February 2022
01Feb

UK. DWP publishes draft dashboard regulations

The Department for Work and Pensions (DWP) has launched a consultation on the draft pensions dashboards regulations. The consultation seeks views on the draft regulations which make provision for requirements to be met by pension dashboard services or the providers of these services, and by trustees or managers of relevant UK occupational pension schemes. Read also UK. Prudential reports itself to regulator over AVC failings The regulations - which the DWP said will apply to all registrable UK-based occupational pension schemes with...

February 1, 2022
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January 2022
28Jan

The Supreme Court Declines To Establish Pleading Standard For Defined Contribution Plan Excessive Fee Litigation

To the disappointment of many in the ERISA community, the Supreme Court issued a six-page opinion on January 24th that declined to opine on most of the issues that were before the Court in Hughes v. Northwestern University, No. 19-1401 (U.S. Jan. 24, 2022). In a unanimous opinion authored by Justice Sotomayor, in which Justice Barrett took no part, the Court vacated and remanded the Seventh Circuit's decision upholding the dismissal of plaintiffs' claims of excessive recordkeeping and investment...

January 28, 2022
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27Jan

US. SEC proposes expansion of private fund reporting requirements

The Securities and Exchange Commission on Wednesday approved proposing rule amendments to expand reporting requirements for large hedge fund and private equity firms. In a 3-1 vote, with the commission's lone Republican, Hester M. Peirce, dissenting, the SEC proposed amendments to its Form PF to require private fund advisers to file reports within one business day of events that indicate significant stress at a fund that could harm investors or signal risk in the broader financial system. Those events include...

January 27, 2022
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20Jan

Australian Pension Seeks to Double Its Assets to $108 Billion by 2025

Australia’s Construction & Building Unions Superannuation Fund expects to double assets to A$150 billion ($108 billion) in three years by snapping up rivals as regulator scrutiny forces smaller firms to exit. The Melbourne-based fund is talking to like-minded firms which will help it hit the target “in a couple years,” the A$68 billion fund’s Chairman Wayne Swan said in an interview Wednesday. “We don’t seek to grow for growth’s sake,” he said. “We seek to grow so we can deliver a...

January 20, 2022
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11Jan

UK. Parliament moves to ban flat fees on small pots

The move comes almost exactly a year since the Department for Work and Pensions formally proposed the ban in response to the review of the default fund charge cap. At that time, research from the Pensions Policy Institute estimated that the number of small, deferred pots in master trusts could surge from 8m to 27m by 2035, with the cost to members in fees and other charges reaching £1.2bn, in some cases wiping out small pots entirely. While the industry was...

January 11, 2022
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10Jan

US. The clock is ticking on retirement security bills, industry experts say

Lawmakers on both sides of the aisle are motivated to pass another major retirement security package in 2022, but with midterm elections looming in November, time is of the essence, retirement industry sources said. Bipartisan bills were introduced in the House and Senate in 2021 that build on the Setting Every Community Up for Retirement Enhancement Act, known as the SECURE Act, which Congress passed and was signed into law in late 2019. Sens. Rob Portman, R-Ohio, and Ben Cardin, D-Md.,...

January 10, 2022
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06Jan

US. What the Pension Protection Act has taught us about saving for retirement

They say that hindsight is 20/20. And as we look back on the Pension Protection Act, which was passed just over 15 years ago, it’s clear that our understanding of the law has, well, cleared up. Commendably, this legislation was crafted with the best of intentions — to help more Americans save for retirement — but its unintended consequences made a greater impact for too long. Among other provisions, the Pension Protection Act gave plan sponsors the power to automatically enroll...

January 6, 2022
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04Jan

UK. PMI warns majority of savers will be caught out by pension age rise

According to research from the PMI, published on December 29, which surveyed 2,000 individuals, 82 per cent of working people in their forties were not aware of the upcoming rise in the NMPA, which is set to increase from 55 to 57 in April 2028. The PMI said this change will directly affect the retirement options for those currently in their mid to late forties. The increase in the NMPA has been criticised across the industry as it will not apply...

January 4, 2022
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December 2021
20Dec

Fintech Regulation in Mexico Updated: March 31, 2021

By Catalyst Fund. BFA Global The CCAF and BFA Global have produced this deck to support fintech startups working in Mexico and those seeking to enter the Mexican fintech market. This deck provides an overview of Mexico’s regulatory regime as it relates to the fintech verticals of: ❏ Banking ❏ Credit ❏ Insurance ❏ Payments ❏ Investment The deck also offers recommendations on how startups can best engage with regulators and tools to help them do so. Get the book here 1,085 views  

December 20, 2021
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20Dec

UK. Demands to delay rises in the state pension age

Plans to raise the state pension age from 66 should be shelved because we are not living as long as previously expected, a new report has suggested. Current plans would see the age at which people are eligible for the state pension go up to 67 by 2028, and then eventually to 68. Consultant LCP says life expectancy has stalled and no changes should be made for 30 years. The government has just launched its latest review of the state pension age. At...

December 20, 2021
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