United Kingdom | Publication | February 2024
On January 30, 2024, the PPF published its annual levy ceiling Order, which will apply from April 6, 2024.
The PPF has confirmed that it intends to collect an estimated £100m from eligible DB schemes for the 2024/25 financial year. This represents an 8.2 per cent increase over the previous year, due mainly to the growth in average weekly earnings in the year to July 2023. The levy funds the compensation the PPF provides to members of schemes with insolvent employers.
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On 10 December 2024, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 were laid before Parliament, together with an Explanatory Memorandum.
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On 28 November 2024, the Financial Conduct Authority (FCA) published CP24/2, Part 2 in relation to its controversial ‘name and shame’ proposals, having trailed this in oral evidence before the House of Lords Financial Services Regulation Committee earlier in November.
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As previously observed, conflicts occasionally arise between mortgagees and charterers where a mortgagee wishes to take prompt action to enforce its rights, but the charterer wishes such enforcement action to be deferred until the end of the charter.
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