EUROPE - The European Fund and Asset Management Association (EFAMA) has hired consultant McKinsey to formulate proposals aimed at the European Commission on fund distribution and long-term savings.
A spokesperson confirmed EFAMA hired the firm six weeks ago after it won a call for tender process. The consultant is now in the process of talking to pension funds and asset managers, as well as distributors.
McKinsey is expected to publish a report in January, as the newly nominated EC internal market commissioner Michel Barnier begins to tackle the review of the Markets in Financial Instruments Directive (Mifid) and other regulatory initiatives on asset management in Europe.
The report would deal with areas which fall under the responsibility of the internal market commissioner. Barnier was appointed last week and will replace Charlie McCreevy.
A "substantial" parliamentary bill acting as a "roadmap" for the long-term future of private pensions will lead to a "significant period of calm", Guy Opperman has promised.
The Department for Work and Pensions (DWP) has completed its appointment process for the Single Financial Guidance Body's (SFGB) board, naming three non-executive directors.
Pensions and financial inclusion minister Guy Opperman has launched a simplified two-page annual statement in a bid to provide a best practice template for the industry.
Some 70% of defined contribution (DC) members want to know their scheme is personalised and tailored to their needs, an Invesco language study reveals.