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For long‐term and pension savers, the year 2022 was undoubtedly a calamitous one. Poor capital market performance and sky‐rocketing inflation across all European Union (EU) Member States resulted in disastrous returns, both in nominal and real terms, for virtually all of the product categories analysed in this report. This comes after a year 2021 that

The Real Return of Long-term and Pension Savings 2023 – Austria The Real Return of Long-term and Pension Savings 2023 – Belgium The Real Return of Long-term and Pension Savings 2023 – Bulgaria The Real Return of Long-term and Pension Savings 2023 – Croatia The Real Return of Long-term and Pension Savings 2023 – Denmark

For long‐term and pension savers, the year 2022 was undoubtedly a calamitous one. Poor capital market performance and sky‐rocketing inflation across all European Union (EU) Member States resulted in disastrous returns, both in nominal and real terms, for virtually all of the product categories analysed in this report. This comes after a year 2021 that

On November 28th BETTER FINANCE and FESE will be hosting a webinar on ‘Enhancing Retail Participation in Capital Markets Through Pension Products’. As part of European Retirement Week 2023, the webinar will assess the Retail Investment Strategy’s impact on pension investments in capital markets and explore the reasons behind Europeans’ limited investment in pension products.

For a decade, BETTER FINANCE has flagged the persistently low real returns in EU long-term and pension savings. As government and occupational pensions dwindle, Public Authorities urge earlier and increased savings for retirement. Yet, this advice often disregards a fundamental issue: inadequate, sometimes negative, long-term real returns after inflation.  BETTER FINANCE reports disprove the claim

The recent ARTE documentary titled “The Future of our Pensions” explores how to make the EU pensions system more effective at providing adequate returns. This in-depth feature examines pension systems throughout the European Union and includes interviews with policymakers, scholars, stakeholders, and retirees to provide a comprehensive look at the current state of pensions in

Pensions Report - Overview BETTER FINANCE is committed to ensuring pension adequacy and transparency in pension returns for EU citizens. We recognize the ongoing challenges faced by pensioners in attaining a sustainable retirement income, including the impact of ‘financial repression’ on the purchasing power of EU pensioners and the growing strain on the provision and

BETTER FINANCE published the 10th edition of its “Real Return of Long-Term and Pension Savings report | 2022 Edition”. Download the full report in English for free here. A Summary version of the report can be found below.

In a recent Financial Times article, Guillaume Prache, Senior advisor at BETTER FINANCE, criticizes the use of Article 8 funds in sustainable investing. He argues that increasing the minimum sustainable investment percentage in these funds is ineffective and prone to greenwashing. These funds often oversimplify sustainability as mere ‘green activities’ and predominantly use an exclusion

Aimed at certifying the most virtuous funds, the SRI label, which has just been reformed by the government, now excludes companies with new oil projects. Guillaume Prache denounces an ideological reform that risks favoring foreign oil and gas companies. The reform of France’s SRI (socially responsible investment) label, as announced by the French Ministry of

BETTER FINANCE agrees with ESMA that names can be misleading if those funds do not invest in line with what their names would suggest.

ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms in their names propose the use of quantitative thresholds whereby “if an investment fund has any ESG-, or impact-related words in its name, a minimum proportion of 80% of its investments should be used to meet the environmental or social characteristics or sustainable investment objectives…”

EU Law rightly requires information provided to individual investors to be clear, i.e., “presented in a way that is likely to be understood by, the average member of the group to whom it is directed, or by whom it is likely to be received”, and as such, retail investors expect definitions and classifications of funds

In this video, BETTER FINANCE, INVESTAS and F2iC have put together the most important information on what you need to know about funds and how to invest in them.

