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Pensions regulator sheds more light on workplace scam investigations

The Pensions Regulator is continuing to use its enforcement powers to crack down on workplace scams, but has declined to provide information on the names of firms it has targeted.

In a Freedom of Information request earlier this year, it was revealed that TPR had used its so-called ‘section 72’ powers – which have mostly been used for scams but can also be used to take action on avoidance and governance breaches or defined benefit scheme funding – 281 times since 2012.

A follow up request this week shows that 21 investigations into whether TPR should take action against employers avoiding their auto-enrolment duties are still ongoing, and it has already closed 20 such cases.

However, TPR has said that it is unable to release the names of schemes issued with an s72 notice over avoidance and DB scheme funding because it would prevent it from conducting its regulation effectively.

TPR has also released a trove of emails between the regulator and the troubled Universities Superannuation Scheme. The 231 pages are heavily redacted, as universities staff begin balloting for strike action this week over plans to move them out of the £60bn scheme into a defined contribution deal.

The current deficit in the scheme is around £7.5bn.



Fidelity to relocate 650 staff as office closes

Fidelity International is to downsize its presence in the UK further as it plans to close its Kent office and relocate 650 staff by 2020. The asset manager, which currently operates in London, Surrey and Kent, says by 2020 it will move “the majority” of the 650 employees from Tonbridge, Kent to its Kingswood office […]


Pimfa’s Beasley hits back at criticism of FSCS stance

Pimfa board member and Richmond House Group managing director Paul Beasley has hit back at criticism of the trade body in a recent column from Money Marketing contributor Nic Cicutti. Earlier this month, Cicutti argued that the Financial Services Compensation Scheme should continue to cover claims for unregulated investments, and that Pimfa’s position “compounds the […]

Little details make the difference to great advice

Never forget that everything counts. Every aspect of your business says something about who you are, what you value and the kind of experience a client can expect to have should they choose to give you the time of day. Brochures, employees, products, packaging, wallpaper, flowers, absence of flowers – each small detail is communicating […]

US election

Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here


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