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Bankpension criticised by regulator over investment stance, treatment of members

first_imgThe Danish financial regulator Finanstilsnet has criticised pension fund Bankpension, insisting it must be more explicit about its investment stance and prioritise treating scheme members in a fairer way.In a report following a regular inspection, Finanstilsynet said: “The management board needs to be more explicit about its stance on investment, and in some respects, needs to have greater focus on a more equitable treatment of policyholders.”In one of its criticisms, it ordered Bankpension to return to individual accounts some of the customer savings it had added to the collective bonus pool.The savings in question related to pension products with conditional guarantees that applied only to part of the contributions. In its report, the regulator said: “In the FSA’s opinion it is not possible to agree on a division of pension between a guaranteed portion and a collective portion without hedging the guaranteed portion in full.”It said the fund must change the technical basis of this operation and return the pension contributions that had historically been transferred to the collective bonus potential.Bankpension responded by saying it was returning the amount charged to members’ deposits, and that this principle would be taken into account for subsequent distributions.The regulator also issued Bankpension with a warning, as it was concerned that its very high number of external investment managers required a significant level of scrutiny.The high number meant in an increased risk of lacking oversight and inadequate risk management being in place, it said.It its response, Bankpension said its board had already decided — independently of the inspection — that the number of portfolio managers had to be cut for administrative reasons.“This process has been initiated,” it said.Regarding investment, Finanstilsynet issued an order for Bankpension to set investment frameworks and limits for interest rate risks for each individual risk profile.It ordered the pension fund to set guidelines that ensured there was no disproportionate reliance on a particular type of asset, investment market or a particular investment.While Bankpension responded by saying it would deal with this at its next board meeting, it also countered the criticism, saying that more detailed frameworks would not lead to the board receiving reports of risks it had not been aware of or monitored previously.This was because the reporting undertaken already contained more information than was laid down in the frameworks, it said.last_img read more

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Man on the run after exposing himself at a massage parlor

first_imgInvestigators in Fort Lauderdale are asking for the public’s help in finding a man who exposed himself and attacked an employee at a massage palor.The incident was reported on Saturday at Angel Day Spa just off of Davie Boulevard.According to the report, the suspect knocked on the door of the spa and once inside, began inquiring about prices. The suspect then exposed himself to the woman working the front desk. The victim ran to the back of the business to retrieve a phone to call 911 and at the point, the suspect chased after her. The employee then ran back to the front of the business with the suspect right behind her.“He grabs her, throws her on the ground and attempts to sexually batter her,” Police Sgt DeAnna Greenlaw said.  “She fought her way through. She never stopped fighting. She is profusely screaming.”The suspect eventually stopped and left the business.“This is a violent offender who was physically overpowering a female,” Greenlaw said.The Spa has since handed over all of the surveillance tapes to authorities.Officials say the man was between the ages of 25 and 35 and stands about 5 feet 11 inches. He is said to have dark hair and a full beard and was last seen wearing a black baseball cap with a Marlins logo, a black t-shirt, black sweatpants, and a white Louis Vuitton monogram mask.If you have any information about this incident, you are asked to call Broward Crime Stoppers at 954-493-TIPS.last_img read more

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Bailey: Fair must break out of offensive slump for Syracuse to go on championship run

first_imgC.J. Fair caught the pass from Trevor Cooney and rose up from the right corner, all alone. with Syracuse trailing North Carolina State 34-32 and 11:36 left on the clock. He flicked his wrist as he watched the 3-pointer roll off his fingers. If good, it would give the Orange its first lead since the 4:18 mark of the first half.But it fell short — way short. It was Fair’s second air ball of the night, and that left the 31,572 fans in the Carrier Dome speechless. You could almost hear the ball hit the floor.“Each game you try to show that you’re one of the top guys,” Fair said. “Sometimes it ain’t always your night.”Saturday wasn’t Fair’s night despite hitting the game-winning layup with 6.7 seconds to play. But neither was Wednesday, when SU beat No. 25 Pitt and Fair disappeared for the first 37 minutes. And neither was last Monday when Fair shot 2-of-13 and the Orange barely edged ice-cold Notre Dame.AdvertisementThis is placeholder textIn fact, since Fair’s 28-point outburst against Duke on Feb. 1 — after which he proclaimed himself the best player in the Atlantic Coast Conference — he’s shooting just 37.5 percent from the field, 20 percent from 3-point range and 66.7 percent from line.If Fair can’t rediscover his offensive consistency, the Orange will have a hard time competing for a national championship.“C.J.’s had a couple bad games,” SU head coach Jim Boeheim said. “He’s going to have a couple. I didn’t think he had his legs. He couldn’t get his legs on his jump shots. “He made five layups.”Fair shot 5-of-16 against the Wolfpack, indeed missing every one of his jump shots. He threw up two air balls, missed a critical runner in the lane with 2:23 to go and split at the foul line at the 41-second mark.He wasn’t just slow to start, like he was against the Panthers when he hit a 3-pointer and pull-up jumper on the wing in the last two minutes. He was ineffective for 40 minutes. This is the preseason ACC Player of the Year. A senior captain. A potential All-American. The guy who every other player on this team looks to in timeouts late in games.“Doug McDermott is probably the best scorer (in the country), but C.J.’s definitely right behind,” SU point guard Tyler Ennis said. “Versatility wise, he can score outside, inside. He’s definitely underrated.”Fair was unsure if fatigue played a factor in his shooting woes Saturday. The Orange has played three games in the last seven days — and Fair has played 118 of 120 minutes —but he chalked up the struggles, in part, to relying on his upper body too much.Moving forward, though, his workload won’t lighten too significantly. The potential return of senior center Baye Moussa Keita could alleviate a few minutes per game, but with an even more daunting stretch of three games in six days ahead, Boeheim can’t afford to take his best player off for that long.The Orange hosts Boston College on Wednesday, travels to Duke for round two on Saturday and plays at Maryland on Monday. “We need to get better on offense,” Fair said. “It starts with me. I think that if I can get things going early throughout the whole game, it will make things for my teammates a lot easier. If I can get going I think our offense will be a lot better.”When the offense hits a rut in a win-or-go-home game, the team will turn to Fair. And if the Orange is to go on a championship run, he’ll have to be ready to answer the call.Stephen Bailey is the sports editor at The Daily Orange where his column occasionally appears. He can be reached at [email protected] or on Twitter at @Stephen_Bailey1. Comments Published on February 17, 2014 at 2:55 am Facebook Twitter Google+last_img read more

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