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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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Duke Energy scam warning

first_imgVevay, IN—The Switzerland County Sheriffs Office is warning residents to be advised that they are receiving calls from residents in the county reporting that they have been receiving calls where the person on the phone is stating they are from Duke Energy and are threatening to shut off people’s electricity if not given credit card information immediately.The Sheriff’s Office says they have spoken with Duke Energy who stated their procedure is to send a notice on your bill that you have been scheduled for disconnection, which may be followed up by an automated recording 2 days prior to shut off. Duke Energy will not have a representative call your home or business. Please remember that no one should ever give credit card or personal information over the phone.last_img

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Women’s World Cup 2019: Coach Jill Ellis praises Megan Rapinoe, says USWNT star ‘was built for this’

first_imgNERVES OF STEEL 💪🇺🇸Megan Rapinoe scores her 50th international goal from the penalty spot and gives USA the lead in the #FIFAWWC final! pic.twitter.com/gjPpYOrcyl— FOX Soccer (@FOXSoccer) July 7, 2019Rapinoe, vocal leader both on and off the pitch, has been on the receiving end of criticism and praise as she continued to stand up for racial equity, pay equality and LGBTQIA+ rights.Rapinoe continued to use her platform even after the win and spoke Sunday about the team’s fight for equal pay. She also called for action from the U.S. Soccer Federation (USFF). Related News Megan Rapinoe was seeing gold Sunday, literally.The USWNT star started in the World Cup final against the Netherlands and scored the team’s first goal en route to the USA’s fourth cup title. Rapinoe was awarded the gold medal and also received the Golden Boot and Golden Ball.  Women’s World Cup 2019: Megan Rapinoe tells FIFA president she wants action on equal pay Women’s World Cup 2019: Jill Ellis’ press conference hilariously interrupted as mom wants to FaceTime Women’s World Cup 2019: Megan Rapinoe wins Golden Boot She was quickly able to change gears from the match itself to the problems surrounding the game as a whole but was never once distracted when it came time to play.Jill Ellis praised the national team veteran after half a decade coaching Rapinoe.”I think it speaks volumes about her as a person,” Ellis told reporters. “I think Megan was built for this, built for these moments, built to be a spokesperson for others. I’ve sat in a couple of pressers with her and she’s just incredibly eloquent. I think speaks well and speaks from her heart. We need people like that in the game, to be honest, to call things for what they are.” Ellis was asked if she had any problems with Rapinoe speaking out on various issues and she was quick to answer no.”In terms of her dealing with this, no, I never had any issues with that because for the past four and a half-five years I’ve seen what she’s capable of,” Ellis said. “I think almost the bigger the spotlight the more she shines. Sometimes spotlights can burn people but I think for Megan it just highlights who she is.”last_img read more

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