The Danish Financial Supervisory Authority published the results of an examination of AkademikerPension and issued orders requiring the pension fund to improve its ongoing monitoring of older pension products that are not covered by the Product Oversight and Governance (POG) regime, and to strengthen its POG arrangements for a number of products offered after 2018. POG rules have applied since 2018 to products developed or materially changed from that point, but many pension products were offered before 2018 and may fall outside POG if they have not been significantly changed. The authority stressed that, under the rules on good business practice, pension firms must nevertheless continuously monitor all products to ensure they remain up to date and meet customers’ needs and deliver good outcomes. It described the action as the first time it has issued a direct order to a pension fund to step up oversight of legacy products under the good business practice framework.

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