Latest on Regulation & Reform – Page 139
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LGPS advisory board pursues ESG-related guidance updates
Scheme advisory board wants to make sure legal framework for LGPS does not lag that for other pension schemes
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Politicians urge government to legislate for cost disclosure
Industry cost reporting templates will not be sufficient to provide full transparency for pension funds and savers, argues Work and Pensions Select Committee
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NewsTPR: DC governance stats show smaller schemes should wind up
The Pensions Regulator’s latest survey reveals an ‘unacceptable long tail’ of smaller schemes failing to meet key governance and trusteeship standards
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Asset managers propose new fund structure for illiquid assets
The Investment Association has proposed the creation of the ‘Long-Term Asset Fund’, which would be a modified version of an existing category of open-ended authorised fund
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Ex-regulator boss brings FX rigging lawsuit against five banks
Former chair of the Pensions Regulator Michael O’Higgins is leading efforts to secure compensation from five banks fined more than €1bn in May over two FX cartels
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LGPS funds to be exempt from fiduciary management rules
DWP consults on new rules for fiduciary managers and investment consultants following CMA investigation
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Pension SuperFund signs up second client in £300m deal
DB consolidation vehicle’s first deal was submitted to the regulator for clearance in May
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Aberdeen Standard appeals rejection from Sweden’s state-backed fund platform
Decision by Swedish Pensions Agency affects nine funds managing total of €179m, and comes as the fund platform is rolling out a series of reforms
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Accounting body could drop hybrid scheme work, IASB warns
The international standard setter is looking for help from the European Financial Reporting Advisory Group to inform its work on accounting for hybrid pension funds
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NewsPension funds ‘remain in scope’ of financial transaction tax law
Brussels-based pension fund and insurance lobby groups reiterate concerns ahead of technical meeting tomorrow
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NewsEU court sinks investment cost tax reclaim case for UK charities
Cambridge University has been denied the right to reclaim VAT on fund management fees, casting doubt over the future tax situation for UK charities
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NewsRegulator fines former Standard Life subsidiary £31m over annuity misselling
Standard Life Assurance failed to have robust systems and controls around its pension annuity sales, according to the FCA
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News€75bn Australian pension mega-merger kicks off consolidation drive
First State Super and VicSuper deal will create Australia’s second biggest superannuation fund, and three more multi-billion-dollar deals are in the pipeline
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NewsESMA advises against explicit ESG analysis mandate for credit rating agencies
Watchdog says credit rating agencies should stay focused on creditworthiness, but transparency of how they consider ESG factors could be improved to help investors
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NewsMSCI warns of €1bn-plus funds running liquidity risks
Data group analyses 400 UCITS funds and reports on liquidity profiles in wake of high-profile suspension of LF Woodford Equity Income fund
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NewsUS academics challenge whether ESG investing must be fiduciary duty
Two law professors have argued that the position taken by the PRI and others is ‘contrary to both law and economics’
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Auto-enrolment should be expanded, say UK firms
Nearly all companies favour broadening the regime to include lower-paid workers and the self-employed, according to a CBI/Scottish Widows poll
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French government adviser delivers pension reform recommendations
Report elaborates vision of a points-based universal system to replace the 42 schemes that form the current mandatory state-backed system
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NewsItalian pension schemes hit out at government plan for new fund
The Italian Social Security Institute wants to set up an alternative to existing second-pillar funds, but trade body Assofondipensione warns it could hurt the system
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Joseph Mariathasan: Markowitz, Friedman and the crucial debate on ESG
Should the interests of company shareholders trump those of all other stakeholders?
