
	Editorial - May 2023

	Me Yves Nidegger, Lawyer, Member of the Swiss Parliament, Legal Advisor of GSCGI-SAIFA Welcome to the age of sanctions It does not seem impossible to me at all that, after the Stone Age and the Iron Age, the archaeologists of the future will one day designate the era we are entering today as the Age of Sanctions. THE AGE OF SANCTIONS Since the beginning of the war in Ukraine, our politicians have only one word on their lips: "sanctions". Punishing has become a passion. Of course, invading one's neighbour, bombing cities with missiles, and destroying the infrastructure necessary for the daily life of a population is something to be condemned in addition to being terribly shocking for us Europeans, who wrongly thought that war had become the fate of some far away tribes, who do not have the high level of intelligence that characterizes us and that allows us to resolve all conflicts by civil means. Whereas throughout history, humanity and all its constituent human groups have lived in constant awareness of the risk of their extinction by the sudden onset of the epidemic, famine, war, or all three, our generation had settled into the unique fear that the excessive success of our species would endanger other species, that the excessive success of our human group would injure other, less fortunate groups. The fear of human overpopulation had given way to the fear of extinction, and the anxiety about the environment's vulnerability had replaced the archaic fear of man being exposed to the overpowering forces of nature. And now, in three years, one after the other, a new virus, the collapse of supply chains, and the return of war have all come together to sign the return of our archaic fears against a backdrop of apocalyptic talk about the climate. Faced with this, our governments, forced as they are to show that they are doing something rather than nothing, have returned to what they know best: surveillance and punishment. Failing to know what to do that is useful, they punish, and they punish with the passion that characterizes the energy of despair. Gone are the intangible fundamental freedoms of which the West was proud only yesterday. In the face of the virus, we imitated China, which punished the whistle-blowing doctor before walling up its citizens. We have confined and persecuted the dissidents who dared to defy the word of the State by loudly doubting the necessity of the confinement, the usefulness of destroying the economy, and the advisability of convening massive inflation by artificially creating the money supply necessary to mask, in the short term, the devastating consequences of measures promulgated blindly, and the efficacy and safety of the vaccine. In the face of war, there is no geopolitical analysis of its objective causes, no search for an antidote to armed confrontation, but an exclusively moral discourse, which is undoubtedly necessary but totally insufficient, and which can only lead to an escalation of sanctions without end, since sanctions, as we know, have never stopped wars. Credit Suisse has just been sanctioned for not having sufficiently sanctioned certain clients under sanction. PASSION TO PUNISH: A POLITICAL VIRTUE The passion to punish has become a political virtue, by which an executive shows that it exists. Your car emits CO2, sanctions, your garbage, your heating, and your language do not conform to the dogmas of the moment, sanctions! The Swiss Parliament is currently working on a "class action" project, a collective action inspired by the American "punitive damages" to be inserted in our code of civil procedure. The idea is that any infringement should be able to give rise to compensation. A city or company that damages the climate by not taking all possible protective measures should compensate the victims, i.e., the whistleblowers. The German Bundesbahn has just been fined for forcing a non-binary person to choose between Mr. or Mrs. when subscribing to a yearly transportation ticket. This could happen to the SBB tomorrow. The West, which was once characterized by freedom of trade and expression, and opposed authoritarian or totalitarian regimes, has now become its zealous follower. MONITOR, DENOUNCE, SANCTION, PASSIONATELY. We have just discussed the case of investment advisors, who offer their clients purely advisory services without ever placing management orders, and whom the FATF would like to see sanctioned under Swiss law if they do not denounce their clients in case of suspicion of having been consulted for tax optimization purposes! The Swiss Parliament, which includes many lawyers, whose activity consists precisely in advising clients, dared to rebel against this arbitrary diktat. The answer was not long in coming, under the code name: "Pandora papers". If journalists were still investigating, we would have known. No one is unaware that this theft of documents is the result of the implementation of state resources in the context of a commercial war against the Swiss financial centre. Once stolen, the information is delivered to consortiums of journalists who collectively hide and launder it. In Bern, colleagues from the minority left during the vote, were thus able to return to the charge by claiming that the "Pandora papers" would be proof of the usefulness and necessity of breaking the trust that binds the client to his advisor by instituting the latter as an obliged informer of the former, under penalty of punishment if he fails to report when he realizes that the investment advice given could be required for tax optimization purposes. MAY 68: "IT IS FORBIDDEN TO PROHIBIT" This obsession with punishment is all the more curious because it is the work of a generation that was fed in its youth with the milk of May 68 "it is forbidden to prohibit". They have all read Michel Foucault, "Surveiller et Punir", which gives a very negative idea, not only of the prison but also of the whole social system to which individuals are forced to conform. And now, in power, these former libertarians show an almost totalitarian passion for prohibition, tracking down private thoughts that even the Inquisition did not think of pursuing. It is as if the liberal