Date: 8th November 2017
European and national competent authorities are moving towards adopting more stringent rules on transparency for IORPs, UCITs and life-insurance products, and conducting closer supervision of the activities of private financial institutions.
A first move by the European Commission came in the shape of the Insurance Distribution Directive (IDD), aimed at ‘increasing transparency of price and costs of insurance products’ (see article). Then the UK Financial Conduct Authority demanded an all-in fee for asset management and increased transparency requirements with regard to investment objectives and charges (see article). Last, the EC requested the European supervisory authorities to report on the past performance and costs of long-term savings products.