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EstoniaFinantsinspektsioon

Amended pension-fund marketing duties apply from 10 November

Amended pension-fund marketing guideline applies from 10 November: contribution and re-joining advice covered, aggressive tactics banned, outsourced distribution must match in-house protection.

By Taxxa AI OyPublished 12 November 2026

Financial Sector & Markets

Industry: Pension funding

Anyone who markets mandatory pension fund units to a specific client or their representative must now meet the full conduct standard for personalised marketingFI, including advice and explanations given once a client asks for them. The duties apply to direct and remote contacts, first and follow-up approachesFI, and also to distributors who steer a person not to move contributions to another fund or not to switch unitsFI. A manager outsourcing marketing stays responsible for the third party's compliance.FI Personalised advice to increase or reduce contributions, change a payment exemption, revoke a lump-sum payout application, or re-submit a payment application and re-join the compulsory funded pension is covered as wellFI: the fund-specific explanation and comparison duties do not apply to it given its natureFI, but the general conduct, information, conflict-management and control duties doFI. Where the same conversation also recommends acquiring or switching specific fund units, the full fund-marketing duties apply to that part.FI Own-initiative applications without advice requests, and non-personalised advertising without a recommendation, stay outside the scope.FI

Marketing must always serve the client's best interests, with competence, honesty, accuracy and care.FI The distributor establishes the client's needs — risk tolerance, return expectations, age, strategy choiceFI — offers from across all of the manager's pension fundsFI, and avoids conflicts between its own interests and the client'sFI. It may confine itself to its own manager's range without assessing competitors' funds. Intrusive or aggressive sales tactics and blocking a client's passage are prohibitedFI; the distributor stops immediately once the client shows unwillingness to discuss the topic, now or in the future, with no follow-up chasing, persistent calling, continued emails or other immediate continuation.FI

Remuneration structures must not tempt managers or staff to skip marketing dutiesFI, and all of a manager's funds must be offered uniformly rather than steering clients to particular fundsFI. The good- and bad-practice examples in ESMA's 3 April 2023 guidance on aspects of the MiFID II remuneration requirements aid interpretation of the conflict duties, including where marketing is outsourced, without incorporating that guidance one-to-one. Where marketing is outsourced, the provider's organisation and the competence and conflict-management requirements applied to it and its staff must secure at least the same level of client protection as the manager's own arrangementsFI; requirements the provider is not otherwise subject to go into the outsourcing contract.FI That contract must spell out duties, manner, frequency, quality and compliance metricsFI, must not hinder the manager or supervisionFI, and must give effective remedies including termination, intervention and penalties, with active intervention up to stopping the activity,FI a designated responsible person, and proportionate internal control with real quality checks.

In direct contact the distributor orally explains at least the fund's objective and investment policy basics, its risks, fees and how they are set, where documentation is published, how to switch units or start contributions to a new fund, and the deadlines and costs attached to the client's applications.FI For such advice, the distributor explains the procedure, its material consequences, the effective and realisation deadlines and the costs.FI Risk warnings cover the target-investor profile, the general investment risk including loss of value, fund-specific risks, where risk descriptions are published, and the bans on stressing benefits without risks, on return guarantees and on unexplained historical returns.FI The amended requirements apply from 10 November 2026.FI

Legal basis: Finantsinspektsiooni seaduse § 57 lõige 1, Kogumispensionide seaduse §§ 5 and 6 and Investeerimisfondide seaduse §§ 351–352, applied through Finantsinspektsiooni juhatuse 10.11.2026 otsus nr 1.1-7/199 amending the recommendation guideline Kohustusliku pensionifondi osakute turustamise nõudedFI.

Align marketing scripts, remuneration and outsourcing contracts with the amended guideline that applies from 10 November 2026.

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