Spanish tied agents fight for freedom
A NEWLY-formed association of Spanish tied agents (ANAF) will present a legislative blueprint early this year that might allow independent financial advisers to operate in Spain.
US-based research firm Cerulli Associates says that at present, only financial agents tied exclusively to financial institutions such as banks are allowed to close the sale of financial products.
The provision of advice without conducting transactions is regarded as a complementary activity, with no specific qualifications necessary.
Cerulli says the formation of ANAF, which campaigns for the freedom of tied agents to become independent advisers, could change financial product distribution in Spain.
ANAF is pushing for a three-tiered distribution system, to be made up of completely independent advisers, tied agents with the freedom to negotiate, and completely tied agents. The creation of multi-tied agents is not being considered by ANAF, as such individuals would be subject to conflicting demands from a variety of providers in its view.
The professional association is also advocating the creation of an academic or professional qualification and the establishment of a code of conduct, Cerulli says.
The research house says that ANAF would like independents to represent the interests of consumers rather than banks to gain public recognition and trust.
The change would require the occupation of an independent adviser to be given official status by the Spanish securities market regulator.
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