Although the Pensions Regulator has said, rightly, that the use of its powers has remained steady in the latest reporting period, there are a couple of areas where we might be seeing the start of a new trend. In the period there were three uses of criminal powers in relation to prohibited Employer-Related Investments and two instances of granting clearance. This is as against zero ERI cases in the previous six months (with a total of five since the Regulator began reporting) and one granting of clearance (with a total of seventy since the Regulator began reporting, over ten years ago). Clearly, given the small number of instances it would be dangerous to draw firm conclusions on a developing trend, but it's interesting nonetheless so watch this space... 

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