Regulatory Alerts2024-07-22
Guidelines for Pension Funds and Pension Insurance Companies on Strengthening the Financial Literacy of Citizens of the Republic of Croatia
The Croatian Financial Services Agency (Hanfa) issued these Guidelines to require pension funds and pension insurance companies to systematically strengthen citizens' financial literacy regarding individual capitalised savings. The document mandates the separation of educational activities from promotional efforts, the development of a multi-year implementation strategy with defined objectives and target segmentation, appropriate budget allocation, rigorous conflict-of-interest management for external services, and annual reporting on financial literacy initiatives. By standardising these operational practices, the Guidelines enhance public transparency, build long-term confidence in the pension system, and ensure its long-term sustainability.