An analysis by ESMA, the European Securities and Markets Authority, has shed light on the costs and performance of Environmental, Social, and Governance (ESG) funds compared to non-ESG funds. The findings reveal that ESG funds have lower costs and better performance, even after considering factors such as portfolio composition. Understanding the drivers behind these differences

In 2021, the total income generated by securities lending operations globally stood at €7.8 billion, up by 21% compared to 2020. The majority of operations and lenders are outside the EU, and around 88% of securities on loan were sovereign bonds and equities. In the EU, lenders cannot derive any profit from securities lending. All

As stated by ESMA “the COVID-19 crisis offers the opportunity to test the hypothesis [often claimed by the industry] that active equity UCITS outperform their benchmarks during stressed market conditions”. In light of this period of market downturn followed by a quick recovery and then stabilisation, ESMA analysed a sample of actively managed equity UCITS funds,

BETTER FINANCE’s Managing Director, Guillaume Prache, participated to the last episode (Are consumers being mis-sold investment funds?) of the podcast Fair and Square, part by Fideres. Fideres is an international economic consulting firm that specializes in investigating corporate and financial wrongdoing. In this episode, the programme delves into issues such as disguised index funds (closet indexing), false

There are differences between intermediated or “packaged” investments (life insurance, funds, savings plans, etc.) and direct investments in capital markets (ETFs, bonds, shares). Several independent studies indicate that the higher the annual fees, the lower the average medium and long-term returns of investment products. Annual fees for intermediated products are much higher than those for direct savings in securities.   The impact of these fees in France has been especially significant for certain insurance

Original article in L’Echo Over the years BETTER FINANCE (Pension Savings – The Real Return) has warned authorities and stakeholders of the damage caused by excessive fees to the returns on long-term and pension savings in Europe. Last July, BETTER FINANCE was joined by the Belgian Financial Services and Markets Authority (FSMA) that warned investors

On 3 April the European Securities and Markets Authority (ESMA) published its final guidelines on performance fees in investment funds, applicable to Undertakings for Collective Investment in Transferable Securities (UCITS) and certain types of Alternative Investment Funds (AIFs). These guidelines aim to provide rules for fund managers when charging performance fees to retail investors as

Despite a 10-year bull market both for European equities and bonds, the outlook for European pension savers remains bleak. Whereas returns have improved in recent years, the Better Finance study, Pension savings: the real return, once again shows that most long-term pension savings products did not, on average, return anything close to those of capital markets.

Among other topics, the latest newsletter of POLITICO discusses the clash of fund managers and consumer groups on fees and responses to ESMA’s Consultation Paper on Guidelines on Performance Fees in UCITS. BETTER FINANCE, as a representative of financial services users, was quoted in the newsletter: “It falls under the fair treatment of investors to penalize the

BETTER FINANCE welcomes the recent efforts of ESMA to clarify and harmonise across the EU the provisions and supervisory practices on the management and transparency of information concerning UCITS and AIF funds, and in particular the current proposal to codify uniform rules applicable to performance fees. As a representative of retail investors (among others), BETTER FINANCE

For the seventh year in a row, BETTER FINANCE embarked on the herculean task of gathering all the data on private pensions in 17 EU Member States and published its annual report on the real net returns of long-term and retirement savings in Europe. Despite the fact that the European Supervisory Authorities (ESAs) have a

Shortly after its release, the new research by BETTER FINANCE on the Correlation between Costs and Performance of EU Retail Equity Funds has been picked up by media outlets across  Europe. The study is based on a very large sample of funds  (1,970 active funds), with BETTER FINANCE covering equity funds domiciled in France, Luxembourg

Daniel Brocklebank, UK director of Orbis Investments, warned the audience at the 72nd CFA Institute Annual Conference: Bad incentives lead to bad results, particularly when it comes to investment management. With that in mind, Brocklebank suggested that it was worth considering incentives, especially since they affect asset manager behaviour. According to him, while management fees

The Financial Conduct Authority (FCA) is considering either banning or capping exit fees charged by investment platforms. Christopher Woolard, executive director of strategy and competition at the FCA noted that even though the platform market is working well, it needs to be less expensive and time-consuming. According to him, restricting exit fees would make it

In its survey on Pension fund fees, LCP concluded that pensions funds are paying asset managers up to 70% more than 6 years ago: “The total asset management fee for a £50m active global equity mandate funded in January 2011, has, on average, risen 70% in the 6 years since our 2011 fee survey, from