August 2022
09Aug

Central Bank of Ireland launches climate change risk guidance for insurance sector

The Central Bank of Ireland has commenced a public consultation on proposals to introduce guidance on climate change risks for the insurance sector. The proposed guidance aims to clarify the Central Bank’s expectations on how (re)insurers address climate change risks in their business and to assist them in developing their governance and risk management frameworks to do this. The Central Bank has said that the increased frequency and severity of weather-related events linked to climate change are already having an impact...

August 9, 2022
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08Aug

South Africa. Proposed new ‘two-pot’ will allow one withdrawal per year from savings

On 31 July, the South African government announced the proposal of a “two-pot” retirement system. The proposed system will allow people to save for non-retirement purposes (e.g. emergencies) via their retirement funds and access one third of their retirement savings when needed. You can withdraw money once a year, as long as there is money in the savings pot. "These amendments aim to encourage members to preserve their retirement savings by making it more flexible to accommodate unforeseen pressures that members face...

August 8, 2022
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05Aug

UK. TPR revamps guidance on fiduciary management tender processes

The Pensions Regulator has published updated guidance on the tender process for fiduciary management services and trustees, setting objectives for investment consultants as it prepares to take over regulation of these duties this autumn. Since December 2019, trustees have been legally required to run a competitive tender process when appointing fiduciary managers for a fifth or more of scheme assets, and have had to set strategic objectives for their investment consultancy provider. From this October, TPR will take over compliance-reporting and...

August 5, 2022
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02Aug

UK. Oxford, FCA team up on sustainable finance lab

The U.K.'s Financial Conduct Authority is partnering with the Oxford Sustainable Finance Group on an innovation lab for ESG practitioners and regulators. Announced July 20, the Oxford Sustainable Finance Lab is scheduled to open in the fall at Oxford University in England. Oxford researchers will spend time with practitioners from financial institutions, regulators, central banks, government departments and professional organizations. The goal is "nurturing interactions between different parts of the financial system and (to) break down barriers between them, providing a...

August 2, 2022
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01Aug

The Fiscal Oversight Board is optimistic about the new operational budget of Puerto Rico

Although the operational budget approved by the Fiscal Oversight Board (JSF) is less than that endorsed at the last minute by the Legislature, The funds allocated for the fiscal year that is just beginning will not leave the municipalities in a precarious situation, they place emphasis on key agency projects, such as the Education deparmentand allow to resume permanent workit transpired yesterday in a brief public meeting of the organism. In the conclave, the officials of the Board, who now...

August 1, 2022
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July 2022
27Jul

UK. Thousands of gig economy workers in line for improved labor conditions

While not a change in the law, business minister Jane Hunt said the guidance was “tidying up the rules” to help workers find out if they are being treated fairly by their workplace. It follows the landmark Uber Supreme Court judgment in February last year, which held that individuals in the gig economy qualify as workers. This entitles them to core employment protections including earning at least the National Minimum Wage as well as being given paid holiday leave and a...

July 27, 2022
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25Jul

UK. Govt urged to allow Nest to offer drawdown

The government has been told to amend legislation to allow Nest members to drawdown their pension pot, as well as extending investment pathways to trust-based schemes. The Investment and Saving Alliance made this suggestion in its response to a call for evidence on savers’ understanding of their pensions, which closed on July 25. The Department for Work and Pensions said that it wanted to understand what support and decumulation products are offered to members, along with what might be offered to...

July 25, 2022
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20Jul

Brazilian insurance regulator publishes guidelines on sustainability requirements for the insurance sector

The Brazilian Superintendence of Private Insurance (“SUSEP”) published Regulation No. 666/2022, setting forth sustainability requirements applicable to the Brazilian insurance sector. Its goal is to establish guidelines for management of risks that are directly related to ESG policies of insurance and capitalization companies, local reinsurers and pension funds. Pursuant to the new requirements, regulated entities must ensure that sustainability risks are properly managed, particularly by preparing a triennial materiality assessment identifying, assessing and classifying the risks to which the entities...

July 20, 2022
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15Jul

The Unbearable Lightness of the Reform of the Pension System

By Hans van Meerten & Sanne Vlastuin In this article, Hans van Meerten (Professor of European Pension Law at Utrecht University) and Sanne Vlastuin (Master's Student in Private Law at Utrecht University) discuss the transition to a new Dutch pension system. In particular, they pay attention to European law aspects that could be problematic in this light, including the pension participant as consumer and the information gap of pension participants. More is needed to make the envisaged pension system EU-proof...

July 15, 2022
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15Jul

UK. Minister calls on pension schemes to get “data ready” for dashboards

The calls come as the government publishes its response to a consultation which gathered feedback from industry, potential providers, consumer groups and future users on what data should be included and how this should be displayed to people. Bringing pensions into the digital age, dashboards will allow savers to see what they have in their various pensions – including their State Pension – in a single place online, at any time they choose. Ten years since the introduction of Automatic Enrolment...

July 15, 2022
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