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FEFSI rejects legal action on pension directive

EUROPE – European investment fund association FEFSI says it doesn’t intend to take legal action over the European pension directive – despite earlier saying the directive is discriminatory.

The group – which is to change its name following its failed merger with the European Asset Management Association – earlier this week said that the European directive on occupational pensions represents a “serious impediment” to the single market for financial services.

In its annual report the Brussels-based Fédération Européenne des Fonds et Sociétés d'Investissement had said the new Institutions for Occupational Retirement Provision directive entailed the “discrimination of certain savings products and the preferential treatment of others”.

The secretary general of FEFSI has now clarified the association’s stance.

“We do not intend to take legal action against the European Commission regarding the new pension directive,” Steffen Matthias told IPE. “We just want to review this together with the Commission to see if it can be adapted sooner or later to a level playing field.”

The new name will be the European Fund and Asset Management Association – with approval for the change possible by the end of the year.

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