US - The Securities and Exchange Commission (SEC) has charged Merrill Lynch with conflicts of interest and misleading pension fund clients when advising over its money manager programmes.
As a result, the SEC said, the company and its investment advisors "could and often did" receive "significantly higher revenue" from clients who chose Merrill Lynch directed brokerage services.
SEC's Division of Enforcement deputy director Scott W. Friestad said: "There has been tremendous growth in the pension consulting business in recent years.
"This case is an important reminder to firms and their investment adviser representatives that, whenever they sit across the table from their advisory clients, they need to make sure that all material conflicts of interest are disclosed."
The SEC also made similar conflict of interest allegations against the company in recommending its London-based transition management desk to clients.
Merrill Lynch has accepted the charges and agreed to pay a fine of US$1m.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.