BETTER FINANCE welcomes and supports EIOPA’s ongoing work on a supervisory toolkit to assess the value for money offered by unit linked and hybrid insurance products. Since its creation, BETTER FINANCE has been fighting for regulatory and supervisory action to improve the returns of long-term and pension saving products. As BETTER FINANCE research shows, high
BETTER FINANCE strongly supports the intention to provide consumers with a clear and comprehensive view of their insurance policies, simplifying understanding and enabling easy product comparisons. BETTER FINANCE, however, has long called authorities themselves to centralize insurance/investment product information in order to enable (EU-wide) comparability tools. More generally, we also warn against the privatisation of
EIOPA consulted on the review of IORP II Directive, which governs occupational pension schemes in the EU. BETTER FINANCE’s response to the consultation focuses on protecting the interests of pension scheme participants. BETTER FINANCE proposes changing the terms “beneficiaries” and “members” to “participants” to accurately reflect the stakeholders involved. BETTER FINANCE also highlights the lack
The European Commission published a legislative proposal for a regulation on European green bonds, which is supposed to become the high quality voluntary European Green Bond Standard. Its intention is to use the potential of the single market for achieving the EU’s climate and environmental goals in a more efficient way.
It is part of an initiative first mooted in the Commission’s September 2020 Capital Markets Union Action Plan and designed, among other things, to “increase consumer participation in capital markets.” The the level of retail investor participation in EU capital markets remains very low. The strategy is aimed to ease difficulties for retail investors in
Explanations A differential pricing mechanism in insurance contracts describes a practice by which an insurance company adapts the cost or price of the product/service on considerations other than the expected risk premia or estimated expenses. Put simply, prices will reflect how proactive or passive a client is (shop around or not) rather than the risk
BETTER FINANCE welcomes the fourth report on insurance and pension products’ costs and past performance published by the European Insurance and Occupational Pensions Authority (EIOPA). For the 2022 report, EIOPA received information on more than 760 insurance-based investment products (IBIPs). The research notes that despite the challenges posed by the COVID-19 pandemic, “both insurance and
INTRODUCTORY EXPLANATIONS (for non-professional readers) European Union (EU) authorities aim to improve the conditions of saving and investing in capital markets for EU households through several regulatory and supervisory actions. Currently, most of these initiatives stem from the recommendations of the High-Level Forum on the Future of the Capital Markets Union,[1] on which the European
BETTER FINANCE welcomes the establishment of Pension Tracking Systems (PTS) in each EU Member State as a pivotal step towards achieving pension adequacy. EU citizens, being able to easily monitor the status of their pensions pot, will be more aware and prone to actively engage with their retirement savings plans. As such, it will constitute
The International Regulatory Strategy Group will propose a bespoke pact between the E.U. and the U.K. in order to maintain reciprocal market access rights for financial institutions after the Article 50 deadline (March 2019). Following the EU’s Third-Country Regimes and Alternatives to Passporting report on the objectives the U.K. Government should focus on obtaining from
Earlier this year BETTER FINANCE congratulated EIOPA – The European Insurance and Occupational Pensions Authority – for its successful efforts in striking a balance in its Insurance and Pensions Stakeholder Groups (IRSG and OPSG) between the number of industry representatives and representatives from civil society. With five user-side expert members in the EIOPA Stakeholder Groups
On 17 July EIOPA, the European Insurance and Occupational Pensions Authority announced the new composition of its two “stakeholder groups”: the Insurance and Reinsurance one (IRSG), and the Occupational Pensions one (OPSG). BETTER FINANCE thanks and congratulates EIOPA for successfully “seeking to strengthen representation of consumers”, especially in the OPSG where up to now BETTER
On 17 July EIOPA, the European Insurance and Occupational Pensions Authority announced the new composition of its two “stakeholder groups”: the Insurance and Reinsurance one (IRSG), and the Occupational Pensions one (OPSG). BETTER FINANCE thanks and congratulates EIOPA for successfully “seeking to strengthen representation of consumers”, especially in the OPSG where up to now BETTER
President Jella Benner-Heinacher Jella Benner-Heinacher is the chief managing director (deputy) of Deutsche Schutzvereinigung für Wertpapierbesitz (DSW), the leading shareholder association in Germany. Ms Benner-Heinacher, a German attorney, having studied in France, Switzerland and the U.S., is primarily responsible for international activities as Vice-President of BETTER FINANCE in Brussels. Ms Benner-Heinacher is also chairwoman of the
The BETTER FINANCE team As an association of national member organisations, BETTER FINANCE is supported by a small professional Brussels-based team and our friends on Facebook and LinkedIn. New members and supporters are always welcome to get involved. Our team consists of finance professionals, lobbyists and communication specialists who carry out the core activities of BETTER FINANCE. Managing Director, Aleksandra Mączyńska
The negotiations on the future treaty between the EU and UK met with a proposal from the City of London, Europe’s financial sector capital, to ‘allow cross-border trade in financial services’. The negotiation team lead by Michel Barnier on the EU-side refused this proposal, which adds further turmoil to the City as many corporations have
In spite of the June 2016 UK referendum to leave the EU, British professional associations continue to show support for the Community method and for deeper economic integration. In the context of financial services, following the IRSG proposal to the British Government for the mutual access to financial markets part of the future EU-UK FTA,
On Friday 4 October 2013 EIOPA announced the appointment of the members of their stakeholder groups. Whilst reserving judgement until more information is available, EuroFinUse is cautiously optimistic about the new composition, although much could still be improved. EIOPA – the European Insurance and Occupational Pensions Authority – is part of the European System of
The European Insurance and Occupational Pensions Authorities (EIOPA) launches the Call for Expression of Interest regarding the setting up of EIOPA Stakeholder Groups, the Insurance and Reinsurance Stakeholder Group (IRSG) and the Occupational Pensions Stakeholder Group (OPSG), following the expiration of their mandates later this year. The Stakeholder Groups are set up to help facilitate