The Financial Services and Markets Authority (FSMA) has published its annual report for 2012. The annual report describes the activities and initiatives carried out in the past year and reports on the current state of affairs after the first two years of operation.
"At its inception, the FSMA launched a number of initiatives that have in the meantime come to fruition. The moratorium on the distribution of particularly-complex products has led to a simplification of the market. The FSMA has issued 24 orders to adjust certain practices following on-site inspections and has also launched a savings account simulator and a programme for financial education", stated Jean-Paul Servais, the Chairman of the FSMA.
The initiatives described in the annual report include:
– The change in the market for structured products since the launch of the moratorium on the distribution of particularly-complex products. It appears that the developers of such products are reconciling the product simplification imposed by the moratorium with the interests of consumers.
– The results and conclusions of the first phase of on-site inspections for the supervision of rules of conduct. This round of inspections concerned 'conflicts of interest'. Based on interviews of almost 400 employees, predominantly in branches, the FSMA has issued 24 orders and 85 recommendations.
– The launch of Wikifin.be, the new financial education programme. The website, Wikifin.be is now available, including the savings account simulator, and will be expanded this year with an approach based on 'stages of life'. The first advertising campaign is already a reality and work is being done to collaborate with schools and a number of other partners.
Also described in the annual report are the FSMA's activities as supervisor of listed companies and financial markets as well as of financial products, rules of conduct for financial institutions, financial service providers and intermediaries, and supplementary pensions.
The annual report (in French and Dutch) is available on the website of the FSMA. A printed copy of the report can also be requested via the website using the order form.