The new report published by the European Fund and Asset Management Association - Revisiting the landscape of European long-term savings: A call for action from the asset management industry – identifies key strategic priorities for the asset management industry to focus on to better serve the long-term needs of tens of millions of investors across Europe and act as the custodian of their retirement savings.

It comes about following extraordinary times for all stakeholders of the financial services industry. In particular, investors have been badly shaken and need confidence more than ever.

In those challenging times, it has been Efama’s ambition first and foremost to take a proactive stance towards the key issues faced by our industry. With that consideration in mind, Efama launched last year a consultation among 23 CEOs from some of the largest European asset management firms, pension funds, investment consultancies and investor associations to identify key practical recommendations and to assist the industry, policymakers, and political representatives in ultimately achieving greater transparency, increased investor confidence and efficient savings solutions.

The overall message that the interviewees for this report are sending the industry, regulators and legislators is that more needs to be done in the field of long-term savings and distribution.

Pension solutions in Europe, where demographic and economic challenges make them more and more vital, face numerous challenges. Those include the need to raise investor awareness on long-term savings and develop further incentives; the fragmentation of regulation, resulting in fiscal inconsistencies, limited transferability and a lack of true cross-border competition. In addition, there is also a continuing lack of transparency, choice and flexibility in many retirement plans and a need to enhance further the attractiveness of long-term savings products.