The French asset management association has proposed creating a pan-European personal pensions product as one of a host of measures to boost the standing of the country’s industry.
The Association française de la gestion financiére (AFG) set out 10 measures in a “roadmap” for the French asset management industry.
The white paper is the result of work carried out over the past few months on the competitiveness of the industry and Paris as a financial centre, and has some overlap with a report recently produced by a “FROG” working group of the AFG and the market regulator, AMF.
The association said the 10 measures in its white paper could increase the take-up of French funds by foreign investors and boost the competitiveness of the country’s asset management industry, as well as create opportunities for long-term investment in the real economy.
The country’s asset management association wants to see the creation of individual and “exportable” pension saving products, saying this would address the pressure on pay-as-you-go (PAYG) pension systems and tie in with current discussions at the European level about pan-European personal pension products (PEPPs).
The AFG is planning to set out details of its vision for personal pension savings in a white paper specifically on retirement saving that it aims to publish by the end of the year.
It added that creating new products in the vein of the PEPP being discussed at the European level would require changes to the regulatory framework, and that it would set out ideas about this and fiscal treatment in its upcoming white paper.
Press release
© IPE International Publishers Ltd.
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