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 People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...