The long-term savings industry does not work well in Europe. Costs are too high, risks are often misrepresented or insufficiently spelled out, and investors are encouraged to switch regularly into new fashionable products rather than pursue a longer term approach.

Who is to blame for this state of affairs? Is it the product manufacturers, charging a premium for what they contend are superior vehicles and chasing asset gathering opportunities rather than long-term relationships with investors in their products?