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03/09/2018
 

ECON MEPS ADOPT A FINAL REPORT ON A “BASIC PEPP ” THAT WILL HURT PENSION SAVERS


BETTER FINANCE wishes to stress that providing EU citizens with a really safe PEPP is critical for their future pension adequacy. However, despite BETTER FINANCE’s repeated warnings and meetings with representatives of the EU citizens at the Parliament, the ECON committee today decided to adopt a capital “protection” scam for the “basic PEPP” which is clearly against EU consumers.

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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
31/08/2018
 

STRONG WARNING ON THE PAN-EUROPEAN PERSONAL PENSION PRODUCT: BETTER FINANCE ONCE AGAIN ASKS EU LEGISLATORS NOT TO MISLEAD EU CITIZENS ON THE SO-CALLED CAPITAL “PROTECTION”


With the ECON committee voting on the PEPP Regulation around the corner, BETTER FINANCE warns one last time that true capital protection implies that the notion of “capital” must be calculated on the basis of the amounts saved before the deduction of all accumulated fees, charges and expenses directly or indirectly borne by investors, and if possible in real terms (offsetting the negative impact of inflation over time).

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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
30/07/2018
 

BETTER FINANCE WELCOMES THE NEW EP ECON STUDY ON MIS-SELLING OF SUBORDINATED DEBT TO RETAIL INVESTORS AND NOTES ITS IMPLICATIONS FOR SLOVENIA


In June 2018 the ECON committee of the European Parliament published a study titled “Subordinated Debt and Self-placement: Mis-selling of Financial Products”. After five years of very diverse interpretations and applications of so-called “burden sharing” in bank recovery and resolution, also known as bail-in of subordinated bank creditors, the European Parliament’s ECON Committee examined whether subordinated bonds were sold to the general public as a consequence of weak and ineffective regulations (MiFID). It found that, on the contrary, such selling practices were in fact in breach of MiFID rules, which therefore qualifies such practices as mis-selling and entitles the wronged retail bondholders to compensation.

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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
26/07/2018
 

EIOPA APPOINTS MORE RETAIL USER EXPERT REPRESENTATIVES TO ITS INSURANCE AND PENSIONS STAKEHOLDER GROUPS - FIVE OF THEM ARE FROM BETTER FINANCE AND ITS MEMBER ORGANISATIONS


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 FINANCE counted only three retail user representatives.

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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
20/07/2018
 

BETTER FINANCE WELCOMES THE SUSTAINABLE FINANCE ACTION PLAN BUT WARNS THE COMMISSION AGAINST ITS PLANS REGARDING TAXONOMY, BENCHMARKING AND AN ECO-LABEL


As pointed out at several occasions by BETTER FINANCE , EU citizens as savers are by nature mostly long-term driven, evidenced by the fact that 67% of their total assets are deployed in long-term investments (versus only 37% for pension funds - despite their purely long-term horizon - and 10% or less for insurers), and their main saving goals are long-term (retirement, housing, children’s studies, transmission of wealth, etc.). For these reasons EU citizens as savers have a great need for “sustainable finance” products. Therefore, BETTER FINANCE strongly supports Actions 4 and 7 which should ensure that sustainability preferences of long-term and pension savers are taken into account in the suitability assessment.

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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
19/07/2018
 

BETTER FINANCE RELEASES RESEARCH FINDINGS ON LIFE CYCLE PENSIONS AND ONCE MORE REQUESTS THAT EU POLICY MAKERS ENSURE A REAL PROTECTION OF PERSONAL PENSION SAVINGS


BETTER FINANCE welcomes the recent opinions of the Committee on Employment and Social Affairs (EMPL) and the Committee on Internal Market and Consumer Protection (IMCO) on the proposed “PEPP” EU Regulation, but remains concerned regarding the recent developments at the European Parliament and Council, in particular with regards to the capital “protection” and the tax treatment of the future PEPP.

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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 

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