state, which repeated until the fall of the Berlin Wall that nothing good could happen without freedom, had suddenly converted to the opposite thesis, taking over the role of enemy of freedom from the bankrupt Soviet Union. The USSR had at least the virtue of setting an example not to be followed. At the very second when the bad example of what happens when one neglects freedom (censorship, KGB, five-year plans, shortages, social corruption) disappeared, the euphoric liberal states became their own enemies of freedom. In 30 years, our states have become cantankerous nannies who threaten and bully you for your own good all day long in order to keep you, through fear of punishment, on a straight path that only they understand. This idea has become part of the law. For fifteen years I have been sitting in Bern, watching bills of an administrative nature proposed by the Federal Council pass by, all of which include a formidable body of administrative criminal law, the severity of which is constantly increasing on the grounds that a rule that is not accompanied by sufficiently dissuasive sanctions will necessarily remain without effect. SANCTIONS: A MARK OF SERIOUSNESS IN POLITICS The introduction of ever more severe financial sanctions, everywhere and in every respect, has become the mark of seriousness in politics. It is as if the generation that kicked God out of heaven wanted to replace him. The fear of emptiness, no doubt. In the absence of a God to announce the end of the world and the last judgment, the UN-IPCC is invented. In the absence of a religiously inspired morality, hyper-normalization and the criminalization of blasphemy against the official truths are established. In the absence of divine punishment, the State takes over the function. During the health crisis, the French State flew helicopters over the mountains and forests to track down lone hikers who had strayed too far (10km) or too long from their homes. Once religious and ecclesiastical, fanaticism has become moral and administrative. The North Korean regime would never have thought of obliging its citizens to issue themselves with a written administrative exemption before allowing themselves to leave their homes with an indication of the reason, and then to fine those who would have exceeded the duration or the reason of their own authorization. Macron's France has done this. Each State acted according to its own administrative culture. In Switzerland, the Federal Council itself ordered us to line up 'masked' in front of the supermarkets and allowed us to buy food and soap, but not flowers! Citizens who were denounced for not wearing masks were slammed to the ground and handcuffed. The idea that each individual has subjective rights that he or she can exercise, including against the State, that is, against the authority exercised in the name of the whole community, is undoubtedly the mark of the liberal West. What's left of it since the health crisis? PRIVATE PROPERTY The idea that private property, which can be opposed to any third party including the State, is in principle inviolable, is another mark of the liberal West. What has remained of it since the war? The private assets of people deemed to be close to the Russian head of State guilty of aggression against Ukraine have not only been frozen, which can be done pending the outcome of a court case, but are in the process of being confiscated without trial, thus undermining the legal protection of property in principle. In addition, the value of everyone's savings capital is at risk of evaporating as a result of the inflation that has been installed to allow the State to reduce its debt by means of a currency whose value decreases every day in relation to what it was at the time of the loan. DE-DOLLARIZATION OF THE ENERGY MARKET In foreign policy, too, the passion for sanctions has upset the order of things by brutally accelerating the de-dollarization of the energy market, which the United States had so feared. As long as oil was quoted exclusively in dollars, the world had to buy dollars to acquire oil, and he who controls the dollar controls the world. Based on an analysis that overestimated the strength of the Russian military and underestimated its economic resilience based on GDP alone, the West thought to deal Russia a fatal blow by freezing the dollar and euro foreign exchange reserves held by its central bank, in order to prevent it from defending the declining ruble rate in the early days of the war. As a result, the Russians, who no longer want to sell their oil in a currency that can be taken away from them, now invoice in rubles. The world is now buying rubles to buy oil. Intended to torpedo its economy, the sanctions helped Russia finance its war and raised the value of the ruble above its pre-war level. The global de-dollarization, and therefore the decline of the United States, has been accelerated. Saudi Arabia is following suit, and Venezuelan and Brazilian oil will probably soon be traded in a new currency. With less demand on the markets, surplus dollars are flowing back into the U.S. economy, which is exposed to the ravages of inflation. The programmed disappearance of the American world order is giving ideas to all the regional powers that have geopolitical pawns to advance, at the forefront of which are India, Turkey, Iran, and some others. Will we sanction them, one after the other, when they cross the red lines drawn by Washington? THE SPIRAL OF SANCTIONS: COLLECTIVE, SOCIETAL, ECONOMIC AND POLITICAL SUICIDE. The spiral of sanctions is nothing but collective, societal, economic and political suicide. Having become prosperous and, in its own way, very influential, this tiny country of Switzerland had found a way to keep war away from its soil through neutrality. Neutrality protected us by prohibiting us from taking part in the eternal conflicts which divide the great powers between them, by prohibiting us from joining any warlike coalition, whatever its objectives, whatever its displayed values. It forbade us to sanction. Neutrality was our antidote to the spiral of sanctions. The Federal Council has tragically forgotten this. Welcome to the era of sanctions!


