EIOPA CALLS FOR A NEW APPROACH TO INFORMATION DISCLOSURE FOR DEFINED CONTRIBUTION SCHEMES

The European Insurance and Occupational Pensions Authority (EIOPA) has
published today its Report on Good Practices related to the provision of
information for Defined Contribution (DC) schemes. The Report is part of
EIOPA own-initiative work. It is addressed to policymakers responsible
for information disclosure to pension scheme members.

In its study EIOPA calls for a new approach to information disclosure in
the context of the changes being made to pension systems throughout the
EU. EIOPA believes that there is a growing need to support people to make
effective financial decisions in their retirement planning by providing
information focused on behavioural purposes. 'Just providing
"sufficient" legally and technically relevant information has proven
not to be effective, and can even be counter-productive', as stated in
the Report.

EIOPA explains that people are usually not homo economicus: they try to
reduce complexity, use rules of thumb, are prone to bias when making
decisions, are unrealistically optimistic, let short term interests
prevail over the long-term and have limited self-control to save for
later. The study argues that in order to be effective, information needs
to take these human characteristics into account.

The Report contains a checklist based on insights from behavioural
economics and communication science about how people process information,
and presents examples of good practices for providing information that are
already in place in various Member States.

The Report also makes an important point that providing effective
information alone, is not a panacea. It should be used in combination
with other tools, such as financial education, default investment funds
and possible mandatory approaches.

Click here to view the Q&A of Gabriel Bernardino, Chairman of EIOPA, on the
main conclusions of the Report. (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/pressreleases/Quiz_of_GB_about_the_Report.pdf
)

Click here to view the Report on Good Practices related to the provision of
information for Defined Contribution (DC) schemes. (Link:
https://eiopa.europa.eu/publications/reports/index.html )


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EIOPA publishes its call for expression of interest regarding one membership position in the EIOPA Insurance and Reinsur

EIOPA publishes its call for expression of interest regarding one
membership position in the EIOPA Insurance and Reinsurance Stakeholder
Group (IRSG). The call is addressed to the representatives of cooperative
and mutual insurers or reinsurers.

The IRSG is established to facilitate EIOPA's consultation with
stakeholders in Europe on issues such as regulatory and implementing
technical standards as well as guidelines and recommendations that apply
to the (re)insurance industry. The Insurance and Reinsurance Stakeholder
Group is composed of 30 members and meets several times a year at
EIOPA's premises in Frankfurt am Main, Germany. Its members are bound by
confidentiality requirements in relation to all non-public information
they are provided with while performing their tasks.

Deadline for application is 21.03.2013.

For more information on the activities of the Insurance and Reinsurance
Stakeholder Group, the eligibility criteria of candidates and the
application procedure click here (Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/call-for-candidates/index.html
).


This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

---

Don't want to receive this newsletter anymore?

Please login to the Restricted Area of the EIOPA website and change
your user profile:

https://eiopa.europa.eu/restricted-area/index.html

If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.

Speech by Gabriel Bernardino delivered at the Workshop organised by the European Federation of Insurance Intermediaries

In his speech the chairman of EIOPA brings forward some personal
reflections about the current challenges in revising the regulatory
framework in the insurance area, namely IMD2 and Solvency II and points
out at some strategic reflections on the way to achieve further
consistency of EU regulation and supervision.
https://eiopa.europa.eu/fileadmin/tx_dam/files/Press-Room/speeches/2013-01-31_BIPAR_Workshop.pdf
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/Press-Room/speeches/2013-01-31_BIPAR_Workshop.pdf
)


This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

---

Don't want to receive this newsletter anymore?

Please login to the Restricted Area of the EIOPA website and change
your user profile:

https://eiopa.europa.eu/restricted-area/index.html

If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.