Last week's voting on the draft proposal of the Insurance Mediation Directive (IMD) at the European Parliament sets the tone for the loosening of rules controlling the sale of pension products.
However the idea of “more light shining on the existing high cost of insurance sales” is very much appreciated by the German Green Party and its finance and economic affairs spokesperson Sven Giegold.
With non-insurance pension products still left aside, the final version of the revised directive will enter in the trialogue phase, with negotiations between the European Commission, member states and the European Parliament.
Althoug
h BETTER FINANCE believes this is a big step forward towards the better protection of EU savers and pensioners, Guillaume Prache, Managing Director, makes clear that “we will still be facing the issue for non-insurance regulated pension products”.
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