ICI Global News & Media News Releases
Print this pageICI Global: Pan-European Personal Pension (PEPP) Product Structure Needs a Legislative Fix
ICI Global Director and Associate Chief Counsel Anna Driggs Responds to Draft Rules from European Insurance and Occupational Pensions Authority (EIOPA)
London; 20 August, 2020—EIOPA met the legislative deadline to produce the draft rules amidst the challenges of the pandemic and the confines of the Level 1 legislative text. However, the fee cap structure for the basic PEPP will make it very difficult to create a robust marketplace for PEPP products.
In order to draw investors to the PEPP and boost Europe’s capital markets, we urge European policymakers to reopen and revise the Level 1 text governing the fee cap. Doing so would be a natural step to take as part of the Capital Markets Union reboot and pandemic recovery effort.
