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No pension experts on new EU monitoring group

EUROPE – There are no pensions experts on the re-formed European financial services monitoring group, despite the fact that it was expanded earlier this year to take occupational pensions into account.

The Inter-institutional Monitoring Group for financial services met for the first time on September 15 at the European Commission in Brussels.

The group was re-established following an agreement between the European Parliament, the Council and the European Commission the spring.

“It has an extended mandate to assess the progress made on implementing the Lamfalussy process, now covering all relevant financial services areas (i.e. securities, banking, insurance, occupational pensions and UCITS),” the Commission said today.

Despite this there are no pension experts on a six-person expert panel, although there are lawyers and public relations experts.

“Following its recent extension to the other financial services sectors – I refer to the areas of banking, insurance and occupational pensions as well as UCITS - we now have to put our energy towards deepening the Lamfalussy process and have it work towards its full potential,” said internal markets Commissioner Charlie McCreevy at the meeting.

The group’s mandate expires in December 2007. It plans to deliver three reports on the extension of the Lamfalussy financial reform approach.

The members are:
-Karl-Peter Schackmann-Fallis, executive member of the Board of the German Savings Banks Association (vice chairman)
-Freddy van den Spiegel, chief economist and director of public affairs at Fortis Bank
-Johnny Åkerholm, chief executive of the Nordic Investment Bank (chairman)
-Rainer Masera, chairman of Rete Ferroviaria Italiana
-Mark Harding, group general counsel, Barclays Bank
-Pierre De Lauzun, CEO of French Association of Investment Firms

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