Consultations

Insight / DWP consults on defined benefit pension scheme reforms

The Department for Work and Pensions (DWP) has launched a consultation on measures to ensure defined benefit (DB) pension schemes within the private sector remain a secure and sustainable option, given the growing number of schemes in deficit

Accounting / Corporate governance rules should extend to ‘large private companies’

The corporate governance and reporting requirements for public listed companies should be extended to private companies to try to avert another BHS debacle, including large private companies with over 5,000 defined benefit pension scheme members, say MPs on the work and pensions committee

Insight / MOJ considers tougher laws on corporate economic crime

The Ministry of Justice (MOJ) is considering introducing new laws as part of a crackdown on corporate economic crime, and is seeking views on whether further reform is needed to combat corporate criminality, following fraudulent, dishonest activity by some banks and other commercial organisations, reports Pat Sweet

Insight / Charity Commission to review annual return

The Charity Commission has launched a consultation as part of its two-year project to change and review what information is collected from charities as part of the annual return, so that only information required for regulatory purposes is gathered

Insight / FCA to tighten up spread betting rules

The Financial Conduct Authority (FCA) is consulting on proposals for stricter rules for firms selling ‘contract for difference’ (CFD) products to individuals, after research showed 82% of consumers lost money on this kind of spread betting, with many in danger of incurring ‘rapid, large and unexpected’ losses

Insight / Minimum £1m penalty introduced for breaching financial sanctions

The Treasury’s Office of Financial Sanctions Implementation (OFSI) will be able to impose penalties of up to £1m or 50% of the financial sanctions breach, depending on which is higher, from April 2017

Insight / Call for tougher governance rules for large private businesses

Government, in its latest green paper, has targeted privately owned businesses with its plans to extend corporate governance as well as review executive pay in an aim to strengthen the UK’s governing framework 

Insight / Further consultation on gift aid donor benefit rules

The Treasury has published the outcome of a consultation looking at the rules governing the benefits that charitable donors can receive as a consequence of making a Gift Aid-eligible donation, and says it will now conduct a further review of the monetary thresholds underlying the relevant value test

Insight / BEIS responds to EU non-financial reporting directive

The government is to introduce legislation that will apply the EU non-financial reporting directive to all companies in scope, but will allow those at the boundaries to voluntarily comply with the EU requirements, following a consultation on the issues

Insight / EU money laundering directive will see review of PSC register rules

Government plans to implement the EU Fourth Money Laundering Directive to prevent the use of the financial system for money laundering or terrorist financing will cost businesses up to £27m a year in additional compliance costs, while the people with significant control register (PSC) will have to be updated

Accounting / FCA consults on long-term strategy to avert future financial crises

The Financial Conduct Authority (FCA) has launched a consultation on its mission to provide a core set of principles about future strategy and day-to-day work in a bid to strengthen its effectiveness as the financial regulator

Insight / Charity Commission consults on reporting of serious incidents

The Charity Commission has launched a three month public consultation on proposals to update its guidance on how charities should report serious incidents, which provides examples around the reporting of incidents of significant financial loss

Insight / Public consultation on overhaul of state pension system

The government has launched a consultation which runs until the end of the year seeking the public and representative bodies’ views on the state pension system going forward, particularly changes to the state pension age

Insight / Consultation on EU-wide financial benchmark framework

The European Securities and Markets Authority (ESMA) is consulting on plans for a new European regulatory framework for financial benchmarks, which the regulator says will improve governance and control over the setting of benchmarks and ensure their accuracy, robustness and integrity across the EU

Insight / Plans for temporary moratorium for corporate insolvency regime

Two thirds of respondents support plans for a pre-insolvency temporary moratorium as long as it is limited to a three-week period according to responses to the recent Insolvency Service consultation on overhauling the corporate insolvency regime, which are currently under review
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