LIBOR

The amount of hedging against interest rate risk rose to £31.7bn in the fourth quarter of last year, according to BMO Global Asset Management.

The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.

The aggregate balance of the UK's defined benefit (DB) schemes improved by £6.2bn over July, according to the Pension Protection Fund's (PPF) 7800 Index.

LIBOR is set to be phased out by 2021. Jonathan Stapleton looks at how the withdrawal of this benchmark will affect schemes

The Financial Conduct Authority has said LIBOR is likely to end by 2021 and has urged markets to begin transitioning to alternative benchmarks.

Director of compliance fills role

The introduction of US-style class actions in the UK next month could enable schemes to seek damages collectively from bank manipulation of Libor and foreign exchange (FX).

At the time of writing this we had just heard how four banks pled guilty to conspiring to fix prices and rig bids in the foreign exchange (FX) market. Helen Morrissey asks if the fines levied are enough to bring much needed change.