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Europe steps up its fight against fraud
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
United Kingdom | Publication | March 2024
On February 20, 2024, the Regulator published its annual report providing an overview of the occupational DB and hybrid pension scheme landscape in the UK.
The report covers scheme status, membership levels and assets under management. The key findings are that the DB and hybrid landscape continues to shrink at a consistent rate and scheme funding levels have improved since 2022. However, updated methodology means that data in this publication cannot be meaningfully compared with previous years.
According to the report, the total number of DB and hybrid schemes has reduced by two per cent from 5,378 in 2022 to 5,297. For schemes within the landscape, the percentage closed to future accrual (excluding those in wind-up) has risen from 70 per cent to 72 per cent. In addition, the number of schemes with 100 per cent or greater technical provisions funding levels increased from 2,565 to 3,620 and the total deficit (of schemes in deficit) reduced from £63.610bn to £27.673bn.
Following the announcement in 2023 of the proposed Mansion House reforms, a consultation is awaited on how schemes might generate and use surpluses investing more in productive assets.
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European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
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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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Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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