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Editorial - April 2023

Vincent Derudder
Honorary Chairman & Board member

Crisis in Europe?

The European Union is going through a very serious crisis, and so is the EU financial services industry, because of the war launched by the Russians in Ukraine, plus the tensions in the markets, and so many areas of the world.
Europe encompasses about 550 million people and the rest of...

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	Editorial - March 2023 Josep Soler-Albertí EFPA Spain’s Executive Director FECIF’s Board Director *Access to forecasts and information asymmetry in financial advice* The information asymmetry between suppliers and customers in the investment product markets, as in others, is to blame for its imperfect functioning. The availability of analysis and forecasts for suppliers and not for clients is... >> CONTINUE READING

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	Editorial - September 2022 Vincent Derudder Honorary Chairman & Board member *European e-commerce continues to grow* Despite consumer caution about spending – because of the war in Ukraine, uncontrolled inflation, disruption of global chain supplies and a general sense of uncertainty leading to pre-pandemic level growth – e-commerce has continued to grow in 2021 in Europe and it... >> CONTINUE READING

	Editorial - July 2022 Vania Franceschelli Deputy Chairwoman *The European Commission project for Open Finance* In 2020, the Commission identified the promotion of data-driven finance as one of the priorities of its digital finance strategy. On 25 November 2021, the Commission proposed legislative proposals on the Single European Access Point (ESAP) as part of the Capital Markets Union... >> CONTINUE READING

	Editorial - May 2022 Garry Heath Member of the FECIF board *Major insights into the impact of regulation* Every two years, the UK’s adviser trade association, The Impartial Financial Advisers Association, creates a report on the availability of professional advice to UK consumers. This report is created from desktop research via already published information combined with a... >> CONTINUE READING

	Editorial - March 2022 Vania Franceschelli Deputy Chairwoman *The new European digital finance package* The EU Digital Finance Package consists of a series of initiatives that will be implemented by 2024, aimed at encouraging the development of the European Union and a competitive financial sector, intended to reap the benefits of digital finance in terms of... >> CONTINUE READING

	Editorial - January 2022 Josep Soler-Albertí Chairman, FECIF Advisory Committee and CEO, EFPA Spain *Thirteen clues to investment in 2022* We could cite less than 13, or even more clues, but it must be said that, contrary to what some people think, investment will not be driven by good or bad luck, but by a set of economic and political forces... >> CONTINUE READING

	Editorial - November 2021 Jim Henning Principal Investment Consultant, Dynamic Planner *Sustainability: what is the role of the financial markets?* How are we able to satisfy the needs of the present without compromising the ability of future generations to meet their own needs? Financial institutions such as... >> CONTINUE READING

	Editorial - September 2021 David Charlet ANACOFI Chairman *Economic recovery or stall?* Return to normal life or Covid episode 4 or 5? Will Europe and the rest of the world experience the same “back to school”? What role for the companies and intermediaries that we represent? We all tried to make the month of August as restful as possible, as disconnected from Covid as we... >> CONTINUE READING

	Editorial - July 2021 Vania Franceschelli Deputy Chairwoman *COVID-19 highlights the limitations of Money Market Funds* The pandemic emergency outbreak, in March 2020, shed a light on some vulnerabilities of money market funds, which have experienced huge outflows and problems in selling their assets to meet investors’ demands. Fortunately... >> CONTINUE READING

	Editorial - May 2021 Martin Klein Chairman FECIF & VOTUM *“Spirit of optimism in Europe”* There is a spirit of optimism in the air. Across Europe. Even though all 27 EU member states are in the midst of the final phase of fighting the pandemic and the infection figures do not yet allow a final signal of relief, rising vaccination rates finally promise a timely ray of hope... >> CONTINUE READING

	Editorial - March 2021 Simon Colboc FEPI Secretary General *Pension reform in Europe: make way for the 4th Pillar?* A wide-ranging study on retirement across Europe conducted in 2020 by the FECIF European Pensions Institute (FEPI) shows that current pension reforms, however ambitious, are far from enough to address the scale of the issue. >> CONTINUE READING

	Editorial - January 2021 Simon Colboc FEPI Secretary General *The Savings Revolution* Household financial savings are making headlines today. This is hardly surprising, given that everything seems to revolve around these savings, from the financing of pensions to the development of a more sustainable economy, the very survival of old Europe and our... >> CONTINUE READING

	Editorial - November 2020 Vincent J.Derudder FECIF Advisory Committee Member & Honorary Chairman *Building Partnerships with European Professional Associations* In 2000, under the presidency of Portugal, the “strategy of Lisbon” was launched to promote a European knowledge-based and competitive economy, in the paradigm of the competitive... >> CONTINUE READING

	Editorial - September 2020 Vania Franceschelli Deputy Chairwoman *The importance of fighting for gender equality in the financial advice industry* Gender equality is a key point in the 2030 Agenda for Sustainable Development adopted at the United Nations Sustainable Development Summit on 25th September 2015. The plan set by the Agenda is formed by 17 goals that aim to... >> CONTINUE READING

	Editorial - July 2020 Edden Kift PortfolioMetrix business development team *5 ways advisers have remained client focused during COVID-19* The global pandemic has necessitated a rethink by many advisers about how they should go about their business. While some have continued to function relatively easily and effectively, for others... >> CONTINUE READING

	Editorial - May 2020 Vania Franceschelli Deputy Chairwoman *Millennials – a generation that needs to be heard* Financial advisors have to take into account that their role needs to be sustainable in the long term. A great role in this process is played by the ability to listen and study the habits and needs of new generations. A focus on the younger portion of the population will enhance... >> CONTINUE READING

	Editorial - March 2020 Josep Soler-Albertí CEO, IEF & Executive director, EFPA Spain *Financial advice and the cognitive biases of pensions* When Richard Thaler, after winning the 2017 Nobel Prize in Economics for his work on the impact of irrationality and emotions in economic decisions, responded to journalists that he would spend the amount of the prize (one million euros) “irrationally”, he undoubtedly... >> CONTINUE READING

	Editorial - January 2020 Paul Stanfield FECIF Secretary General *Does financial advice provide value? It sure does!* A recent study proved that: • Professional financial advice can and does significantly enhance clients’ wealth. • That this benefit occurs even in a commission environment. • And it is most valuable for less wealthy clients. Quantifying the value of advice has always been somewhat... >> CONTINUE READING

