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

Stoke confirm boss tested positive for coronavirus

first_img The Potters were due to ramp up their return to action in a friendly against Ole Gunnar Solskjaer’s men. But the game was called off with a member of the Stoke squad, now confirmed to being former Northern Ireland boss O’Neill, returning a positive test for the virus. A club statement read: “Stoke City can confirm that manager Michael O’Neill has tested positive for the Covid-19 virus following the latest round of testing on Monday (June 8). “O’Neill had tested negative in the previous five rounds of testing. “He will now follow the relevant guidance and undergo a period of isolation, whilst continuing to be in regular virtual contact with his coaching staff and players. “Assistant manager Billy McKinlay will take charge of training as the Potters prepare for their game against Reading on June 20. “The club will be making no further comment on this matter.”Advertisement Stoke have confirmed boss Michael O’Neill tested positive for coronavirus just minutes before the cancelled friendly against Manchester United. Promoted ContentLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit ametLorem ipsum dolor sit amet Lorem ipsum dolor sit amet Man Utd were hoping to host Stoke at their Carrington training ground ahead of the Premier League’s proposed return to action on June 17. The Red Devils had taken part in an intra-squad friendly over the weekend – and Tuesday night’s game would have been the first involving another team since March. On Tuesday evening, United confirmed none of their players had been put in danger. Players began to arrive around 10am and Stoke’s star arrived separately by car – as had their United counterparts. Once the news came through the game was immediately called off and boss Solskjaer instead organised an intra-squad practice game. read also:Etebo completes Getafe Switch It is understood that none of the Stoke players went into any areas where their Premier League opponents were based due to protocols set in place. The Stoke players immediately left Carrington without ever coming into contact with United players. FacebookTwitterWhatsAppEmail分享 Loading… last_img read more

City move to brink of title glory

first_img Edin Dzeko settled any nerves by breaking the deadlock after 64 minutes and followed up with his fifth crucial goal in the last three games. Stevan Jovetic and Yaya Toure – netting City’s 100th league goal of the season with a quite brilliant solo effort – added further strikes in the dying moments to send City two points clear at the top, with just one game to play, in some style. He looked beaten after James Milner picked out Pablo Zabaleta with a clever reverse pass and the Argentinian set up Toure, but the keeper saved with his feet. City continued to create chances but struggled to find the target. Kolarov fizzed in a low cross from the left but neither David Silva nor Dzeko could get a firm touch. Samir Nasri curled a long-range effort over. Villa finally pieced together a decent attacking move after half an hour but 22-year-old striker Jordan Bowery, handed a chance following injury to Gabriel Agbonlahor, could not turn in Andreas Weimann’s deep cross. Weimann scented an opportunity himself as Villa broke following a City corner but he lacked the conviction to beat Zabaleta and his long-range shot was deflected wide. City fans began to get anxious but their side finished the first period back in control as Zabaleta crossed into the danger area for Silva, only for Villa to scramble the ball clear. Milner then whipped in a fine ball for Nasri from the right but the Frenchman volleyed wide. The hosts looked to step up the tempo after the break but Dzeko failed to control a long Toure ball and Villa, well led by captain Ron Vlaar, hacked clear from numerous other attacks. Silva headed back into the area after Villa only half-cleared a corner but Vincent Kompany’s opportunistic overhead kick was aimed straight at Guzan. Guzan dived to his left to punch away a well-struck Kolarov free-kick from 25 yards. City finally picked their way through as the rain pelted down again as Silva fed Zabaleta down the right and his low ball was gratefully tucked in by Dzeko six yards out. Once Villa were breached, they could not prevent further damage. Zabaleta got inside the full-back again to pull the ball back and although Nasri’s initial shot was blocked by Guzan, Dzeko had a simple job to tap in his second. With the tension finally lifted and the crowd at last in full voice, Toure went close to a third with a free-kick deflected narrowly wide. Villa might have set up a tight finale when Weimann’s header six minutes from time crashed against the crossbar and bounced away off the line. Instead substitute Jovetic made the win comfortable by finishing from the edge of the box and Toure broke from his own half to add a fine fourth. Press Association Manchester City struck four second-half goals against a spirited Aston Villa side to put one hand on the Barclays Premier League trophy with a 4-0 win at the Etihad Stadium. With a superior goal difference to Liverpool, City effectively need only a draw from their final game against West Ham on Sunday to claim their second title in three seasons. After Liverpool’s capitulation to Crystal Palace on Monday, City had been expected to cruise home. That they found the going tough on a night of heavy showers was credit to a Villa side who, safe from relegation, supposedly had little to play for. Dzeko’s heroics, in the absence of top scorer Sergio Aguero, further underlined his return to form and confidence this season after recent goals against Crystal Palace and Everton in the run-in. Title nerves and anxiety in the crowd became increasingly obvious throughout a goalless first half. City completely dominated possession but Villa, defending deep and with five across the back, repelled wave after wave of attacks. Goalkeeper Brad Guzan was well protected after dealing with a couple of early shots. The American was first tested when Aleksandar Kolarov fired at him from a tight angle on the left. last_img read more

