FPSB Europe Supports European Regulatory Efforts to Make It Easier for Consumers to Compare Investment Products
DENVER, CO – 14 JANUARY 2020 – European affiliate organizations of Financial Planning Standards Board Ltd. (FPSB Ltd.), the global standards-setting body for financial planning and owner of the international CERTIFIED FINANCIAL PLANNER certification program outside the United States, provided comments on the European Supervisory Authorities’ (ESAs) Joint Consultation Paper on Packaged Retail and Insurance-based Investment Products (PRIIPs).
The ESAs held a public consultation on proposed amendments to the European Union’s regulation on PRIIPs, which requires those who produce or sell investment products to provide retail investors with Key Information Documents (KIDs). KIDs are intended to improve retail investor protection by making it easier for retail investors to understand and compare the key features, costs, rewards and risk associated with investment products.
“Financial services clients deserve the highest levels of protection when selecting investment products,” said FPSB Europe Chairperson Raymond Leban. “FPSB Europe supports the European Supervisory Authorities’ expectation that retail investors have access to investment product information that is simple, concise and understandable.”
Said FPSB Ltd. CEO Noel Maye: “Through our European Affiliates, FPSB Ltd. is pleased to provide comments to the European Supervisory Authorities in support of regulatory efforts to protect consumers accessing financial advice and products. We believe that consumers purchasing financial products would benefit from doing so within the context of financial planning, and as part of a relationship with a competent and ethical financial adviser, such as a CFP professional.”
Of the 181,360 CFP professionals worldwide, over 8,500 were certified by FPSB Ltd.’s European Affiliates (collectively, FPSB Europe), which comprise eight premier financial planning bodies:
- Österreichischer Verband Financial Planners (Austria)
- Association Francaise des Conseils en Gestion de Patrimoine Certifies (France)
- Financial Planning Standards Board Deutschland (Germany)
- Financial Planning Standards Board Ireland
- Federatie Financieel Planners (The Netherlands)
- Swiss Financial Planners Organization (Switzerland)
- Finansal Planlama Derneği (Turkey)
- Chartered Institute for Securities & Investment (United Kingdom)
FPSB Europe’s complete response to the Joint Committee of the ESAs is available here.
About FPSB Ltd.
FPSB Ltd. manages, develops and operates certification, education and related programs to benefit the global community by establishing, upholding and promoting worldwide professional standards in financial planning. FPSB Ltd. demonstrates its commitment to excellence with the marks of professional distinction – CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo Mark – which it owns outside the United States. FPSB Ltd. and the FPSB global network administer CFP and other certification programs in the following 27 territories: Australia, Austria, Brazil, Canada, Chinese Taipei, Colombia, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Japan, Malaysia, the Netherlands, New Zealand, People’s Republic of China, Peru, Republic of Korea, Singapore, South Africa, Switzerland, Thailand, Turkey, the United Kingdom and the United States. At the end of 2018, there were 181,360 CFP professionals worldwide. For more, visit fpsb.org.
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