IOPS Good Practices on the Role of Pension Supervisory Authorities in Consumer Protection Related to Private Pensions
9/2/2018 - The 2008 Global Financial Crisis damaged the trust of consumers in the functioning of the financial system. In addition, the continued transformation of pension systems towards arrangements that require increasingly complex retirement saving decisions poses difficulties for consumers and calls for enhanced consumer protection measures from the public authorities.
Regardless of the forms of private pension provision and various types of regulatory and supervisory structures adopted, Pension Supervisory Authorities have an important role to play in enhancing consumer protection.
These Good Practices offer guidance to Pension Supervisory Authorities on how to ensure effective consumer protection in the field of private pensions. The Good Practices focus on five key areas identified by the G20 High Level Principles (HLPs) and related Effective Approaches, which are considered the most relevant from the pension supervisory perspective: HLP 2: Role of Oversight Bodies; HLP 4: Disclosure and Transparency; HLP 5: Financial Education and Awareness; HLP 6: Responsible Business Conduct and HLP 9: Complaints Handling and Redress.
The Good Practices benefited from comments provided by the OECD Working Party on Private Pensions and the G20/OECD Task Force on Financial Consumer Protection as well as various other entities during public consultation.