Evaluation of Professional Competence Construction Financial Supervision ActClient: Financial Services Expertise Board (CDFD) | Sectors: Economic Growth
The Financial Services Expertise Board (CDFD) asked Ecorys to perform an analysis of the Financial Supervision Act. The evaluation provided insight into whether the current structure (which was introduced in 2014) meets the principles and objectives that were previously determined.
In recent years there has been lack of confidence in the Dutch financial sector. With the tightening of the care provisions in the Financial Supervision Act (Wft), a first step has been taken in recent years to regain that trust. Making demands on service providers in terms of professional competence has been of great importance in this regard. The professional competence structure was implemented on the first of January 2014. Experience has been gained over the past three years, but at the same time the developments in and around the financial professions continued after 2012.
All developments in and around the financial professions result in the question whether the nine professional qualifications (BKs) cover the financial market in such a way that a consumer can easily find and choose the adviser appropriate to his or her question. It is also important that consumers can be confident that they will receive appropriate advice. The research questions were:
Based on an extensive environmental analysis and a large number of interviews, Ecorys came to the following findings:
Based on this, recommendations for the short and long term have been formulated. The College has taken over a significant part of the Ecorys recommendations in its opinion of October 4th 2017.
The CDFD advises to keep the professional skills structure intact. The CDFD does, however, recommend a number of changes in legislation and regulations:
In response to this advice, the Minister of Finance reports in a letter to the Second Chamber that he intends to follow the advice of the CDFD.