News in Brief - August 2010

Ireland’s Financial Regulator has issued the first edition of its Solvency II Newsletter, to be issued on a quarterly basis. The newsletter aims to keep insurance and reinsurance undertakings up to date and informed on policy developments, implementation activity and events relating to the legislation, due for implementation in 2012.

Pensions advisers and administrators, BBS Consultants & Actuaries, has launched a free service to verify the whereabouts of pension scheme members, designed to protect company directors and trustees from fraud, embarrassment and penalties from the Pensions Regulator. The service tracks and traces members, while currently trustees rely on members’ families to inform them of members’ deaths, and on sporadically issued ‘certificates of existence’.

SL Investment Management has acquired the business of former competitor, PolicyPlus. As part of the deal, the traded endowment policy and life settlement product provider also acquires online endowment trading platform, Freetrawl. The transaction will see SL have the broadest possible offering in the TEP market to IFAs, and to policyholders looking to value and sell their endowments.

BNY Mellon has completed its acquisition of BHF Asset Servicing GmbH from BHF-BANK Aktiengesellschaft and Sal. Oppenheim jr. & Cie. S.C.A. The transaction also includes the purchase of BHF Asset Servicing wholly-owned fund administration affiliate, Frankfurter Service Kapitalanlage-Gesellschaft mbH. The deal expands BNY Mellon’s existing capabilities to include German domestic custody and KAG fund administration.

SHILLING Communication has launched a new website for its client, Daily Mail and General Trust plc (DMGT), which aims to help employees to understand the broader financial context of their pension decisions. The site, www.timeformoney.co.uk, is receiving specialist input from financial advisers Hargreaves Lansdown.

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