The South Yorkshire Pensions Authority was "negligent" over the investment of £10m of deposits in a failed Icelandic bank after it had been downgraded by credit ratings agencies, the Audit Commission says.
The watchdog's report - Risk and Return - said the pension fund was one of seven local authorities which missed the "significant" changes to the credit ratings of all the Icelandic banks made on Se...
To continue reading this article...
Join Professional Pensions
Become a Professional Pensions Lite Member today
In just a few clicks you can start your free Professional Pensions Lite membership for 12 months, providing you access to:
- Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
- Receive important and breaking news stories via our two daily news alerts
- Hear from industry experts and other forward-thinking leaders
