While these have all been goals for the organisation in the past, FECIF said activities such as lobbying relevant Members of the European Parliament are particularly prescient with regards to the reviews of the Markets in Financial Instruments and Insurance Mediation Directives (MiFID II and IMD II) due to come into force in the coming years.
In a statement setting out the association’s goals, Paul Stanfield who was elected secretary general of FECIF in April, said: “Since FECIF was chartered in 1999 it has worked with regulators, politicians and all relevant stakeholders to try and ensure that regulations and working environments provide appropriate protection for consumers whilst avoiding the stifling of entrepreneurial skills and social benefits that our sector provides.
“We are thus very keen to work with and assist the new MEPs and EU regulators in any relevant manner. We are willing and able to provide any information and market knowledge that may be of assistance.
“The global financial crisis has opened all of our eyes to the need for better regulation (rather than necessarily more regulation) but it is also important to ensure that such developments truly benefit the consumer – particularly as all European governments need to avoid alienating those consumers from taking personal responsibility for their financial affairs; increasingly governments need to engage their populaces in saving for the future and protecting themselves financially in the meantime. Our sector is a key component in achieving a successful conclusion to this goal.”
Former FECIF chairman Vincent Derudder last week suggested “Europe is structured corruption” – Click here to read why
