and the measures put in place to tackle it, including further interest rate cuts and an expansion of its corporate financing facility, according...
Tool launched to help with coronavirus compliance
Hymans Robertson has launched a segment identifier tool to help schemes meet The Pensions Regulator’s (TPR) expectations during the Covid-19 pandemic.
Six key takeaways from TPR's 2020 funding statement
The Pensions Regulator (TPR) issued its 2020 Annual Funding Statement last month in the midst of the global Covid-19 crisis. Marian Elliott address some of the issues trustees will be facing when completing a valuation in this environment.
TPR's 2020 Annual Funding Statement: Something Old, Something New
The Pension Regulator’s (TPR) Annual Funding Statement (AFS) is a fixture in the defined benefit (DB) pensions calendar but its arrival this year could not be against a more changed backdrop: new leaders for the two largest political parties, the country...
Pension tax changes for public workers lauded a fair choice
The government’s proposal of temporary changes to pension tax for public sector workers amid the Covid-19 pandemic is the fairest choice, says Royal London.
FCA investment pathways implementation paused as DB transfer work continues
Stopped suitability of advice work
Parliamentary group launches to step up action on pension scams
The new All-Party Parliamentary Group (APPG) on Pension Scams has had its inaugural meeting in parliament to outline its priorities for boosting public awareness around scam risks.
USS flags scheme valuation methodology changes
Universities Superannuation Scheme (USS) will continue its discussions over whether a pre-and post-retirement dual discount rate approach could help plug serious funding concerns for its defined benefit (DB) section.
Chancellor poised to plug NHS pension crisis with annual allowance easement
New chancellor Rishi Sunak is likely to ease restrictions on pension tax relief for high earners to meet the NHS workforce crisis.
DWP disappoints with 'unfortunate' decision to hike general levy by 10%
The Department for Work and Pensions (DWP) says it will press ahead with a 10% increase to the general levy from 1 April, despite a severe industry backlash to a consultation on the issue.
Uncertainty prevails over pension contribution tax relief cuts
Reports that new chancellor Rishi Sunak is set to abandon cuts to tax relief on pensions contributions are continuing to circle.
Oxfordshire County Council pension fund improves following TPR action
Oxfordshire County Council has seen a "significant improvement" to its pension fund governance following action by The Pensions Regulator (TPR).
DB pension freedom rights 'eroded' by Dear CEO letter
The recent 'Dear CEO' letter sent by the FCA to pension providers could mean pension freedoms for defined benefit (DB) scheme members are "being eroded", one SIPP provider has warned.
SLA tribunal triumph over Lloyds termination of £109bn Scottish Widows mandate
Standard Life Aberdeen has won a tribunal in which it claimed Lloyds Banking Group was not entitled to give notice to terminate investment management arrangements for a £109bn mandate.
Treasury launches fresh inquiry into post-Brexit financial regulation as UK enters 'uncharted waters'
The Treasury Select Committee has launched a new inquiry into the future of the UK's financial services once it has left the European Union.
Cost transparency: Where are we a year on?
The transaction cost disclosure regulations have been in place for a year. Jon Parker says while there has been progress in obtaining data, there is a still a long way to go.
Frank Field to meet Insolvency Service chief over BHS pre-sale audit
Work and Pensions Committee (WPC) chairman Frank Field will continue his probe of former BHS owner Sir Philip Green as he prepares to meet Insolvency Service chief executive Sarah Albon later this month.
Hammond to unveil study on pooling DC funds into patient capital - reports
Chancellor of the Exchequer Philip Hammond is expected to use next Monday's Budget to launch a feasibility study into the use of pensions to fund UK patient capital opportunities.
Suitability reports needed for advice against pension transfers - FCA
The Financial Conduct Authority (FCA) is to press ahead with its plan to require firms to provide suitability reports for advice against a pension transfer despite concerns over additional advice costs.
FCA delays decision on DB transfer contingent charging ban
The Financial Conduct Authority (FCA) has held back from making any changes to its rules on contingent charging for defined benefit (DB) transfers in its latest policy paper on the subject.
Brexit white paper: UK and EU won't have current levels of access to each other's markets
The government has backed down from its calls for mutual regulatory recognition post Brexit and will now push for a deal that will see UK and EU financial services firms' access to each other's markets scaled back when the country leaves the bloc.
IA updates Investment Management Agreement to reflect MiFID II changes
The Investment Association (IA) has updated its template Investment Management Agreement (IMA) to reflect new MiFID II requirements, which came into force on 3 January 2018.
Rising DB transfer claims push 2018/19 FSCS levy to £407m
The FSCS has cited the growing number of claims relating to defined benefit (DB) pension transfers as the main reason for the lifeboat scheme's levy for this year being a fifth higher than it forecast in January.
FCA eyes contingent charging ban in DB transfer advice
The Financial Conduct Authority (FCA) has revealed it is considering whether to implement a ban on contingent charging for pension transfer advice.