Italy's first open-end pension fund has finally been given approval by Consob (Commissione nazionale per le societe la boursa) the country's financial market regulator.

Previd-system from the Fondigest stable has had its 'prospetto informativo', the document explaining its conditions to clients, given the regulatory rubber stamp and has been collecting contributions since November 16.

Expectations are that around 30 of the open funds will have been granted permission to begin collecting contributions by the year end.

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