Mifid Individual Questionnaire, Validation of Financial Products Risk Data, Discontinuation of Product Campaigns. These are the proposals made by the Secretary General of First Cisl, who concluded the round table organized by the Fiba Foundation, to improve the relationship between brokers and customers
Financial education should become one of the most important manifestations of the social responsibility of banks. First Cisl has always believed that training and information activities are of great importance, as evidenced by the initiatives implemented in recent years with First Social Life and First Cisl dei Laghi. Now is the time to intervene in the relationship between clients and financial intermediaries. The data provided by the arbitrator in financial disputes shows that the number of appeals doubles compared to the estimates made at the beginning of his operations. Even in the insurance sector, IVASS indicators are ignored. This is the case of unit-related policies, which grew by 9.6% in 2020 with a total stock of 196 billion euros, despite the authority’s warning about their high costs. So we are far from neutral in informing clients that the OECD Declaration on Financial Education provides for intermediaries.”
This was stated by the Secretary General of First Cisl Ricardo Colombani At the end of the round table workFinancial Education and CSR – Protecting Savers”, organized by the FIBA Cecil Foundation in Rome.
The full video of the round table:
Mifid II obliges banks to pursue the best interests of the customer, but the motive to sell only certain financial products eliminates this principle. To change course – notes Colombani – it is necessary to intervene deeply in the rules regarding the protection of savings with the introduction of Mifid questionnaire oneConsob validation of the risk profile of marketed financial products, discontinuation of product campaigns. At the same time, it is necessary to develop a file New consultancy model, open to a greater number of financial products and not spoiled by incentives between banks and product factories: a goal – concludes the Secretary General of First Cisl – in the interest of savers, who will see the scope of supply widen, i.e. from workers, under systematic and heavy commercial pressure and an unfair target of customer wrath. In all cases recorded savings up to Today In fact, the fault lies with the managers.”
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