	Editorial - October 2019 Jiří Šindelář Broker Consulting, a.s. former Deputy Chairman of FECIF Yet another regulatory myth explained Nobody in the financial industry could have missed how notable the attention has been in all recent regulations paid to the conflict of interest and its mitigation. All those MiFIDs, IDDs, MCDs and other Directives, have substantial parts dedicated to so called “inducements”. This is... >> CONTINUE READING

	Editorial - August 2019 David Charlet FECIF & ANACOFI Chairman *A new EU or same old, same old?* Will this summer see a new Europe or the return to the “good old continent"? What are the challenges for our profession and our clients? It will not have been easy but finally, Ursula von der Leyen was... >> CONTINUE READING

	Editorial - June 2019 Olivia Geldenhuys PortfolioMetrix Head of Support, Europe Trust – the cornerstone of financial advice There’s a quote that says, “Trust takes years to build, seconds to break, and forever to repair”. This is nowhere truer than in the financial world, where a person’s quality of life relies on decisions made by the experts in whom they place their trust. As a financial adviser, your ability to build trust... >> CONTINUE READING

	Editorial - April 2019 Vincent J.Derudder FECIF Advisory Committee Member & Honorary Chairman *Happy Birthday FECIF! And here’s to real consumer protection* On the 30th June this year, FECIF will celebrate its 20th anniversary! The Fédération Européenne des Conseils et Intermédiaires Financiers Aisbl (FECIF) was created on 30th June 1999 by a Royal Decree of the Belgian Ministry of Justice at the request of ... >> CONTINUE READING

	Editorial - February 2019 Vania Franceschelli Member of Fecif Board of Directors & Foreign Affairs, Anasf ESG – growing in importance for everyone! From a recent survey carried out by a famous global investment company, 46% of investors want to focus more on sustainability criteria for their portfolio choice and as a result 93% of fund managers cannot fail to take this into account in monitoring the company in which... >> CONTINUE READING

	Editorial - December 2018 Jiří Šindelář Deputy Chairman FECIF *Unique Research: In the first two years of the FECIF Expertise initiative, what have we learned so far?* It has been two years, since FECIF started its Expertise initiative, a huge push for greater and better knowledge about the pan-European financial advice and intermediation sector. Since I have been honoured to chair the whole project among... >> CONTINUE READING

	Editorial - October 2018 Daphne Foulkes, Board Member of FECIF, Chairperson of FEPI, and Partner at The Spectrum IFA Group *The Insurance Distribution Directive – Are you ready?* Since 2005, insurance intermediaries have operated under the rules of Directive (2002/92/EC) – the Insurance Mediation Directive (IMD). This has now been replaced by the EU Directive 2016/97 – the Insurance Distribution Directive (IDD)... >> CONTINUE READING

	Editorial - August 2018 Vincent J.Derudder Honorary Chairman *Crisis in Europe?* Europe is going through a very serious crisis and so is the EU financial services industry. To focus on some basic indicators, the world today is made up of a homogenous block of four dominant countries (the US, Russia, India and China) representing 4 billion people and.. >> CONTINUE READING

	Editorial - June 2018 Jiří Šindelář Deputy Chairman FECIF *Did we become hostages to ever-increasing regulation?* According to most common sources, Stockholm syndrome is a type of psychological bond between hostage and their hijacker, when the former develops emotional ties to a person that beats, abuses or generally hurts him or her. Plainly sad, it is.... >> CONTINUE READING

	Editorial - April 2018 Vania Franceschelli Member of Fecif Board of Directors & Foreign Affairs, Anasf IDD and MiFID II. Beloved sisters or competing friends? Time has come. On 19 March the amendment postponing the application date of directive 2016/97 (Insurance Distribution Directive - IDD) has been published in the Official Journal of the European Union. By 1 July Member States shall thus adopt and publish all the laws... >> CONTINUE READING

	Editorial - February 2018 Daphne Foulkes, Partner, The Spectrum IFA Group and FECIF Board Member *Will your pension sustain you through retirement?* It is widely known that Europe’s ageing population is a problem for EU Member States. Quite simply, people are living longer and this impacts on the sustainability of State pension systems, referred to as... >> CONTINUE READING

	Editorial - December 2017 David Charlet FECIF & ANACOFI Chairman *Beyond robo-advisors, what might the future be for following generations?* The media seems to have only one word to say at present, when explaining our future: robots! Is it time for robo-advisors to replace our human members? If you take a look to some of our previous editorials, written by our Secretary General or some of our members, you will... >> CONTINUE READING

	Editorial - October 2017 Dhruv Mehta, Chairman of the FOUNDATION OF INDEPENDENT FINANCIAL ADVISORS *Evolution and Regulatory Challenges – Lessons from India* The Foundation of Independent Financial Advisors (FIFA) is a body representing Advisors and Distributors of Mutual Funds in India, commonly known as Independent Financial Advisors (IFAs). During my recent meeting with FECIF I realised the common... >> CONTINUE READING

	Editorial - August 2017 Jiří Šindelář Member of FECIF board of directors *How Vox Populi in Europe is (sometimes) being portrayed* Two weeks ago, my home city of Prague hosted an important event: the Joint ESAs’ Consumer Protection Day. This is an event that forms an important part of the regulation agenda and according to its organisers should “discuss issues related to consumer... >> CONTINUE READING

	Editorial - June 2017 David Charlet FECIF & ANACOFI Chairman Europe as financial advisers see it A long time ago, the European Union used to be a place for the production of coal and steel. Nowadays, it seems to be a global Union far more engaged than the US with our jobs and other matters. Consider: in the US no would find “passports” for... >> CONTINUE READING

