Banks and brokers unable to sell compulsory pensions directly

Banks, brokers, and financial investment service companies (SSIF) will be unable to sell compulsory pensions (the 2nd pillar) directly, as the Private Pension Supervision Commission (CSSPP) has decided not to change the necessary legislation. The decision comes after an announcement made by the Commission two weeks ago, that the norms could be modified so that the aforementioned entities would not be forced to set up a separate company in order to distribute private pensions, as stipulated in the legislation. “We are not considering modifying the legislation to this effect. There have been requests for us to do so, we have had talks on the subject, but we have decided not to modify the norm,” Mircea Oancea, chairman of the CSSPP told ZF. “We want a system were brokers are exclusively involved in the distribution of compulsory pensions,” added Oancea. So far, the Commission has approved only one broker of second pillar pensions, with another three files currently under examination, according to Oancea.