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Pensions Regulator announces changes to the DC scheme return for 2024
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
Global | Publication | November 20, 2015
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On November 17, 2015 the Department for Business, Innovation and Skills (BIS) published an update to the draft Statutory Auditors and Third Country Auditors Regulations 2016 (the draft 2016 Regulations), which will implement the Statutory Audit Amending Directive and EU Audit Regulation in the UK and which were initially published with BIS’ consultation on the technical legislative implementation of the Directive and Regulation in October 2015.
The updates relate to the removal and resignation of an auditor of a public interest entity (PIE) in Chapter 4 of Part 16 of the Companies Act 2006 (CA 2006) as amended by the draft 2016 Regulations. Draft section 510A CA 2006 allows for certain parties to apply to court for an order to remove the auditor of a PIE on the ground that there are proper grounds for removing such auditor. The draft 2016 Regulations, which set out section 510A, now stipulate that an application can be made by:
They also stipulate that, for the purposes of section 510A, divergences of opinions on accounting treatments or audit procedures shall not be proper grounds for removing an auditor from office.
The draft amendments include an updated definition of a PIE in section 519A CA 2006. This is broadly a company whose shares are traded on a regulated market, certain credit institutions and certain insurance undertakings.
(BIS, The Statutory Auditors and Third Country Auditors Regulations 2016, 17.11.15)
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The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
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On July 30, 2024, the Regulator published its market oversight report on how trustees are complying with their environmental, social and governance (ESG) duties, including in respect of climate change.
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We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.
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