	Editorial - April 2017 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Are you really ready for the future?* “The other day Ray was having a conversation with his 13 year old son and they ended up on a topic / issue that they needed more info on – his response was to “Google” it, his son chose to “YouTube” it. He realised at that point that they had different ways of looking for information, learning answers, and engaging with... >> CONTINUE READING

	Editorial - February 2017 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Transparency not commission is the real key for 2017 and beyond* A number of industry commentators keep stating that it’s now all about the end of commission on a global basis – but is it, really? We all know of the switch to fees in the UK, and also a small number of other locations around the world, but certain other jurisdictions have also been quoted as moving in that direction, only for regulators in... >> CONTINUE READING

	Editorial - December 2016 Paul Resnik Cofounder & Director of Finametrica *Robo 3.0* *Robo advisors are, beyond any doubt, hugely disruptive to the financial advice market. But not in the way that many people expect.* Many commentators and analysts are still focused on trying to pick the ‘Uber moment’, when robos wipe out the old world by... >> CONTINUE READING

	Editorial - October 2016 Schroders Investment Management *Over confident investors and the help they need* Investors thinking they know more than they do about investing could cause problems when it comes to their future financial planning. Investors could be missing out on billions of Euros in investment returns by over estimating their own ability to understand... >> CONTINUE READING

	Editorial - August 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Robo-advice financially unviable* The above was the main content of an article in a financial industry publication last month. This was based on a recent study, which found that UK robo-advisers are structured in such a way that they will lose money and “most will go bust before acquiring the sizeable assets under management needed to survive”. Food for thought, not least for regulators – many of whom seem... >> CONTINUE READING

	Editorial - June 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Do consumers and advisers finally have the same goals?* Over the last year or two it has struck me that the increasing complexity of regulation is not only being seen in a negative light by the financial advisory and intermediary market – there are also growing concerns being expressed by consumers and, in particular, consumer groups, that this is having a negative impact on the public at large. >> CONTINUE READING

	Editorial - April 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Interesting implications for the rest of Europe and beyond?* Last month saw the publication of the results for the UK’s Financial Advice and Market Review (FAMR). Whilst this might not have had much in the way of impact elsewhere across Europe, it perhaps should have done... >> CONTINUE READING

	Editorial - February 2016 Jiří Šindelář Member of FECIF board of directors *The Brussels’ Circle of Overregulation* Even though the European Union was given a series of warnings regarding its effort to regulate anything and everything, it did not slow down. Despite proclamations about “changing the course” and “smart regulation”, from November to December... >> CONTINUE READING

	Editorial - December 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Robo-advice: fact and fiction* I have lost count of the amount of articles about so-called robo-advice. It certainly is the “flavour of the month” and, if we believe all that we hear, will soon become the most important element in the delivery of financial services. I have some strong views on this…. >> CONTINUE READING

	Editorial - October 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Where now for commissions?* European regulators eventually “stood back from the brink” and within the agreed text of both MiFID 2 and the IDD (Insurance Distribution Directive) fell short of a complete commission ban – a ban that many thought might well happen as little as 12 months ago!... >> CONTINUE READING

	Editorial - August 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *The importance of effective representation* The compromise text for the Insurance Distribution Directive (IDD) was recently finalised and it was very pleasing to see that the vast majority of the proposals put forward by FECIF in the recent consultation period have been heeded. >> CONTINUE READING

	Editorial - June 2015 Garry Heath Director General Libertatem Garry Heath announced the launch of Libertatem last month, a new trade association set up to represent all types of financial advisers based in the UK. His thoughts and plans are outlined below – they have great relevance to the rest of Europe. Over the last decade the industry has lost sight ... >> CONTINUE READING

	Editorial - April 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *10 reasons to use a Financial Adviser* Many people have the perception that only the very wealthy need financial advice. However, the facts are that anyone can potentially benefit from such advice... >> CONTINUE READING

	Editorial - February 2015 Garry Heath Journalist, The Heath Report assured *IFAs: Support trade associations or jeopordise independence* The last month has been one of travel. Firstly a symposium to address in Toronto and then it was Brussels and the FECIF conference... >> CONTINUE READING

	Editorial - September 2014 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Our immediate goals* I was very pleased to be elected as the new Secretary General of FECIF at our last Board meeting, it is very much an honour to represent a body that supports and promotes the adviser... >> CONTINUE READING


	Editorial - February 2023 Paul Stanfield FECIF Secretary General *Perhaps we get what we deserve?* Back in 2015, a newly-launched UK trade association raised concerns of serious importance that were – and have been - extremely important in other countries too. I wrote about those at that time and many are still issues today; some are even greater problems now, or likely to become... >> CONTINUE READING

	Editorial - December 2022 Vania Franceschelli Deputy Chairwoman *Overview of the amendments proposed on MiFID and MiFIR* At the end of 2021, the European Commission presented a Regulation proposal (2021/0385) to amend the MIFIR Regulation (600/2014 EU) aiming at improving the transparency of market data, the elimination of obstacles to the emergence of a consolidated... >> CONTINUE READING

	Editorial - October 20221 Louis Williams Head of Psychology & Behavioural Insights at Dynamic Planner Attitude to financial risk across Europe *Attitude to financial risk across Europe* As we begin to witness a shift in saving intentions and behaviours by households across Europe, it is somewhat surprising that a lack of research exists comparing attitudes to risk. Arguably, understanding... >> CONTINUE READING

