Keep up with what has been happening this week in our latest actuary news round-up…
Analysis from Equiniti, a financial services firm has revealed that UK workplace pension income rose by more than a third in the past 10 years. The findings show a 38% increase from the average pension income of £121 a week in 2008/9 to £167 a week in 2018/19.
Stocks markets across the world have fallen due to the fear of a rise in coronavirus cases could cause more economic damage globally. European shares have dropped by 4% or more with some of the three main share indexes in the US down by almost 7%.
8 risk hotspots have been identified by the Joint Forum on Actuarial Regulation (JFAR) in their updated Risk Perspective which aims to show the risks that could affect high quality actuarial work. Analysis using the Actuarial Risk Identification Architecture (ARIA) methodology has also showed that Climate Related Risk is potentially the ‘defining risk of our times’.
City watchdog has fined Llloyds banking group £64m for treating over 500,000 mortgage customers unfairly after they had financial difficulties between 2011 and 2015.
The economy in Britain has shrank by 20.4% in April due to the March lockdown; with the Office for National Statistics noting that the economy shrank by 24.5% compared to April last year.