News in brief 22 March

The Pensions Administration Standards Association (PASA) has announced Law Debenture as its first trustee member.

The body dedicated to driving up standards in the pensions industry has said it has come a long way since it first launched in 2011. PASA chair, Kim Gubler, said: “We have the privilege of working with some of the largest and most influential third-party administrators and pension funds in the industry. It demonstrates different types of organisation are realising the benefits good administration brings. By being a member, these organisations will have the opportunity to shape future developments in administration.”

The Financial Services Compensation Scheme (FSCS) has recovered just under £300m over the past five years from failed financial services firms.

The lifeboat added that it has recovered billions since the 2008 banking failures, after it took a £20bn loan from the government following the crash. The loan has now been repaid in full, mainly due to its recoveries work. FSCS also said that the recoveries allow it to reduce the cost of compensation for its levy payers.

Brunel Pension Partnership has started the search for a fund manager for its Global Alpha equities portfolio.

The search, which is now active, will run until 11am on Wednesday 3 April 2019. Managers that have pre-registered will be automatically sent the search documents and the submission template. It is looking to spread the template across four and six fund managers. Brunel Pension Partnership CIO, Mark Mansley, said: “We have already had an excellent initial response from the investment manager community, which makes us confident we will get some really interesting submissions.”

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