European Federation of Financial Advisers and Financial Intermediaries (FECIF)

FECIF welcomes the European Commissions proposal to revise the Sustainable Finance Disclosure Regulation (SFDR), considering it a necessary and timely response to the shortcomings of the current framework. The revision rightly aims to improve investor understanding, simplify disclosures, and reduce administrative burdens, while restoring clarity in the sustainable finance market.

The European Federation of Financial Advisers and Financial Intermediaries (FECIF), representing over 300,000 financial professionals, 30 million clients, and 3 trillion in investable assets across the EU and EEA, welcomes the European Commissions initiative to revise the Sustainable Finance Disclosure Regulation (SFDR).

FECIF agrees with the general aim of this proposal, i.e. the integration of ESG in disclosures to end-investors. In particular, we appreciate the integration of sustainability risks and sustainable investment objectives both in the decision-making processes by institutional investors and asset managers and in the advisory processes by financial advisors.

FECIF appreciates the publication of the Action Plan on Financing Sustainable Growth. We agree with the proposal aimed at amending the delegated act under IDD to ensure that sustainability considerations are taken into account in the advisory process, both in the customer profiling and subsequent product selection.

FECIF appreciates the publication of the Action Plan on Financing Sustainable Growth. We agree with the proposal aimed at amending the delegated act under MiFID II to ensure that sustainability considerations are taken into account in the advisory process, both in the customer profiling and subsequent product selection.

FECIF the European Federation of Financial Advisers and Financial Intermediaries welcomes the European Commissions Communication COM(2026) 615 of 17 July 2026 and its objective of strengthening the competitiveness of the EU banking sector and promoting a more integrated Single Market for financial services.

On 24th May 2023, the European Commission presented a proposal for a directive on retail investor protection to encourage and support retail investors participation in capital markets. With this response to the consultation, the European Federation of Financial Advisers and Financial Intermediaries (FECIF) aims to present its comments on the proposed directive.

We welcome the Commission’s intention to strengthen consumer participation in the development of capital markets. However, we cannot confirm the reasons given which lead to a lack of consumer participation in the markets and the statement that a "weak reliability and quality of the investment advice provided" can be observed for the European market.

The European Federation of Financial Advisers and Financial Intermediaries (FECIF), representing over 300,000 financial professionals, 30 million clients, and 3 trillion in investable assets across the EU and EEA, welcomes the European Commissions consultation on the state of capital market integration and effective supervision in capital markets.

The European Federation of Financial Advisers and Financial Intermediaries (FECIF), representing over 300,000 financial professionals, 30 million clients, and 3 trillion in investable assets across the EU and EEA, welcomes the European Commissions consultation on the state of capital market integration and effective supervision in capital markets.

On 28th June 2023, the European Commission presented a proposal for a regulation on an Open Finance Framework, with a view to enable consumer data sharing and third-party access in the financial sector, in light of the EU digital finance strategy.

On 13th June 2023, the European Commission presented a proposal for a regulation on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities, as part of its renewed sustainable finance strategy, which was launched in 2021.

We support crypto-asset regulations that are no longer just at the Member State level, but at the Union level. Indeed, some Member States have already put in place precise rules, which are not necessarily compatible from one State to another, while others have not even started to adapt their legislation.

FECIF welcomes the European Commissions initiative to revise the PEPP Regulation, in light of its very limited market uptake. Experience to date shows that, in its current design, the PEPP has failed to establish itself as a viable market product, due to rigid cost requirements, regulatory complexity, lack of sustainable product and distribution models, and insufficient incentives for providers.

We agree with the general findings and the 4 main risks identified. The desire for “resilience” seems perfectly coherent. However, we are very concerned that the new constraints could be very complicated to apply for small businesses, which represent the vast majority of stakeholders.