INCLUDING: JAPAN - Japanese pensions payment changes; US - SEC rebukes Callan
Japanese pensions payment changes
JAPAN - In a bid to end the pension premium embezzlement scandal, the Daily Yomiuri has reported that Social Insurance Agency offices will stop accepting pension premium payments at their counters as early as the next financial year.
Yoichi Masuzoe, health, labour and welfare minister, announced that all subscribers will pay their premiums through convenience stores, postal savings or bank accounts to avoid the problem.
SEC rebukes Callan
US - Bloomberg has reported on America’s Securities and Exchange Commission (SEC) investigation into practices in the US pension-consulting industry involving a conflict of interest between Callan Associates Inc. and BNY Brokerage.
The article says that Callan agreed to refer clients to BNY as its preferred broker in exchange for both consulting fees and brokerage commissions. The Government Accountability Office (GAO) conducted a survey of 13 conflicted consultants and found these to produce lower returns than funds that had not used the advisers.
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.