The FSMA aims at maximum harmonisation of the conditions for the registration and the pursuit of financial intermediation activities, particularly insurance distribution, credit intermediation (in consumer and mortgage credit) and intermediation in banking and investment services.
Thus, the FSMA’s objective is to simplify and clarify the administrative and regulatory obligations for financial intermediaries.
To this end, the Royal Decree of 12 December 2021 introduced a number of changes to the status of intermediaries in banking and investment services and of credit intermediaries.
These changes are in line with the changes introduced for insurance intermediaries, transposing the IDD Directive. They mainly concern:
- the introduction of a ‘trainee CFE’ status for all intermediaries;
- the introduction of the status of ‘trainee insurance sub-agent’;
- the granting of certain derogations with regard to professional expertise;
- an update of the requirements regarding continuing education;
Further harmonisation may be carried out at a later stage.