INCLUDING: AUSTRALIA - Sherry meets UK expert; GLOBAL - Watson Wyatt results; GERMANY - Allianz writedowns; CANADA - Gov urged to change regulations
Nick Sherry, minister for superannuation and corporate law, Australia, this week held wide ranging discussions on financial market conditions and regulatory responses with Sir Callum McCarthy, chairman of the UK Financial Services Authority (FSA), and Chris Gibson-Smith, chairman of the London Stock Exchange (LSE). In relation to superannuation and retirement income issues, Sherry also met with James Purnell, UK secretary of state for work and pensions, and the full House of Commons Work and Pensions Committee.
GLOBAL - Watson Wyatt results
Watson Wyatt Worldwide has announced its investment consulting group revenues have grown by 27% compared to last year, according to its third quarter results. Overall revenues were US$457.5m, an increase of 16%, and the benefits group revenues were US$268m, an increase of 21%.
GERMANY - Allianz writedowns
Allianz Group reported markdowns of €845m (US$1.3bn) in its ABS trading book in its first quarter results. The firm's total revenues decreased by 5.7% to Ä27.7bn, compared to €29.3bn in the same period of 2007. In asset management, third-party assets under management decreased to €736bn from €765bn at 31 December 2007.
CANADA - Gov urged to change regulations
The Association of Canadian Pension Management (ACPM) has urged the government to make regulatory changes and allow recommendations it believes will strengthen the industry to be carried out.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.