	Editorial - August 2022 Johannes Muschik FECIF Board Member *Less insurance, more security* The Member States of the European Union require insurance intermediaries to have professional liability insurance of at least EUR 1,250,000 for each individual claim and EUR 1,850,000 for all claims in a year. This is what the EU Insurance Distribution Directive (IDD) requires. The aim of the... >> CONTINUE READING

	Editorial - June 2022 Paul Stanfield FECIF Secretary General *The next 10 years* I recently came across an article that I wrote in December 2015 and immediately wondered whether what I had written had come to pass, in any way, shape or form. Without wanting to sound immodest, my predictions appear to have been fairly accurate and in a shorter timescale – but... >> CONTINUE READING

	Editorial - April 2022 Fernando Zunzunegui Member of the Advisory Committee *Knowledge gives us autonomy* This statement, that could easily be agreed by anyone, is even more true when we are talking about professionals in any field. Professionals are defined precisely for their technical capacity and their independence of criteria, and these skills depend on their knowledge... >> CONTINUE READING

	Editorial - February 2022 Vania Franceschelli Deputy Chairwoman *The need to regulate the robo adviser industry by focusing on investor protection* Robo advisers are attracting growing interest in the financial arena, but at the same time there is a lack of awareness and knowledge on how to approach this world. As the use of these services could rise in... >> CONTINUE READING

	Editorial - December 2021 Simon Colboc FEPI Secretary General *A shift for long-term savings in Europe?* A recent study by CMI Strategies has revealed interesting trends about long-term savings in France and in Europe. There is a growing discrepancy in Europe between the need to increase long-term savings (not least for retirement) and... >> CONTINUE READING

	Editorial - October 2021 Vania Franceschelli Deputy Chairwoman *What do people think about a digital Euro?* What are the opinions of European citizens on a digital Euro? The picture offered by the European Central Bank public consultation sheds some light. The Eurosystem, which comprises the European Central Bank and ... >> CONTINUE READING

	Editorial - August 2021 Josep Soler-Albertí Executive director, EFPA Spain *Banks and investments, not yet safe from the Covid-19 crisis* It is time to make a first count of the economic harm of the pandemic crisis, although not all damage has occurred yet. Firstly, we have all those companies that, disconnected from the artificial respirators, will definitely set sail... >> CONTINUE READING

	Editorial - June 2021 Paul Stanfield FECIF Secretary General *Treating clients fairly?* This is a term that the UK regulator, the FCA, has used extensively – particularly with regards to the advisory sector – and has been, albeit slightly differently phrased, at the core of all relevant EU regulations in recent years. And rightly so – putting the client at the centre of the whole process and... >> CONTINUE READING

	Editorial - April 2021 Josep Soler-Albertí Executive director, EFPA Spain *Challenges for financial advice in the post-Covid recovery* Although still with insufficient strength, we are probably at the beginning of the economic recovery. After more than a year accompanying clients in a journey of unprecedented health and economic crisis, we are heading for a change... >> CONTINUE READING

	Editorial - February 2021 Vania Franceschelli Deputy Chairwoman *The ELTIF: concrete help to support the EU capital markets union* ELTIFs (European Long-Term Investment Funds) are closed-end mutual funds that provide repayment of capital at maturity. They were introduced by EU Regulation 2015/760 to incentivise long-term investment in... >> CONTINUE READING

	Editorial - December 2020 Paul Stanfield FECIF Secretary General *Trust, Technology, Sustainability & Intergenerational Wealth: The Future of Financial Advice?* These were four of the key aspects highlighted during the inaugural FEIFA Autumn Conference Series, which took place throughout November... >> CONTINUE READING

	Editorial - October 2020 Paul Stanfield FECIF Secretary General *Only a quarter of advisers always consider ESG investments* This was one of the significant findings of the recent, unique, ESG survey conducted by FECIF. Whilst it was found that over 90% of financial advisory professionals considered ESG investments some of the time, just 23% did... >> CONTINUE READING

	Editorial - August 2020 Paul Stanfield FECIF Secretary General *FECIF: leading the way in ESG advice* I am very pleased to announce that we are presently conducting unique research in the area of ESG (Environmental, Social and Governance) and Financial Education. As the Federation (www.fecif.eu) is a pan-European trade associatio... >> CONTINUE READING

	Editorial - June 2020 Simon Colboc FEPI Secretary General *Advice in the time of Coronavirus* Our entire continent is only now coming to grips with the first impact of the COVID-19 epidemic in terms of lives and health but also human interaction and economics. In a way, we are shell-shocked, and it is difficult to start thinking beyond the immediate future. However... >> CONTINUE READING

	Editorial - April 2020 Simon Colboc FEPI Secretary General *How Europeans are REALLY preparing for retirement* Europeans are taking retirement planning into their own hands European policymakers and practitioners are undertaking fundamental reforms of existing pension structures, adapting non-pension assets that are used for support in retirement and creating... >> CONTINUE READING

	Editorial - February 2020 Vania Franceschelli Deputy Chairwoman *A Code of Conduct for Professionals* Financial advisers play a key role in helping citizens meet their goals and make informed investment decisions, with particular regard to the value of financial planning and the enhancement of financial education. Recognising this important role, and the need for... >> CONTINUE READING

