BFAA announcement: More than 670 investment professionals are certified in the Baltic
More than 670 investment professionals working at Luminor, Swedbank, SEB and Danske Bank are certified by the BFAA – the Baltic Financial Advisors Association - in the Baltic countries
Starting from January 2018, financial institutions must prove the competency of their employees who provide investment advice or information to their customers according to the MiFID II (Markets in Financial Instruments Directive). In order to ease the task for their members, the Baltic Banking Associations founded the BFAA in late 2015. Swedbank, SEB and Luminor joined the BFAA to contribute to the creation of a comprehensive yet practical framework for serving the industry.
The licensing began in the late 2017 and here are the first conclusions.
Since December 2017 to date, more than 670 professionals have obtained the license, whereas more than 70% of them passed the BFAA exams at the first sitting. There are more than 320 professionals certified in Estonia, 214 in Latvia and 131 in Lithuania. The licensing is still ongoing in September.
Generally, investment advisers and information providers are well qualified and meet the standard set in MiFID II. Examinees deemed the exam questions quite difficult (three out of four) but attainable and considered the overall experience to be positive. The BFAA Syllabus includes topics from Macroeconomics, Investment Services, and Financial Instruments to the Code of Conduct & Professional Ethics. The customers of the BFAA members can expect to be provided qualified and ethical advice.
The BFAA is a full-service provider for institutions that must prove the compliance of their personnel to MiFID II and IDD (Insurance Distribution Directive).
The BFAA provides Syllabi and Workbooks with an online learning and examination experience. All members of the BFAA must accept and comply with the BFAA Code of Ethics, which requires an overall professional conduct and a continuous development.
The insurance-related licensing service will begin in the autumn with three licenses: IIA - Investment Insurance Advisor, NLIA - Non-Life Insurance Advisor and LIA - Life Insurance Advisor.
BFAA also has a plan to sign a mutual recognition agreement with Swedsec Licensiering AB (Sweden) this autumn.
In Lithuania, individuals, licensed by the Bank of Lithuania, will be transferred for examinations to the BFAA.
For more information about licensing process and details, please contact Marge Tooming, Diana Kvedere, Karolina Krisciukaityte.