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Avoiding legal and regulatory pitfalls in digital transformation projects
This article first appeared in the September 2024 issue of Financier Worldwide.
United Kingdom | Publication | May 2022
The Pensions Regulator has confirmed that it will develop common measurements to allow savers to see which DC schemes offer the best value for money.
Working jointly with the Financial Conduct Authority (FCA), the two regulators will engage with industry and consumer groups in the coming months before publishing a consultation on proposals “towards the end of 2022”.
This statement follows on from a Pensions Regulator and FCA discussion paper in 2021 about how best to measure value for money.
The regulators believe that it is currently hard to compare fees and charges, investment performance and quality of service. They want to achieve consistent data across the pensions industry on investment performance, costs and charges and service standards. The idea is that this greater transparency should improve competition and value.
The Pensions Regulator says that there is clear support across the industry for a consistent approach. However, achieving this will be complex, there are differences of opinion about the best approach and further work is needed on what should be disclosed and how.
For most DC schemes this is likely to mean further disclosure requirements in due course. Trustees should monitor how this initiative develops.
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This article first appeared in the September 2024 issue of Financier Worldwide.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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On 26 July 2024, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) jointly released revised rules in respect of the investments into China’s financial market through the Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor (collectively, QFII) regime (the New Rules).
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