Keep up with what has been happening this week in our latest actuary news round-up…
EY has appointed Gareth Mee as their new Actuarial Leader in the UK to lead their newly launched interdisciplinary team in their pensions and investment departments. The team will also be headed by eight partners across four UK offices in London, Bristol, Leeds and Edinburgh.
The Old British Steel Pension Scheme will complete their buy-out deal next year after agreeing a £2 billion pension insurance buy-in with insurer Pension Insurance Corporation plc. They will be expected to exit their Pension Protection Fund assessment period after securing this deal.
Latest data from the Origo Transfers service show has shown that transfer volumes for DC pensions have been slowly rising in June after they fell in April and May during the Covid-19 lockdown.
British regulators have fined the US bank Goldman Sachs $126.4 million for risk management failures with Malaysia’s 1MDB corruption scandal. The fines have been globally agreed as part of a $2.9 billion penalty against the bank states The Financial Conduct Authority and Prudential Regulation Authority.
In the past month, new data has shown that companies in Britain have borrowed £4.6 billion as part of three Covid-19 support schemes; the Coronavirus Business Support Scheme (CBILS), it’s sister CLBILS scheme for larger companies and the Bounce Back Loan scheme. Since the schemes have started, they have loaned over £61 billion to British businesses.