UK - The Financial Services Authority has produced a consultation paper on how to improve the corporate governance of life insurance firms and with-profits funds.
FSA managing director for insurance John Tiner said: “This package of measures will shine a searchlight into life insurers’ boardrooms and show how discretion is exercised in with-profits funds.
“They will ensure that boards and senior management are accountable not only for the decisions they take but also for ensuring that they obtain actuarial advice where appropriate.”
The directors of collapsed construction giant Carillion were "contemptuous" of funding their defined benefit (DB) pension schemes, and "refused to give an inch", Frank Field has alleged.
The PPF 7800 deficit was slashed in half last month as gilt yields rose. Victoria Ticha asks if this is the start of a longer trend
Frank Field is to warn Sir Philip Green not to sell his Arcadia business without ensuring defined benefit (DB) pensions are adequately protected, PP can confirm.
Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).