The FECIF (European Federation of Financial Intermediaries and Advisers) has restructured its executive team, as it prepares and assists its members to face what it has dubbed a ‘regulatory Tsunami’, across the next 12 months.
The Brussels-based non-profit organisation, is readying itself for helping its members deal with a raft of EU regulations, that are about to hit the financial advisory sector within 12 months, with MiFID II, the IDD and PRIIPS at the forefront.
FECIF announced in a statement earlier today that is has appointed David Charlet to become the new chairman, having previously been vice-chairman; with that role taken up by Jiri Sindelar.
In addition to his FECIF role, Charlet is the president of ANACOFI, the major French national association for financial advisors and intermediaries that he helped to found in 2004.
Johannes Muschik, who was formerly the FECIF chairman and part of the executive team for six years was unable to stand again, due to work commitments in Austria – although he will continue to head up FECIF’s work on the IDD (Insurance Distribution Directive). Muschik is also the chairman of the Austrian Financial & Insurance Professionals Association (AFPA).
“The challenge is both exciting and huge, considering the entrance into force of many fundamental regulations next year – not least MiFID II, the IDD and PRIIPS,” said Charlet. “In addition, we will also have the impact and issues with regards to Brexit, alongside a tense atmosphere around most aspects of finance, all over Europe.”
Charlet thanked the FECIF team for their hard work over the last two years, in particular the successes gained in getting the organisation’s point of view across to regulators and politicians.
New FECIF vice-chairman Sindelar is also chairman of USFCR, the main Czech association for advisers, based in Prague. He has also been project manager for FECIF’s research project and integral to the production of the resulting, soon-to-be-finalised, ‘White Book’. This will provide the only contemporary, wide-ranging data on the advisory market across Europe, FECIF said.
The changes took place at FECIF’s AGM in Vienna, earlier this week, where Paul Stanfield, pictured left, was voted in for a second three-year term as the federations’ secretary general. In addition, Stanfield, who has been the CEO of FEIFA since its launch in August 2009, will also continue in that role, combining the two responsibilities.
Kevin Mudd was also voted in for a further term as FECIF’s treasurer, a role that he has held for many years.
The Fédération Européenne des Conseils et Intermédiaires Financiers was founded in 1999 and represents almost 250,000 advisers and intermediaries across Europe and over 600,000 individuals in total, when administrative and back- room staff are included.