ESMA advises wait and see approach on extension of AIFMD passport to non-EU jurisdictions

The Taxand Weekly News Alert

The Taxand Weekly News Alert

The Finance (Tax Appeals Bill) 2015 has been published

Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 now in force

Revised Section 50 guidance and financial management guidelines for trustees of DB schemes.

The milestone Companies Act 2014, which consolidates and updates existing company law, came into force on 1 June 2015. This may necessitate action by Corporate Pension trustees.

In April 2014, the UK High Court considered an employer's implied contractual duty of trust and confidence to the members of its pension scheme. In February 2015, the High Court delivered a supplemental ruling as to what remedies should apply in respect of a breach of that duty.

Two trustees in the UK were held to be personally liable for payments totalling almost £200,000 made in breach of trust and were not protected by the exoneration and indemnity provisions contained in the scheme trust deed and rules, in a ruling by the UK Deputy Pensions Ombudsman.