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 Currently , we have already destroyed half the forests in the world to master this financial crisis. Waste of paper or not, the list of recommendations is impressive. How odd that only now the governments and/or politicians realize that the financial system couldn’t continue to function as before.
The new wisdom comes from all over the world, G20, The Larosière, Lamfalussy, ECB, etc ...
All these reports show that the awareness is very large, it is clear that our bankers are no innocent victims of an American crisis, but that they obviously took too many risks.
We therefore advocate a more efficient regulation of the banks instead of organising an overregulation of the financial advisers and intermediaries , because they were not to blame !
The quality of supervision has grossly failed, but also the banks simply ignored the recommendations and warnings . Therefore it is necessary to ensure that these are enforceable. Or how a credible referee can only function if he can draw cards!
So in order to make our work even more effective in lobbying the European institutions , FECIF has optimized its organization and structure in a professional manner , so that we can actively participate in the discussions of the various European consultations concerning the regulation which affects directly the independent distribution.
Our common goal is obviously the promotion and defence of the role of financial advisers and intermediaries in Europe. However we also support the improvement of investor protection by actively contributing to develop a unified and effective European regulation in order to defend and protect the investors, consumers and intermediaries.
Daniel Nicolaes - Secretary General
July 2010
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