SuperData report suggests esports revenue to reach $2.3 billion in 2022

first_imgResearch company SuperData has published its latest report with more interesting findings around the esports industry. The 14 page PDF covers topics from revenue, through to YouTube and Twitch as well as different game titles and trends.The report suggests that revenue has hit $1.5 billion (£1.13bn) in 2017 and growth will continue, hitting 26% growth by 2020. SuperData suggests the growth will be fuelled by third-party investments into the space as well as viewership, projected to grow at 12% each year. Furthermore, the report suggests the recent franchising in Overwatch and League of Legends will contribute significantly to the growth by selling around the new leagues.  Credit: SuperData Research, Esports Courtside Playmakers of 2017Interestingly, the SuperData report outlines that a staggering 85% of the previously outlined $1.5 billion was contributed by investments and sponsorship/advertisers. Merchandise and ticket sales sit at 5%, with prize pools at 6%. The one that sticks out is betting and amateur tournaments sitting at just 5% of total contributions. It’s not been noted as to how the number is calculated, but given previous estimates of the handle in both the illegal skin betting market and increase in popularity of regulated operators, we would have thought it would be higher. The report continues to outline League of Legends continued superiority over Dota 2 in terms of viewership, whilst the latter has a significantly higher prize pool element. It then goes to outline the opportunity the Overwatch League presents before moving onto PlayerUnknown’s Battlegrounds. SuperData suggest that “PUBG is on its way to becoming the first Battle Royale” esport. It states that the game has surpassed 200 million unique viewers in just seven months, and is already closing on League of Legends. Furthermore, it suggests that the viewership is 20 times larger than the player base – suggesting viewers who do not just play the game. We would suggest that the viewership is largely fuelled by the most popular streamers in the world drawing 100,000+ each evening, with the likes of Dr Disrespect and Shroud consistently propelling the title towards the top. The esports tournaments have drawn big crowds, but it’s still a very infant scene that has a lot of issues to iron out. The final point of the report analyses the fight for esports viewership between Twitch and YouTube. It suggests that over two thirds (67%) will watch both, with only 20% watching Twitch only and 11% watching YouTube only. The split between esports viewers per platform is a weird one and arguably a transitional phase as YouTube becomes more involved in the scene. Twitch has been the mainstay for esports for a while so habits of more casual consumers may mean they do not notice esports action elsewhere and that could help explain the figures. Still, as shown by ESL Pro League this weekend, when there’s good esports action on – no matter the platform – fans will flock to view it.Esports Insider says: Some interesting figures from Superdata’s latest report, although we’re not overly surprised by most of them. The PUBG figures remain intriguing but we would argue they’re not strictly esports numbers just yet. We can all accept however, that it has been a great year for esports.last_img read more