Il Sole 24 Ore | October 2022

The European MiFID directive that changed the rules of financial markets is again at the launch of regulators. Among the expected changes is the abolition of incentives. “For some time both the European Commission and the European Securities and Markets Authority (ESMA) have begun to solicit a reflection starting from the observation that the #feeonly Consultancy (introduced by Mifid 2) – explains RIVA FERRUCCIO, Deputy Vice President ANASF and head of the Legal and Contractual Protections Area – has so far had little success. The direction is to build a new system in which incentives are prohibited and a system based only on independent advice is provided for all.
In 30 years the world of CF has changed and among the results achieved by Anasf, leader for the European directives of the Federation of Associations representing the category (FECIF – The European Federation of Financial Advisers and Financial Intermediaries ) there is the obligation of practicum for access to the profession: proposed by Anasf to Consob and brought by it to Esma, today it is a European obligation.
The research conducted annually shows that FINER Finance Explorer CF satisfaction with their profession is on average much higher than that of similar professions. The issue of remuneration for the consulting activity remains at the center, the evolution of the profession of the last thirty years and the ability to seize opportunities lead us to believe that any further change will be successfully ridden by the best professionals.

Lucilla Incorvati