	Editorial - December 2019 Martin Klein Managing Director at Votum & Member of FECIF Board of Directors Gold-plating continues to undermine the single European market Is Germany on its way to becoming a planned economy by introducing a commission ceiling in the insurance industry? German governments like to see themselves in the position of... >> CONTINUE READING

	Editorial - September 2019 Vania Franceschelli FECIF Secretary General & Foreign Affairs, ANASF The future rests on education Financial literacy and education are key elements of the path to economic growth and social inclusion in the European Union. At the same time, it is important to remember the 2030 Agenda for Sustainable Development, adopted on 25 September 2015 by... >> CONTINUE READING

	Editorial - July 2019 Daniel GLASNER CEDR Accredited Mediator, Honorary Member of GSCGI and an Independent Financial Advisor at ACTION FINANCE SA *Dispute resolution – the Swiss way* In Switzerland, mediation will become mandatory in disputes relating to asset management and financial advice as set by the new Financial Acts FinIA and FinSA that will come into effect on January 1st 2020. What’s new? Switzerland often successfully acts as Mediator in settlements of international conflicts. However... >> CONTINUE READING

	Editorial - May 2019 Vania Franceschelli FECIF Secretary General & Foreign Affairs, Anasf MiFID II costs disclosure. Nothing is flawless, not even regulation On March 28, ESMA, the European Securities and Markets Authority, updated its Questions and Answers (Q&A) document on the implementation of investor protection under MiFID II. The periodic update of the Q&As can be appreciated from different points of view... >> CONTINUE READING

	Editorial - March 2019 Simon Colboc FECIF Advisory Committee member *A PEPP saga update: pep or dud?* FECIF readers are now familiar with the European project to create a cross-border market for individual pension savings, the Pan-European Personal Pensions (PEPP) initiative. Since this initiative first surfaced about three years ago... >> CONTINUE READING

	Editorial - January 2019 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *2019 – the year of the robo?* Happy New Year! And what a year it may well turn out to be. Despite the deluge of Regulations and Directives in 2018, I believe that it will be the next 12 months when we will see and feel the true effects of these. In addition, will 2019 see the true rise of so-called robo advice?... >> CONTINUE READING

	Editorial - November 2018 Jiří Šindelář Deputy Chairman FECIF *Are the regulators finally showing common sense?* During FECIF´s prestigious conference last week in Brussels, I started seriously thinking that after all, European regulators might be gaining some common sense in their thinking. Quite a heretical thought for a classical liberal, is it not? But when I heard MEP Mr. Markus Ferber talking about the PRIIPs KID being wrong... >> CONTINUE READING

	Editorial - September 2018 Daphne Foulkes, Board Member of FECIF, Chairperson of FEPI, and Partner at The Spectrum IFA Group *Next step for the PEPP saga* To date, many organisations have submitted detailed responses to the European Commission’s (EC) draft PEPP Regulation, which was published on 29th June 2017. There is strong consensus for the merit of the PEPP, both by the Trilogue participants (European Commission... >> CONTINUE READING

	Editorial - July 2018 David Charlet FECIF & ANACOFI Chairman *What sort of summer for intermediaries and Europe?* And now comes the time for holidays for most citizens in Europe, but also time for everyone in their offices to have a couple of quieter weeks, dedicating their work to more fundamental tasks like reviewing their processes or closing late files that... >> CONTINUE READING

	Editorial - May 2018 Simon Colboc Member of Fecif Advisory Committee The PEPP saga: what does it mean for advisors? Anyone interested in the future of pensions should welcome the European initiative on the Pan European Personal Pension products (PEPP). Retirement provision is a major issue facing all European countries, hit by a combination of increasing... >> CONTINUE READING

	Editorial - March 2018 Jiří Šindelář Deputy Chairman FECIF *How much do we pay for over-regulation?* Over-regulation of financial services in the European Union is a well-recognised fact, even among the bureaucracy in Brussels. The key feature of all those MiFIDs, IDDs or GDPRs, however, is not its devastating effect on the (small and medium-sized) businesses themselves, but its detrimental cost to the customer... >> CONTINUE READING

	Editorial - January 2018 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *The moment I realised the value of (human) advice* This was (almost) the title of an article I recently read – and which reminded me of the fact that many advisers don’t always realise just how much positive impact they have on people’s lives. Or where that impact is most beneficially experienced by the client... >> CONTINUE READING

	Editorial - November 2017 Vania Franceschelli FECIF Board Member and Regional Manager of the ANASF financial education programme *The social value of financial education* If I consider my personal experience as a financial advisor and, more generally, the provision of investment services to citizens, I can envisage two concepts for the future of our professional activity: investor protection and financial education. On the one hand, investor... >> CONTINUE READING

	Editorial - September 2017 Daniel Guéguen Head of Strategy and Lobbying at PACT European Affairs A journey through the EU Institutions Every year before the start of the summer break, I treat myself to a journey through the EU Institutions. I say ‘treat’ because it is a real pleasure for me to speak freely and in full confidence with elected politicians, senior civil servants, head lobbyists and representatives from... >> CONTINUE READING

	Editorial - July 2017 Vania Franceschelli FECIF Board Member & ANASF Executive Committee Member *Product governance requirements will lead to greater quality of advice* Product governance requirements represent one of the most outstanding innovations of MiFID II, aiming at ensuring that firms which manufacture and distribute financial instruments act in the clients’ best interests during all the stages... >> CONTINUE READING

