Over 600,000 advisers face losing voice in regulatory shake-up
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Fecif, the federation representing European financial advisers, has warned that intermediaries risk losing their voice on the way they are regulated under the new framework being proposed by the European Commission.
The Fédération Europé;enne des Conseils et Intermédiaires Financiers, says that it welcomes the legislative proposals on establishing a new institutional framework for financial supervision in the EU, but is concerned that intermediaries will lose their say in the way they are regulated as banks may dominate.
The structure of European financial regulators is currently under review following the De Larosière Report, with European regulatory bodies expected to be given tougher supervisory powers.
But in a letter to members, Fecif secretary general Vincent Derudder says: “We are extremely worried that financial intermediaries - 600,000 to
650,000 professionals today - representing and servicing 50 to 100 million EU consumers may be excluded from the management process of the new three supervisory authorities which will be set up - the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority.
It adds: “We are ready to actively contribute to further refinements of the legislative proposals and to provide our input into building effective new supervisory authorities with appropriate participation of the representative of the industry. It will help a better implementation - better understanding - of EU rules, and create a stronger image of the EU among the public.”
But Derudder says: “We reiterate the concerns expressed by EU intermediaries that, faced with a preponderance of the banking sector, the European Supervisory Authorities must also be aware of the intermediaries’ perspective.”
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