The commissioner for Financial Stability, Financial Services and the CMU said that the future of a dedicated pensions stakeholder group for EIOPA needed further consultation, and that a simple private funding structure for the regulator should be feasible.
Speaking to IPE, Hill said that now that legislation had helped restore stability, creating jobs and growth in the EU was the new challenge, with a single capital market assisting this. “This challenge may require a completely different set of tools,” Hill said. “Although some legislation will no doubt be needed, it will not always be the most effective and proportionate approach, and, in many cases, the onus will be on the market to deliver solutions. “The Commission will therefore support market-driven solutions when they are likely to be effective and regulatory changes only where they are necessary.”
The commissioner also denied plans for an overhaul of EIOPA, despite rumours swirling in Brussels and the EP over changes to funding and stakeholder engagement structure. An industry levy is expected to replace EU budget funding for EIOPA and its fellow supervisory authorities, after it was backed by the Commission and MEPs.
The Commission also alluded to plans to merge EIOPA’s two stakeholder engagement groups – for insurance and occupational pensions – leading to concerns the former would dominate agendas. Hill said the issue of stakeholder groups needed further consultation before a decision could be made. This is despite EIOPA chairman Gabriel Bernardino giving full support to the separation of the two groups.
Hill said the Commission review demonstrated EIOPA and partner advisory authorities were working well and that no overhaul was foreseen. However, he added: “We think it should be possible to achieve [private funding] in a simple way, although it is a bit too early to speculate on any concrete proposal at this stage.” Hill also gave backing to European Long-term Investment Funds (ELTIFs), despite minimal growth in the amount of institutional investment into long-term and infrastructure assets thus far.
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