Germany has voted – but what does the result mean for the life insurance industry and pension provision as a whole? On behalf of our client Standard Life Versicherung, we interviewed Norman Wirth, Managing Director of the German broker association AfW in Berlin, about the results of the Bundestag election. We spoke to Mr Wirth about the possible consequences for state-subsidised old-age provision, the future of the “Riester” pension, the coming supervision of insurance brokers and a possible ban on commissions (interview in mp3 format on Standard Life’s German website).
The new, third episode of GFC (not the ‘Global Financial Crisis’) Podcast is about financial market regulation, the still threatening commission cap for life insurance and the EU taxonomy (and long hair). Original statements can be heard from opponents and supporters of the commission cap – members of the German Bundestag Carsten Brodesser (CDU) and Frank Schäffler (FDP), Dr. Peter Schwark of the Association of the German Insurers (GDV), Norman Wirth, Brokers’ Association AfW, and Axel Kleinlein of the German Association of the Insured (BdV). In addition, an interview with consultant Anke Limbach (Limbach Consulting) – management consultant and specialist for the implementation of complex organisational projects in the securities investment sector – on the EU taxonomy for sustainable investments … and why this is likely to become an even greater degree of coordination than MiFID 2.
Unfortunately, it’s all in German …
One of the few positive effects of the coronavirus crisis and lockdown during recent months was that I had more time to take up new things – like creating an editorial podcast (and you wouldn’t believe how much work goes into such a project – even if, like me, you worked in radio a long time ago)! My podcast, which will be published once a month, is mainly about the success and efforts of foreign financial service companies on the German market. The first episode of “GFC (not the ‘Global Financial Crisis’) Podcast” is now finished and can be listened to on Deezer and Spotify as well as on this website (it’s mainly in German, though).
Regulation, commission caps, digitalisation – the topics discussed by seven top-class representatives from politics, consumer protection and financial associations at the Federal Press Conference in Berlin at the invitation of Standard Life Deutschland were pretty tough. The 130 or so guests, mainly independent brokers and intermediaries, also made some very emotional contributions. Gerle Financial Communications supported Standard Life’s corporate communications with interviews and a summary of the event which was also published in the German financial magazine “Mein Geld” (article in German only as a PDF file).
Which effect do the political and economical centrifugal forces of Europe have on pensions in Germany? It seems to be a platitude that Europe is going through challenging times – in the face of ever so obvious disparities between the Northern and the Southern states, the upcoming exit of Great Britain from the European Union (Brexit) and the ongoing pressure through low interest rates in the eurozone. What are the consequences for independent financial advisors and their clients?
Standard Life Deutschland followed these questions in a top-class panel discussion in Berlin which was jointly organised by the British insurer and the British Embassy. Among the participants on the podium were Wolfgang Bosbach, former MP of the CDU and pension expert; Prof. Dr. Clemens Fuest, president of the economic think tank ifo Institut; and Sir Gerry Grimstone, Chairman Standard Life Aberdeen plc. Gerle Financial Communications supported Standard Life in prearing the event with regards to the content.