Hoban denies transfer of power to EU pension authority

clock

Financial secretary to the Treasury Mark Hoban has said the government will not allow European regulators to overrule it on pensions.

Speaking at a National Association of Pension Funds (NAPF) seminar, Hoban said the government is keen to cooperate with the European Insurance and Occupational Pensions Authority (EIOPA), which was created in January 2011. However, Hoban reassured the industry the Treasury would not allow the authority to impose unsuitable legislation on UK pension funds. "We oppose any transfer of UK powers to EIOPA or other EU regulators," said Hoban. "Pension schemes are different across EU states. Open communication is needed across Europe," he added. Hoban has previously faced criticism for...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •

Police launch investigation into mortgage middleman fined £1m

West Midlands Police have launched a fraud investigation into a Birmingham financier over his role in sale and rent back agreements.

clock 25 June 2013 •