April 2019

22Apr

Chilean Government Introduces New Cryptocurrency and Fintech Regulation Bill to Congress

The Minister of Finance of the Chilean government Felipe Larraín announced the introduction of a bill regulating cryptocurrencies and fintech to Congress, Cointelegraph Spain reported on April 15. During his recent stay in the United States, Larraín reportedly noted that the requirements introduced by the new regulation will be proportional to businesses. He explained that the rules will take into account that various companies have different business models, and deliver different services that imply different risks for the users...

April 22, 2019
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19Apr

Africa’s Biggest Fund Manager Is Said to Court Banker as CEO

Africa’s largest fund manager is said to be considering financial services executive Kennedy Bungane to head the institution, according to people familiar with the matter. Responsible for most South African government workers’ pension funds, the Public Investment Corp. is being probed over allegations of wrongdoing that are currently a subject of a judicial commission of inquiry and resulted in a host of senior departures, including that of Chief Executive Officer Dan Matjila. The PIC, which manages more than 2 trillion rand...

April 19, 2019
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19Apr

UK. DWP publishes guidance on GMP equalisation

The Department for Work and Pensions has published its first round of guidance to help trustees resolve unequal guaranteed minimum pensions today. A GMP is the minimum pension that an occupational pension scheme, contracted out of the additional state pension between 6 April 1978 and 5 April 1997 on a salary-related basis, has to provide to its members. GMPs were abolished for contracted out service after 5 April 1997. The guidance, developed in conjunction with an industry working group, provides a recommended road...

April 19, 2019
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18Apr

UK financial watchdog sets out key focus for year ahead

The Financial Conduct Authority (FCA) has said there is an “inherent conflict of interest” when firms use contingent charging structures for DB pension transfers, according to its business plan for 2019/2020, where it assessed its activity for the next financial year. Alongside DB issues, the UK regulator also said it is continuing to consult the industry on further requirements for firms to provide a range of investment pathways to help consumers choose options that meet their needs when entering...

April 18, 2019
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18Apr

US. Small Business Owners Need a Nudge to Offer Retirement Plans

Data gathered by SCORE, a nonprofit provider of mentor services to U.S. small businesses, shows that 34% of small business owners do not have retirement savings plans for themselves, and the fewer employees a business has, the less likely it is to offer a retirement plan for its employees. Only 28% of businesses with fewer than 10 employees offer retirement plans for employees, 51% of businesses with 10 to 24 employees offer retirement plans, and 63% of businesses with 25 to 49...

April 18, 2019
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17Apr

Lebanese PM warns of catastrophe without austerity

Lebanon faces catastrophe if the government does not agree what may be the most austere budget in its history, the prime minister said on Wednesday, urging national unity and saying everyone should be ready for sacrifices if necessary. Prime Minister Saad al-Hariri’s government is finalizing a 2019 state budget expected to follow through on its promise of “difficult and painful” reforms to put the public finances on a sustainable path. The budget is seen as a critical test of...

April 17, 2019
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17Apr

UK. Govt urged to tackle ‘social inequalities’ caused by state pension reforms

The government is being urged to draw on examples from other countries when it comes to implementing state pension reforms without causing further social inequalities, as it was found the current UK reforms have the potential to "exacerabate inequalities". In a new report from the International Longevity Centre (ILC), the think tank draws on research by Extend project that found that the state pension reforms have significant potential to exacerbate social inequalities. The research by Extend found...

April 17, 2019
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17Apr

South Africa. Pension fund boards must take climate change into account

A South African pension lawyer has published a new opinion which finds that the boards of South African pension and provident funds must fully consider climate risk when making investment decisions. Failure to do so exposes trustees to the threat of legal liability for losses incurred by the fund as a result. The legal opinion specifies that this is true for funds regulated by South Africa’s Pension Funds Act, and for those funds – like the Government Employees Pension...

April 17, 2019
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17Apr

US. Here’s What Public Pension Funds Can Do To Protect Against Insolvency

The severity of the pension crisis is quite clear at this point because news and data about it are widely available. However, one thing that hasn’t been prevalent is potential solutions to the problem. Public pensions are starting to put their proverbial heads together to tackle this major issue, but so far, efforts have generally not been enough to protect even the largest pension funds from potential insolvency. Now one organization has examined the pension crisis as it applies...

April 17, 2019
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16Apr

It’s on! Mexican Afores plot mutual fund foray

Nothing moves quickly in the world of pension reform. Just ask Mexico’s pension funds, whose patience has been pushed to the limits of late. After being granted access to foreign mutual funds for the first time in December 2017, Mexico’s pension funds had to wait over a year to receive guidelines from the local pensions authority, known as Consar, on how they could invest in them. A number of factors led to delays, not least among them last...

April 16, 2019
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