Without reform, the government’s Ponzi Pension Scheme will bankrupt us all August 5, 2020 For the past decade, financial markets have been dominated by the ongoing distortions set in motion by the last financial crisis in 2008. Regulatory overkill of City dealing, quantitative easing (QE) and zero interest rate policies (ZIRP) have combined to drive financial assets — stocks and shares — to record prices. Now, the consequences are [...]
Scottish Widows becomes first investor in Blackrock climate fund August 5, 2020 Scottish Widows has become the first investor in Blackrock’s newly launched climate fund, which is designed for the transition to a low carbon economy. The pension provider is initially allocating £2bn of its pension portfolios into Blackrock’s Climate Transition World Equity Fund. It marks a shift in strategy for Blackrock, which is using data to [...]
UK pension scheme invests £5.5bn into ‘environmentally friendly strategies’ July 29, 2020 Britain’s largest pension scheme Nest has pledged to tighten its climate change policy with an investment of £5.5bn into environmentally friendly strategies. The government-backed scheme said it would decarbonise its £12bn investment portfolio in a bid to tackle climate change. Nest said it aims to be “net-zero” across its investments by 2050 or earlier, with [...]
FCA puts UK banks on notice on overdrafts but will not open formal inquiry July 1, 2020 The Financial Conduct Authority (FCA) will not open a formal inquiry into overdraft charges by UK banks, but said there would be a full evaluation of lenders’ pricing next year. In January, the financial watchdog gave banks just two weeks to explain changes to their overdraft rates which would leave around eight million consumers worse [...]
Reassuring pension savers in these turbulent times June 26, 2020 Millions of pension savers across the country are concerned about the state of their finances. Since lockdown began in March, the government’s protective measures have supported both employers and employees through a difficult time. As these measures begin to be eased back, there may be a higher possibility of company insolvencies, and thus reduced financial [...]
FCA proposes assessment of pension value for money rules June 24, 2020 The financial watchdog has proposed a tightening of rules to check whether members of workplace pension schemes are getting value for money. In a consultation paper released this morning, the Financial Conduct Authority (FCA) announced it would bring forward the proposals to make it easier for Independent Governance Committees (IGCs) and Governance Advisory Arrangements (GAAs) to [...]
Pensions watchdog gives go-ahead to superfund deals June 18, 2020 The UK’s pension watchdog has given the green light to the launch of superfunds, leading to billions of pounds of retirement funds to be pooled together. The Pensions Regulator (TPR) has set out an interim framework for supervising the pension consolidation vehicles called superfunds. Sky News first reported the development yesterday afternoon, before TPR confirmed. [...]
A new ‘superfund’ scheme for pensions June 18, 2020 Pensions minister Guy Opperman announces a significant step towards transforming retirement saving The consolidation of defined benefit pension schemes into “superfunds” has the potential to deliver more secure retirement incomes for workers, while allowing employers to concentrate on what they do best: running their businesses. That’s why I welcome the Pensions Regulator’s interim regime for [...]
FCA fines Lloyds Banking Group £64m after mistreating mortgage customers in difficulty June 11, 2020 Lloyds Banking Group must pay a £64m fine for failing to treat over a quarter of a million mortgage customers in arrears fairly. Lloyds Bank, the Bank of Scotland and the latter’s subsidiary The Mortgage Business all failed to take struggling customers’ financial circumstances into account when arranging repayments. The banks’ systems and procedures meant [...]
L&G agrees two pension risk transfer transactions with IHS Markit May 13, 2020 Legal & General has today announced it has agreed two pension risk transfer transactions with information provider IHS Markit, one in the UK and one in the US. The UK transaction was for £37.8m, covering around 150 members, while the US transaction was £78.4m, covering around 1,200 members. The financial services group also confirmed it [...]
