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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 | May 2024
The Regulator’s latest blog encouraging innovation in the DB market to offer savers clear benefits and proper protections.
The blog points out that innovation is “fundamental to delivering better outcomes for savers”, but new market propositions should “provide both a clear benefit to savers, and also have the right protections around them”.
The blog goes on to say that the Regulator welcomes the recent higher profile of superfunds and hopes to see an emerging competitive superfund market. However, it urges caution about a possible new offering paying DB pensions to DC members transferring into such a new vehicle, as the regulatory and supervisory frameworks need to be properly developed.
The Regulator plans to develop its regulatory approach to DB alternative arrangements and publish new guidance on these arrangements to help trustees navigate them. It also expects trustees transferring members into a new type of scheme to engage with its market oversight team.
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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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