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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 | July 2023
The Regulator has confirmed that too many DC schemes, especially smaller ones, are failing to meet expectations on assessing value. In the report of the results of its survey of trust-based DC schemes published on July 4, 2023, only 24 per cent of DC schemes met the Regulator's key governance requirement to assess the extent to which member-borne charges and transaction costs provide good value. Larger schemes were found to be more likely to assess value against costs and charges than smaller ones, with only 11 per cent of members in schemes that failed to meet the Regulator's expectations.
The annual survey of trust-based occupational DC pension schemes was carried out between October 25 and December 21, 2022. A total of 342 interviews were completed, including 23 with representatives of master trusts. In addition, on January 30, 2023, the Regulator launched an open consultation jointly with the DWP and the Financial Conduct Authority on a holistic framework for the assessment of value for money.
The Regulator is also undertaking a survey to ensure savers are getting value from their pension savings, separately from the joint consultation.
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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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