The sale of variable annuities and advice given to consumers will be closely scrutinised to limit potential mis-selling, a European Union (EU) pension body says.
A European Insurance and Occupational Pensions Authority (EIOPA) concluded the retirement products - unit-linked investment products with explicit guarantees - must only be sold to consumers by qualified advisers. The report outlined good practices for disclosure and selling of variable annuities. EIOPA chairman Gabriel Bernardino said the report was a step towards greater consumer protection and the situation would be closely monitored. He added: "With this report EIOPA is fulfilling its role in promoting transparency, simplicity and fairness in the insurance market. "I do expe...
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