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Insurance Europe regrets the decision by the EP to endorse the Commission's proposal for a broad financial transaction tax (FTT) for 11 EU states, as the tax could harm the European economy, disrupt the EU single market and have a negative effect on insurers and their customers.
The impact of the proposed FTT on pension products is of fundamental concern to Insurance Europe. It therefore welcomes the implicit recognition by the Parliament that long-term savings and retirement products need specific treatment. However, Insurance Europe urges the EU decision-makers to ensure that any arrangement aimed at pension funds under the FTT regime applies to the entire market for long-term pension products, irrespective of the type of provider.
In order to limit the impact of the FTT proposal on pension products, Insurance Europe believes that all the transactions relating to long-term pension products should be excluded from the FTT regime. Further significant amendments are also required, such as the exclusion of bonds transactions on the secondary market, of intra-group transactions and of intermediaries from the scope of the proposal.