Regulation

The Financial Services Authority fears advisers and employee benefit consultations will switch group personal pensions around the market to continue receiving commission.

US/UNITED ARAB EMIRATES - The Abu Dhabi Investment Authority (ADIA) said it plans to fully "pursue its legal rights" as it looks to pull out of its 2007 investment in Citigroup or receive US$4bn in compensation.

NETHERLANDS - De Nederlandsche Bank, the Dutch central bank, said it plans to improve the risk management functions at local pension funds after a review of the industry found schemes took on too much investment risk.

The Accountancy and Actuarial Discipline Board has launched an investigation into the conduct of an accountant in connection with matters related to the financial statements of Equitable Life Assurance Society in 1999.

Trivial commutation regulations which should have come into effect on December 1 have been delayed due to a government drafting error, a law firm says.

EUROPE - Increased reporting on debt has been introduced by the third compromise version of the Alternative Investment Fund Managers (AIFM) directive released today by the Swedish Presidency of the European Council.

GLOBAL - International law firms Lovells and Hogan & Hartson are to merge.

US - A pension fund is suing Goldman Sachs alleging officials and the board breached their fiduciary duties by allowing an expected US$22bn in 2009 bonuses.

IRELAND - A construction company has pleaded guilty to deducting pension contributions from its workers but failing to deposit the funds into the Construction Workers Pension Scheme (CWPS).

US/UK - A US law firm is advising European pension funds and institutional investors to opt out of the US class action against Royal Bank of Scotland and to seek damages in the UK.