This Thursday, the European Commission opened an infringement procedure against Portugal for failing to transpose into national law all the rules concerning the regulation of pan-European individual pension products.
Lisbon now has two months to report to the Community Executive on the adoption of “rules concerning administrative sanctions and other measures applicable to infringements” of the regulation of these pension products.
According to information from Brussels, the pan-European individual pension product is a voluntary individual pension scheme that offers consumers a pan-European option for pension savings.
This type of product has been designed to provide depositors with greater choice and offer them more competitive products, while enjoying strong consumer protection, and can be offered by a wide range of financial service providers such as insurance companies, asset managers, banks, some investment companies and some occupational pension funds.
Portugal has two months to respond, otherwise the case will be referred to the EU Court of Justice.
Author: Lusa
Source: CM Jornal
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