The European Federation of Financial Advisers and Financial Intermediaries (FECIF) was chartered in June 1999 for the defence and promotion of the role of financial advisers and intermediaries in Europe.
FECIF is an independent and non-profit-making organisation exclusively at the service of its financial adviser and intermediary members, who are from the 27 European Union member states, plus Switzerland; it is the only European body representing European financial advisers and intermediaries. FECIF is based in Brussels, at the heart of Europe.
The European financial adviser and intermediary community is made up of approximately 500,000 private individuals exercising this profession as a main occupation (representing approximately 26,000 legal entities including 45 networks), about 295,000 are members of national professional associations (51 at today’s count).
The professional activities of advice and mediation are heavily penalised by extremely constraining regulations, the soaring cost of compliance procedures, the development of often unreliable new technologies, and the demands of generally distressed and ill- informed consumers.
The European legislation for financial services, whilst being done for the protection of consumer’s interests, must be applicable without pointless restraints for practitioners.
It remains a hard task in view of the paltry enthusiasm of national bureaucrats for anything that might represent the slightest change in their narrow vision of society.
The "time bomb", which in the very short term is constituted by the pensions problem, reinforces the political need to attack the ensuing problems sooner than later, even if the national governments are showing reluctance for European harmonisation of legislation, that would take a more pragmatic direction, and be more genuinely concerned with consumer interests.
The failure of the state pension systems opens unprecedented prospects for European financial advisers and intermediaries to assist the anxious consumer in the right choice of options and alternatives for the sound management of his or her wealth.
The lack of adequate training and organisation of most financial advisers and intermediaries can create problems, and FECIF must tackle the provision of quality training courses and ensure proper assistance to the advisers and intermediaries, in close co-operation with the national member associations.
FECIF shows determination in its representation of the fundamental interests of its members by advocating the principle of co-regulation of the profession in an environment excessively regulated - to the detriment not only of consumers’ interests, but also of the European economy.
As a non-profit-making association, FECIF is an independent organisation at the exclusive service of its members from the 28 European economic area member states, plus Switzerland.