Publication
Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
United Kingdom | Publication | October 2023
The Deputy Pensions Ombudsman has upheld two complaints made against the trustees of the Focus Group Administration Pension Scheme, with Simon Williams (the former sole trustee of the scheme) ordered to repay over £730,000 into the scheme.
The scheme was established in March 2013, with Williams as sole trustee and Glenn House, sole director of Brambles Administration Limited, as the administrator (Brambles). Williams was the sole director and shareholder of Focus Administration Limited (Focus), the scheme’s sponsoring employer. From 2016, Focus was appointed as sole trustee by Williams.
The complainants claimed that the trustees had failed to:
11 members transferred a total of approximately £830,000 of pension benefits into the Scheme. One complainant lost nearly 50 per cent of his pension, while the second complainant said he had lost his entire pension.
The Deputy Pensions Ombudsman found that Williams and Focus had committed multiple breaches of trust and, alongside Brambles, many acts of maladministration resulting in the loss of scheme funds which severely impacted the pension pots of scheme members.
Williams and Brambles were also ordered to pay each complainant £6,000 in recognition of the distress and inconvenience.
In its press release on the determination, the Pensions Ombudsman noted that the determination was reached after an extensive investigation carried out by the Pensions Dishonesty Unit (the PDU). The PDU was established in November 2021 to investigate allegations of serious breaches of trust, misappropriation of pension funds and dishonest or fraudulent behaviour by trustees. The determination has been shared with the Pensions Regulator.
Publication
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
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The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.
Publication
The conventional wisdom is that ‘securitisation caused the great financial crisis’ (GFC). A further piece of conventional wisdom is that this was due to the misalignment of incentives between securitisation originators and securitisation investors . This conventional wisdom in turn drove much of the regulation of securitisation we now have.
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