View more on these topics

Warning over EU regulation ‘mission creep’ as Eiopa targets personal pensions

EU-European-Commission-Europe-700x450.jpg

The National Association of Pensions Funds has warned of potential “mission creep” in European regulation as Eiopa seeks to extend its remit to include personal pensions.

European Insurance and Occupational Pensions Authority chairman Gabriel Bernardino told delegates at a seminar in Frankfurt this month there is a good case for EU-wide regulation of personal pensions.

Bernardino said: “I believe there are merits in developing an EU-wide framework for the activities and supervision of individual retirement savings, containing both prudential and consumer protection measures. 

“Improving consumer information and protection is necessary to enhance citizens’ confidence in financial products for retirement savings.”

Speaking at the Money Marketing Retirement Planning Summit in Cork last week, NAPF EU and International policy lead James Walsh said: “Gabriel Bernardino clearly wants to see Eiopa’s remit formally extended from workplace pensions to personal pensions. You can see how Eiopa is engaging in pretty active mission creep.

“Eiopa is providing advice to the EU Commission on how to take this forward. We can expect to see a proposal through a draft directive or something of that nature in the coming year or two.”

Walsh said proposals to create a single market for personal pensions across Europe could create “complications” for group personal pension schemes.

He said: “The tricky area for providers of workplace schemes is what this means for group personal pensions. Regulation is already quite complex with the FCA and The Pensions Regulator involved and this could complicate the picture further.”

Syndaxi Chartered Financial Planners managing director Robert Reid says: “It is difficult enough aligning TPR and FCA regulations on GPPs. Throwing a European regulator into the mix will only make things more complicated.”

Recommended

A 1994-style bloodbath: What’s the worry for long-term investors?

News that the Federal Reserve may start to taper its $85bn-a-month quantitative easing programme later this year has sparked a sell-off across the markets and left investors fearful of another 1994-style bloodbath.  The Fed ushered in panic in 1994 when it used its February monetary policy meeting to warn that it could start to tighten […]

AFH acquires Somerset IFA for up to £1.5m

Plus-listed advice firm AFH Financial has acquired Somerset-based IFA business Shape Financial in a deal worth up to £1.5m. AFH has paid an initial consideration of £125,000 for Shape but that could rise to £1.5m depending on the performance of the business in the two years following the deal. The addition of Shape’s 16 advisers […]

Waterson-Nigel-700x450.png
1

Waterson: ‘Crisis product’ mentality for equity release must stop

Former Conservative pensions spokesman Nigel Waterson says it is time advisers stopped viewing equity release as a “crisis product’ and instead as something to always be considered as part of the financial planning process.  In March, an influential House of Lords select committee published a report on public service and demographic change which urged policymakers […]

Osborne gives green light for Lloyds Banking Group share sale

Chancellor George Osborne says the Government is actively considering selling off shares in Lloyds Banking Group as it examines the case for splitting up the Royal Bank of Scotland. Speaking at the annual Mansion House dinner in London last week, Osborne contrasted the fates of the two state-owned banks and lamented the slow progress in […]

Key themes for 2017

Capital Market Notes, December 2016 Dave Lafferty, chief market strategist at Natixis Global Asset Management, assesses the accuracy of his 2016 outlook and provides his thoughts and outlook for 2017. Click here to read the full article

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. The sooner the UK disengages totally from the EU bureaucratic and economic quagmire, the better.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com