The test to use the title is to be independent

Louis Giscard d'Estaing before the fate of heritage in 2008 management consultants. After numerous consultations, the Vice-Chairman of the Committee on Finance of the National Assembly filed last week its proposal for an act to provide a framework for the independent heritage. He explains the sequence of events.

Why did you so long to make this proposal for an act

The deadlines were important. First of all, I met with the different stakeholders and the authorities. Then, I have sought to bring this proposal with other texts which were under review and which had an impact on the legal framework. I waited in particular that the text on the financial and banking regulation is voted in first reading in the National Assembly. It ratifies the order of the creation of the supervisory authority (CPA) and clarifies points on traffic between it and the authority of des marchés financiers (AMF). Jérôme Chartier, who was the rapporteur, has been add in the text, in consultation with me, an amendment to attach the management consultants of heritage (PMB) to AMF.

Your text must meet most of the stakeholders

I, of course, continued the search for consensus. Only, it is difficult to please everyone. It remains sensitive points which will surely lead to requests for amendment. I think including a plurality of the five articles and the question of the degree of access to the profession. Though there remains some debate topics, professional fully recognizes himself in this text and supports on the essentials.

In your consultations, he was referred to the creation of a status of broker in financial products, in the wake of the Delmas-Marsalet report on the marketing of financial products. You do not.

It is voluntary not have introduced it in this text, because it is a source of complexity. Then, I have been also sought by the actuaries, who appeared to have a framework for their profession. And I have reviewed the fate of the professionals of real estate for an instance that has a public status of regulation. Therefore I did not want create new legislative fronts.

Now, what is the schedule

After the filing, it takes a period of six weeks before any proposal for legislation is considered, the time required to carry out an impact study. The examination of the text should not intervene before November. There is however a possibility to accelerate the process. The Government may resume my proposal on his own account and integrate it at second reading to the financial and Banking Regulation Act. Or I can I file an amendment to this law. I know that Christine Lagarde is sensitive, in the same way as Jean-Pierre Jouyet, the President of the MFA.

The bankers and insurers can no longer use the title of wealth management advisor.

Indeed. The test to use the title is to be independent. Banks and insurance companies are aware that their advisors cannot be independent, because they offer products home. However, for a wealth management Advisor, the rule is to choose products adapted to the situation of his client. He has any interest to do so with several institutions to be credible. What seems to be difficult for a bank or insurance company employee. If it comes to leave his employer, meets the requirements of training may settle his account as a PMB.

With the creation of a superior Council, you drain their substance CIF associations.

The rooms are not necessarily called to disappear. They can assist in the establishment of the Higher Council and defend the interests of professionals.