Negotiators from the European Parliament and the EU Council on Thursday 13 December managed to agree on the main elements of creating a controlled quality label for pan-European personal pension products (PEPP).
When contacted by EUROPE, the Parliament rapporteur, Dutch MEP Sophie in 't Veld (ALDE), expressed her satisfaction with the preliminary agreement reached, noting that it still needs to be approved by both institutions. "It was a very delicate process," she said.
One of the stumbling blocks was the competent authority in the supplier authorisation procedure to market products labelled ‘PEPP’ within the EU (see EUROPE 12117). While the Commission and the Parliament wanted to entrust this role to the European Insurance and Occupational Pensions Authority (EIOPA), the Council wanted to renationalise this competence.
Finally, the text should not provide for a transfer of powers and it is the national authorities that should authorise PEPPs, while EIOPA should be responsible for their registration. "We refined the interaction between EIOPA and national authorities,” she said.
For Ms in 't Veld, the solutions found will guarantee "a high quality of PEPP on the market".
"If the solutions found are accepted on both sides, I think it will be a major step. The two objectives of the Parliament - to have a pan European product and a consumer friendly product - will be met, ” she concluded. (Original version in French by Marion Fontana)