Report on the current framework for qualification of financial advisors in the EU and assessment of possible ways forward

On 7 July 2022, there was published a European Commission staff working document (dated 30 June 2022) being a report on the current framework for qualification of financial advisors in the EU and assessment of possible ways forward. The report was previously announced under the Capital Markets Union Action Plan and examines the feasibility of possible improvements to the quality of financial advice in the EU, as well as the feasibility of setting up a pan-EU label for financial advisors. The Commission also announced in the Action Plan that it would seek to improve the level of professional qualifications for advisors in the EU by amending the rules on qualifications of financial advisors in MiFID II. This is currently being assessed as part of the ongoing work on the future Retail Investment Strategy.