The European Fund and Asset Management Association (EFAMA) has announced a “significant” expansion to the European Fund Classification (EFC) system.

The EFC, a pan-European classification system of investment funds overseen by EFAMA, has “significantly expanded” its coverage to reach close to 180,000 fund share classes across most European countries. The means that the vast majority of European funds now have an EFC classification. This includes several novel fund categories, taking on board recent market evolutions, with categories such as crypto asset funds, FX funds, and ultra-short bond funds added as part of the latest update. At the most granular level, there are currently more than 880 fund subcategories included in the EFC.

UK’s Dashboard Operators Coalition (DOC) hits double figures

Three more fintech and master trust providers have joined the UK's DOC, bringing the total number of members to 10. Moneybox, NatWest Cushon and Smart Pension joined the existing members: Aviva, Just Group, Legal & General, Mintago, Moneyhub, Scottish Widows, and Standard Life (part of Phoenix Group). The group, which launched in March, is working with government and regulators to help support the successful launch of multiple dashboards for UK consumers as early as possible. Commenting on the new additions, DOC chair and independent dashboards consultant, Richard Smith, said: "It’s so exciting that more and more firms are seeing clearly how commercial dashboards have the potential to revolutionise pensions offerings to consumers…All the DOC member firms look forward to collaborating with government and regulators to successfully deliver multiple dashboards for UK consumers.”

Finnish earnings-related pension provider Varma has committed to building a new tower block in Pasila in Helsinki.

When completed, the office is set to be the tallest office building in Finland at a height of 130 metres, and is expected to help strengthen Pasila's appeal as an urban residential and office area. The design of the office building is also aligned with Varma's environmental responsibility targets and circular economy guidelines for construction. Construction is set to begin in the fall, with earthworks and building foundations to be carried out on the site until next spring. Commenting on the investment, Varma construction manager, Ville Häyrinen, said: "There is a demand for modern premises. Companies value high-quality facilities that provide the best setting for working. A special feature is the panoramic landscape that overlooks south towards the old centre of Helsinki and all the way to the sea. It is gratifying that we can start a significant construction project at a time like this.”

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