Pension brokers could transfer clients, but only with notary's seal

The Private Pensions Supervisory Commission (CSSPP) could decide to allow pension brokers to continue to be involved in transferring clients among mandatory funds (2nd pillar), but only if the client transfer is certified through a notary public, said the general manager of the CSSPP, Cristian Rosu. In October, the Commission put up for public debate a norm that prohibited pension brokers and other intermediaries from getting involved in the transfer procedure, while the final version of this document will be adopted in early next year. The elimination of brokers has been proposed because there were cases in which the transfer requests were falsified. Additionally, some brokers used false arguments to persuade their clients to be transferred from one fund to another, although this would not fetch them genuine benefits. “We will discuss this norm in a board meeting in January, and brokers are likely to be allowed involvement in the transfer, but only if the request is certified by a notary public,” Rosu said.