United Kingdom | Publication | March 2024
On March 4, 2024, ahead of the Budget, Chancellor Jeremy Hunt announced pension fund reforms as another step in the Government’s plan to boost British business and increase returns for savers. The reforms include:
The Regulator and the FCA will have a full range of intervention powers.
The plans, which do not affect DB schemes, build on the “Mansion House Reforms” that encouraged pension funds to invest at least 5 per cent of their assets in unlisted equity. However, it is unclear how the “Britishness” of assets would be defined for these purposes.
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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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