EIOPA PEPP proposal triggers concerns about reporting burden

first_imgThe PEPP is a new type of product that can be provided by pension funds, insurers, asset managers and banks. PensionsEurope said that in certain countries, the reporting requirements set out in the proposed templates were very different from current national requirements, “thus leading to additional reporting requirements and information flows for pension funds”.It also said “a proper assessment is missing from the analysis” with regard to the potential impacts on the market uptake of PEPPs.“Certain providers might have much higher costs than others and would therefore not enter the market because of the high costs implied by the adaptation of overlapping reporting obligations among PEPP and local products through which providers may develop PEPPs,” it said.For its part, InsuranceEurope called on EIOPA to further clarify and streamline the quantity of information that would need to be reported. It said insurers were concerned that EIOPA’s outlined approach could turn out to be burdensome, costly and disproportionate, despite EIOPA indicating it had opted for “reduced” reporting rather than “detailed” reporting.Cost cap a bigger issueHaving closed last month after a four-week extension due to the coronavirus pandemic, the consultation in question is EIOPA’s second public consultation on the PEPP since the regulation introducing the product was adopted in April last year.Although the subject matter it covers is important, other issues, such as that of the fee cap on the basic PEPP, loom larger. ICI Global, the international arm of US asset management trade association the Investment Company Institute, has previously described the cap as the biggest impediment to the introduction of PEPP and said that EIOPA must exclude certain costs from it if the PEPP were to have any chance of success.According to Simone Miotto, senior policy adviser at PensionsEurope and a member of EIOPA’s PEPP experts panel, EIOPA is due to publish its technical advice on the PEPP to the Commission by mid-August and most likely its final decision will consist having an all-inclusive approach on the fee cap, with the cost of the guarantees as only exemption.He told IPE: “If so, this would be a major challenge for any kind of provider, as the PEPP regulation requires to provide personalised advice before concluding the contract and in some other occasions during the life-cycle of the product. Good quality advice comes with a cost.”To read the digital edition of IPE’s latest magazine click here. EIOPA’s proposal for the information to be provided to supervisors by potential pan-European personal pension product (PEPP) providers does not reflect sufficient analysis of the reporting standards’ potential impact on providers or market uptake, according to PensionsEurope.The industry association was commenting on EIOPA’s consultation paper on draft technical rules about the format of information submissions from PEPP providers to national supervisors and about the cooperation and exchange of information between national supervisors.The consultation paper set out templates for reporting information such as costs, benefit payments, switching requests, and assets. EIOPA’s stakeholder groups have said the templates EIOPA has suggested “require an extensive level of details to be provided”.Commenting on the consultation paper and annexed impact assessment, PensionsEurope said that “all in all, we believe [they] do not analyse and detail enough the impacts that these new reporting standards would have on the different eligible PEPP-providers”.last_img read more

Thornell paces Pahrump’s Day After The Duel

first_imgPAHRUMP, Nev. (Nov. 10) – Randy Thornell enjoyed two long runs at the front of the IMCA Xtreme Motor Sports Modified field before departing from Pahrump Valley Speedway with a $1,500 paycheck. Thornell led 15 laps before midway of Sunday’s Day After The Duel special before bobbling after a restart and watching Kyle Brown drive by.He stayed close and returned the favor just five circuits later, however, leading to the finish and racing his way onto the ballot for the 2014 Fast Shafts All-Star Invitational. Thornell’s car, engine and even his trailer are homebuilt. He’s pared back his own racing sched­ule this season while traveling the go-cart circuit with son Blake. “We won the first night out when this car was new in 2010,” he said. “We experimented more with setup this year and got faster as the season came to an end. We learned a lot of stuff. Sunday night was very sweet.” Tony Kinkade Jr., Jesse Williamson, Joe Wabsis and Jason Pike completed the top five.Ben Kates was the Karl Chevrolet Northern SportMod winner.Feature results ­ – 1. Randy Thornell; 2. Tony Kinkade Jr.; 3. Jesse Williamson; 4. Joe Wabsis; 5. Jason Pike; 6. Dan Snowden; 7. Richard Anderson; 8. Cory Sample; 9. Jeff Talley; 10. Rich Horibe; 11. Kyle Brown; 12. John Laughlin; 13. Robert Witmer; 14. Dan Lee; 15. Troy Foulger; 16. Steve Nash; 17. Paul Stone; 18. Dan Fitzgerald; 19. Jon Jensen; 20. Dustin Boney; 21. Dan Neubauer; 22. Chase Hansen. Heat winners were Foulger, Jensen, Stone and Thornell. Brown won the “B” feature.last_img read more

IMCA Late Model point season ends Sunday, Aug. 31

first_imgVINTON, Iowa – IMCA Late Models will end their 2014 weekly point season this Sunday, Aug. 31. The national champion, as well as local track and Allstar Performance state champions, will be announced as soon as all race reports from the weekend of Aug. 29-31 are received and bonus points are calculated. Unofficial standings will be calculated after home office staff return from the IMCA Speedway Motors Super Nationals fueled by Casey’s Sept. 1-6. Promoters have until noon on Monday, Sept. 29 to notify IMCA of any changes that affect their track’s top 15 Late Model standings.The point season for all other IMCA divisions continues through Sunday, Sept. 28.last_img