These are bought by companies that want to satisfy the pension needs of their workforces without undue risk.

In this case it may be possible to remove it without undue risk.

The regulator judged that nothing was preventing a fair and orderly market from operating and that investors were not being put at undue risk.

They should avoid personal conflicts of interest and 'any activities which might place the charity's reputation at undue risk', it said.

The resulting government-enforced cartel in banking allowed commercial banks to earn high profits and avoid undue risk until nonbanking companies found ways to offer substitutes for bank loans and deposits.