Objetivos

Definitions of the Adviser and Intermediary Role

• An Adviser acts as a service provider for his or her client
• Totally independent by nature, an Adviser is required to offer absolutely impartial advice
• An Adviser is remunerated exclusively by his or her client

• For information, advisers account for only some 24% of the European financial adviser and intermediary community.

• An Intermediary can be independent (Broker) and is likely to act either as a representative of his or her customer or as a supplier of a product and/or service
• An Intermediary is remunerated by the supplier whose product or service is proposed
• The majority of European Intermediaries (about 53%) represent from 3 to 5 product or service suppliers. They can hold several mandates (multi-tied agents)
• Although a multi-mandated Intermediary does not give his or her customer totally impartial advice, the latter can however have access to a selection of products and services

• An Intermediary who is single-mandated (representing only one product and/or service supplier), is evidently not in a position to advise his or her customer since there is no choice to be offered.

Advisers and Intermediaries have certain obligations in common:

• To ensure the adequacy of their working capital with the necessary infrastructures for providing quality assistance for their clients/customers
• To be covered by professional civil liability indemnity insurance
• To have the requisite experience, training and qualifications
• To be placed under the supervision of a public supervisory body

• An independent Adviser or Intermediary is defined as an individual who, not being attached to any company is capable of examining with his or her customer - with complete freedom - the advisability of selecting a particular product or a service from the range of products and services available on the market.

FECIF has set itself the objective of supporting the development of the concept of independent financial advice and intermediation in the European Union, while seeking to serve the interests of the general public:

• To unite and co-ordinate the operations of the various European professional associations (including Switzerland and Norway) representing the financial advice and intermediation sector, without any distinction.
• To represent its members in the context of negotiations with the various bodies of the European Union in order to protect their moral, professional and economic interests, and to play an active role in the development of proposals relating to the organisation and regulation of the professional activities of financial advisers and intermediaries within the European Union.
• To encourage the exchange of information between members and to facilitate the circulation of the recommendations and/or rules adopted by the competent regulatory bodies.
• To define, by basing itself on certain self-monitoring mechanisms, the necessary vocational training, the means of evaluating skills and the essential rules for guaranteeing the protection of the interests of this sector and its image with the public.

• FECIF examines and submits proposals relating to the development of the financial advice and intermediation sector.

FECIF encourages the promotion of the image of the financial advice and intermediation professions among European consumers as well as encouraging better organisation of these professions without compromising the association’s non-profit-making character.

It organizes a professional insurance system designed for its members and ensures the circulation of information intended for European financial advisers and intermediaries and their customers.

FECIF, which sees itself as a proposal organisation, would like to work in close co-operation with the European institutions, the consumer associations and the representatives of the product and service suppliers.

FECIF should be actively involved in the formulation of the legislation on advice and intermediation, as well as in the formulation of the regulations in respect of the marketing of financial products and services.

The role of FECIF is also to facilitate, throughout the European Union, Switzerland and Norway, the coming together of financial advisers and intermediaries wanting to work together in order to offer a more high-powered service to their customers.

All the national and European associations of financial advisers and intermediaries have been invited to become members of FECIF. The great majority have accepted this invitation, conscious of the importance of being able to speak with one voice during dialogue with the institutions.

Certain financial groups (banks, insurance companies, etc.) that have shown true commitment alongside the advisers and intermediaries for the development of independent intermediation, became members of FECIF as associate members on the same footing as those advisers and intermediaries that are not already members of a national association.

FECIF co-ordinates all of its activities from its head office in Brussels, which is a reception centre for the European institutions and an ideal base.

FECIF has seen a considerable increase in its influence since its creation in 1999, when it represented only 10,000 professionals as against more than 200,000 in 2007!

FECIF’s electronic database abounds today with more than 30,000 references of European financial advisers and intermediaries that have taken part in the various surveys organised by FECIF since 1999 in co-operation with banks, insurance companies or the specialist press, relating to multiple subjects of general interest to European financial advisers and intermediaries.

FECIF has taken part in the various working meetings organised by the European Commission and in 2007 attended more than 50 seminars organised by local associations, and also conference exhibitions such as PIMS, CIFA, etc