	Editorial - May 2017 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *The value of advice – and the cost of being unadvised* There have been numerous studies over the years that have shown the value of good quality financial advice – not least, the fact that clients that receive it are, in general, significantly better off in retirement and much more financially protected during their life journey towards that point... >> CONTINUE READING

	Editorial - March 2017 Vania Franceschelli FECIF Board Member & ANASF Executive Committee Member *We need new market propositions not unnecessary bans* The final date for the transposition of MiFID II in each Member State – January 3rd 2018 – is fast approaching. Is it possible to see some initial insights into the industry, in order to foresee the impact of the Directive on business models? In particular... >> CONTINUE READING

	Editorial - January 2017 Daniel Guéguen Head of Strategy and Lobbying at PACT European Affairs 2017: action, action, action ”My right flank is destroyed, my left flank is in retreat, everything is fine – attack!” Those were the words of General Foch in the darkest moments of World War One. We are there once again. Sink or act – that is the choice we have. >> CONTINUE READING

	Editorial - November 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Playing your Trump card* Well, for those of us surprised by the Brexit vote - and there were plenty in the City of London that is for sure – the US election creates a whole new perspective with regards to astonishment, and on a much wider spectrum. I don’t know what it says about Hillary Clinton and her campaign – well, on reflection, I probably do – but the fact that Trump won, allied to the UK’s EU... >> CONTINUE READING

	Editorial - September 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General “The reports of my death have been greatly exaggerated” This famous quote was a statement made by Mark Twain on hearing that he had been mistakenly announced dead. Although it is apparently a slight misquote, the meaning remains very much in line with what the great writer intended. It also came to my mind the other day when I was once again thinking about so-called “robo-advice” and... >> CONTINUE READING

	Editorial - July 2016 John Westwood FEIFA Board Member and Blacktower Group Managing Director *Brexit: a disaster or something far less worrying?* The British electorate has given its verdict on the UK’s membership of the European Union in no uncertain terms but, in spite of some emotional appeals to the contrary, this is not a disaster. It is worth remembering that on the 20th February 2016, when David Cameron announced that the EU referendum would... >> CONTINUE READING

	Editorial - May 2016 Rebecca Murphy Director of Sales & Marketing at Praemium Re-engaging the investor *Re-engaging the investor* It’s rough sailing right now for investors and savers alike! Volatile markets and low interest rates are the norm, and investors are bombarded with information about products and services without understanding how any of it relates to them... >> CONTINUE READING

	Editorial - March 2016 David Denton Member of FECIF board of directors *You can run, but you can’t hide* The Organization of Economic Cooperation and Development’s (OECD) Common Reporting Standards (CRS) - also known as Automatic Exchange of Information - is gathering pace post FATCA. For decades, developed economies have wrestled with the notion that wealth overseas, whilst not illegal... >> CONTINUE READING

	Editorial - January 2016 Hans-Jürgen Bretzke CEO of FinanzAdmin GmbH *Some of the myths surrounding fintech companies* “I would go so far as to say that any broker armed with an average customer base and network is better placed than a fintech company on the strength of his or her client contacts alone.” In this guest contribution, Hans-Jürgen Bretzke, a member of ... >> CONTINUE READING

	Editorial - November 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Pension provision - is this the real “gap”?* The “advice gap” has received considerable coverage in the personal finance pages and trade press for some time now, across the UK in particular but it is also a growing concern across Europe and beyond. I wonder, however, if the focus should really be on the “pension’s gap”... >> CONTINUE READING

	Editorial - September 2015 Vania Franceschelli Member of the Board of FECIF / Member of the Executive Committee of ANASF (Head of Foreign Affairs) In July FECIF sent its contribution to the ESMA Consultation Paper on the Draft guidelines for the assessment of staff knowledge and competence under MiFID II. This Consultation Paper is of outmost importance for all financial advisors in Europe, as it provides the basis for the definition of the qualification and... >> CONTINUE READING

	Editorial - July 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Making regulation more effective and accountable* The month of May saw the launch of a new trade association in the UK, as highlighted in last month’s editorial. It seems to me that its aims and concerns are highly important elsewhere in the EU. >> CONTINUE READING

	Editorial - May 2015 Johannes Muschik Chairman of FECIF, Chairman of AFPA New Chairman takes office Back to my desk after our Annual General Meeting where I have been elected as Chairman for the period 2015/2016. The AGM was also an opportunity to exchange views on a number of hot topics concerning our industry... >> CONTINUE READING

	Editorial - March 2015 Jiří Šindelář Chairman of USF CR / Member of the board of FECIF *Squaring the circle, or back to roots? A view of European regulatory turmoil from the former “Eastern Bloc”* When the Velvet revolution overthrew the Czech communist government in 1989, a crucial part of the change was the transition to liberal... >> CONTINUE READING

	Editorial - December 2014 Graham Reid Managing Director at Classic Financial Solutions CVBA *The true worth of an adviser* A few years ago one of our clients suffered a nervous breakdown. After early retirement he had continued working as a consultant from a small office at home, from where he also managed the family finances, something in which ... >> CONTINUE READING

	Editorial - July 2014 David CHARLET ANACOFI For my first editorial as President of FECIF, I would like to thank every member of the Board, the General Assembly and the Staff. I would also express a special thought for Daniel Nicolaes, one of the best representatives of our profession in Europe, who disappeared a few months ago. >> CONTINUE READING