The Pensions Regulator urged pension trustees on Wednesday to review their financial positions after Bank of England Governor Andrew Bailey warned overnight that its £65 billion ($72 billion) government-bond purchasing program would not be extended beyond Friday's deadline.
The Bank of England said on Tuesday that it will step up its £65 billion ($72 billion) bond-buying operation to cut the risk of a "fire sale," which could put pressure on pension funds amid a "material risk" to U.K. finances.
The Bank of England introduced new measures to calm markets on Monday as it announced it would wind down its £65 billion ($72 billion) government bond-purchasing plan launched in September to help stabilize U.K. pension funds.
The Financial Conduct Authority said Tuesday that insurers may be subjecting business owners to unreasonable delays in claims payouts, as it revealed that 15% of policyholders are still awaiting compensation nearly two years on from a pandemic test case.
Pension schemes should use the breathing space created by the Bank of England's purchase of £65 billion U.K. government bonds to stabilize the country's reeling debt market, experts said Friday, as questions remain over how long the calm will last.