David Charlet, who also leads French adviser association Anacofi, said Europe needs to adopt a new approach to regulation, with a greater emphasis on continuity following GDPR, Priips, Mifid II and the delayed IDD.
He argued that adviser margins are under pressure and, along with it, the whole intermediated model.
“The job is moving but costs keep rising,” he said.
“Is it impossible that the regulations […] become reasonable and, as a minimum, [at least] let us adapt our IT or basic processes to one text, before creating another?”
He warned that, even if Fecif members do a good job of adapting to the new rules in the next two month, “the world of finance, insurance and banking offered to the ‘normal’ citizen you have known before, will have changed dramatically, for better or worse.”
He concluded: “We’ll use the summer in order to build the firms of the EC’s dreams, but let us take a breath after that…”
