A European pensions institute (Fepi) has been launched to address the pensions crisis faced in several European countries.
Brought to life by the pan-European trade association for financial advisers and intermediaries, Fecif, the body will support the development of pension solutions, most specifically those tailored to addressing the pension gap in Europe.
Fepi will also focus on helping financial advisers fulfil their role in support of savers and investors.
The inaugural chairperson, Daphne Foulkes, said: “The subject of additional pension provision is now more than ever on the table, with the European Commission’s draft regulation for a pan-European personal pension product issued in mid-2017 and the recent working paper released by the European Parliament on the same topic.”
Similarly to the UK, several European countries are struggling to support their ageing population and are at risk of condemning millions of people to poverty in old age.
Fepi will hold its first formal meeting in Paris on 22 June where it will bring together relevant stakeholders to inform its thinking around current issues and new European regulations.
The body will have a technical committee, which will bring together representatives from the pensions world and advisers with academic experts to review the evolution of pension regulations across Europe and analyse demographic and economic trends impacting pensions.
It will also keep a close eye on products developed by providers and on pension issues raised by consumers and advisers across Europe.
Simon Colboc, a former executive at BNP Paribas, Fortis and Prudential, will be Fepi’s first secretary general.
Fecif is a Brussels-based non-profit organisation, chartered in June 1999 to promote the role of financial advisers and intermediaries in Europe.
It represents about 30 trade bodies or industry organisations and more than 245,000 advisers and intermediaries in Europe.
It recently added consumer protection as one of its main objectives.