UK regulator to expand scope and powers [updated]

first_imgTPR said it had identified core regulatory risks that would pose “a significant threat to the achievement of our regulatory outcomes”, in order to establish its priorities for the next three years. Charles Counsell, chief executive, TPRThese risks included: the failure or unmanaged exit of a trust-based scheme or its provider; excessive numbers of individuals opting out or not saving into pensions; and pension schemes or their members becoming victims of fraud.Counsell – who took over from Lesley Titcomb as TPR boss at the start of last month – said that with the regulator’s powers now extending to far more schemes than in the past, including smaller schemes, it would engage with them “if they cause us concern”.TPR’s enforcement team would carry out “full investigations into those who wilfully or persistently flout their duties”, he added.In the plan, TPR said it had already been using “a broader range of our powers to deter and punish those who persistently fail to comply” over the past 12 months.“The past year has seen our first prosecution for fraud, our first custodial sentence, and the courts handing down the largest ever fine following a TPR prosecution,” said the regulator’s chairman Mark Boyle.“We have also seen a number of high-profile cases being resolved, including Southern Water agreeing to pay £50m [€57.1m] into its pension scheme under a shortened recovery plan.”TPR confirmed it would continue working with other UK regulators, in particular the Financial Conduct Authority (FCA) and the Money and Pensions Service, on DB to DC transfers, and that it would be launching a joint review of the “consumer pensions journey” with the FCA.Laura McLaren, partner at Hymans Robertson, said the regulator’s plan served to reaffirm its pledge last year to be “clearer, quicker, tougher”.“A clear sign of its hardening stance comes under the heading of ‘using a broader range of powers’ where the regulator is at pains to demonstrate it has both sharp teeth and well exercised jaws, with examples of where it has taken decisive action,” McLaren said.“With many trustees and sponsors already starting to feel the impact of this shift we believe that increasing clarity and transparency should be welcomed.Recent Hymans Robertson research showed 29% of trustees wanted to see “more clarity on what ‘prudence’ and ‘affordable’ mean”, she added, with 13% “valuing more clarity on when TPR will intervene”.“This greater clarity will in turn help to inform those who are at greater risk of intervention to understand what to expect if the regulator’s jaws come down in their direction,” she said.Further reading‘Clearer, quicker, tougher’: UK regulator sets out three-year plan In last year’s three-year plan, TPR said it would increase its staff and “take action in a broader and more visible way to improve outcomes for retirement savers” UK to consider criminal sanctions against negligent scheme sponsors The UK government last year pledged to grant TPR more powers to fine directors and companies “to tackle irresponsible activities that may cause a material detriment to a pension scheme”This article was updated on 17 May to add comment from Hymans Robertson. The UK’s Pensions Regulator (TPR) has promised to extend its regulatory grip and intervene to ensure defined benefit (DB) schemes are properly funded to meet their liabilities.In its corporate plan for 2019-22 TPR stated that, as part of its more proactive and targeted approach, hundreds more schemes would be contacted in the coming year – including the use of a “rapid response” team to respond more quickly to intelligence about companies or major restructuring plans.The regulator said: “Communications clarifying duties and TPR’s expectations will be sent to DB schemes, newly authorised master trusts, defined contribution (DC) schemes and new employers with auto-enrolment responsibilities.”Charles Counsell, chief executive of TPR, said he recognised the plan was being published at a time of “great change in both the pensions landscape and the way TPR works”, citing the increase in automatic enrolment contributions to 8%, effective from last month, and the new authorisation regime for master trusts.last_img read more

Sunrisers Hyderabad aim to end losing streak against Chennai Super Kings

first_imgHyderabad: It will be an uphill task for the Sunrisers Hyderabad to secure a victory and get back on the winning track when they take on Chennai Super Kings at the Rajiv Gandhi International Stadium on Wednesday in the ongoing edition of the Indian Premier League. Sunrisers, who secured three back to back wins after their loss in the opening encounter in the ongoing IPL, have failed miserably in the last three games.Their batting, which has been largely dependent on the destructive opening pair of Johnny Bairstow and David Warner, hasn’t been able to perform and appears to be in disarray as none of the other batsman have taken the responsibility and finish the games. The Kane Williamson-led side are currently standing at the sixth spot in the points table, and would be desperately hoping to get a win under their bag and move up the table.Chennai, on the other hand, is sitting pretty at the top of the points table with 14 points from eight games. The Men in Yellow will look to confirm their spot in the playoffs against the Sunrisers. In the batting department, Suresh Raina, Faf du Plessis and captain M.S. Dhoni have all been among the runs while the bowling has also looked pretty strong with Deepak Chahar, Imran Tahir and Harbhajan Singh taking the responsibility and picking up wickets at regular intervals. (IANS)Also Read: Sports Newslast_img read more

Trackers return home from busy weekend on the road

first_imgThe Trackers’ weekend began in Grande Prairie, taking on the Strike Energy Storm in some pre-season action, resulting in a 4-3 win. It was a solid performance from the team from northeast B.C. who scored twice in the third to finish with the victory.Saturday, the team headed to Peace River for a tilt against the Royals. The offence continued to roll for the Trackers, who outscored Peace River 2-1 to secure their second win in a row.However, fatigue and a long weekend on the road caught up to the boys, who, following the win over Peace River, travelled to Whitecourt to take on the Spruceland Ford Wolverines, resulting in a 6-1 loss.- Advertisement -The scoreboard wasn’t the only loss suffered by the Trackers, as five of the team’s players were forced to leave the game due to injuries.Luckily, the team has a solid week until their next game, hopefully providing those injured adequate time to heal up.Their next time on the ice will be September 30, when the Trackers begin their regular season in Slave Lake.Advertisement They will make their regular season home debut with back-to-back games, the first taking place in Dawson Creek Oct. 20, and in Fort St. John Oct 21. Both will be against the very same Slake Lake Thunder.last_img read more